100 Years of Stories
As AIG turns 100 years old, we reflect on our history of risk excellence, our tradition of keeping promises, and our commitment to making a better world.
See the stories
About AIG
AIG marks its centennial anniversary in 2019, celebrating 100 years of delivering deep specialist expertise for our clients, as well as our entrepreneurial spirit in how we address evolving risks, and our commitment to the communities in which we operate. Find out more at 100.aig.
With roots that trace back to 1919, we’re a global insurance company with operations in more than 80 countries and jurisdictions. We provide a wide range of insurance products to support our clients in business and in life, including general property/casualty insurance, life insurance, retirement and financial services. What unites us across all our the products we offer is our commitment to helping our clients prepare for what’s next. Whether that’s helping towns, cities and communities to prepare for or recover from natural disasters, or supporting people and businesses through the challenges they face at home and abroad. Together, we’re working to help see, build, and secure a better future for everyone.
In New Zealand we've been operating since 1970, offering the benefits of our global experience with local expertise. Our a comprehensive range of corporate and commercial insurance and risk management products and services help New Zealand companies capture today’s opportunities and look to the future with confidence
Richie McCaw talks about the key to success.
Careers
Working for AIG
Move your career forward by building a safer, stronger future for businesses, families, and communities, in New Zealand and around the world. Our employees are guided by the same values as the hugely successful teams that we sponsor: determination, strength, integrity, teamwork.
AIG offers world-class opportunities in a broad range of disciplines. From underwriters, claims examiners and engineers, through to professionals in the finance, legal, IT, and communications fields. When you work for AIG, you’ll receive the training, leadership and support you need to take you where you want to go. And with offices around the world, a career at AIG could take you just about anywhere.
Begin your journey now.
What’s it like to work at AIG? Learn more about our international
culture, our focus on social responsibility, and our commitment to our
communities.
AIG traces its roots to 1919, when American Cornelius Vander Starr established a general insurance agency, American Asiatic Underwriters, in Shanghai, China. Since then, an enterprising spirit, ingenuity, and tenacity have built the company into one of the world’s leading insurers.
The first New Zealand office opened in Wellington and officially began to write business on September 28, 1970, as managing agents for the American Home Assurance Co. A second office was opened in Auckland, not long after.
Today, AIG is focused on what it has been known for since the beginning: the willingness and ability to provide insurance coverage to meet the diverse needs of its clients.
AIG Insurance New Zealand Limited (Company) is a wholly owned subsidiary of American International Group, Inc. (AIG), headquartered in New York.
One of the largest insurance companies in the world, the AIG group has operated in the general insurance business in New Zealand since 1970. Until 2011 the business was a branch of a member of the AIG group based in the USA. On 1 December 2011 the branch business was transferred to the Company and the Company became the first licensed insurer under the Insurance (Prudential Supervision) Act 2010 (IPSA). With the issue of the licence the Company became subject to the IPSA regulatory regime administered by the Reserve Bank of New Zealand (RBNZ).
Solvency Margin
As at 30 June 2019, our solvency as filed with the Reserve Bank of New Zealand is as follows:
- minimum solvency capital: $37.1 million;
- actual solvency capital: $105.0 million;
- solvency margin: $67.9 million and;
- solvency result: 283.0%.
By comparison, our solvency results filed with the Reserve Bank of New Zealand as at 30 June 2018 were as follows:
- minimum solvency capital: $33.6 million;
- actual solvency capital: $91.0 million;
- solvency margin: $57.4 million; and
- solvency result: 271.1%.
Financial Strength Rating
The Insurance (Prudential Supervision) Act 2010 requires licensed insurers to have a current financial strength rating that is given by an approved rating agency. AIG Insurance New Zealand Limited has an A (Strong) insurer financial strength rating given by Standard & Poor’s (Australia) Pty Ltd. The rating scale, in summary form is:
| AAA | Extremely Strong |
| AA | Very Strong |
| A | Strong |
| BBB | Good |
| BB | Marginal |
| B | Weak |
| CCC | Very Weak |
| CC | Extremely Weak |
| SD | Selective Default |
| D | Default |
| R | Regulatory Supervision |
| NR | Not Rated |
The rating from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. A full description of the rating scale is available on Standard & Poor’s website.
AIG New Zealand is a member of the world-wide AIG group of companies and is obliged to ensure that all third parties with whom we have an arrangement will abide by the AIG Third Party Code of Conduct. Third Parties are required to familiarise themselves with this code.
Some of the biggest issues facing our world today, like climate change, require the active collaboration of the public sector, the private sector, academia and non-governmental organizations. AIG serves as a trusted advisor to many of these stakeholders around the world based on our technical expertise in analyzing risk. We have an important role to play in addressing these complex challenges.
No two risks are the same. Each risk is unique and different industries and businesses have different risk appetites. The role of insurance in risk mitigation and underwriting is an opportunity to apply our technical expertise to help manage today’s risks while supporting solutions to pressing societal problems. No two investments are the same. Each investment opportunity presents unique risks and rewards that we carefully analyze. We take these responsibilities very seriously.
Given the complexity of these issues, AIG does not publicly comment on underwriting decisions related to specific projects or specific investments. We are committed to promoting economic growth and sustainable solutions that benefit society today and for future generations.
“From supporting low carbon renewable energy projects, to employing our risk management expertise to help address the impacts of climate change, to providing insurance to the underserved, we are engaged in a variety of sustainability efforts across our global footprint. We believe our continued commitment to sustainability will deliver long-term value to our company, our stakeholders, and to the global community at large."
Click here to read more about AIG's stance on sustainability.
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AIG News and Media Releases
Find our latest press releases, links to company information, and information for media enquiries.
AIG Knowledge and Insights Centre
Explore our Global Knowledge and Insights Centre to find out more about some key risk issues and trends happening around the world and how you can manage these exposures.