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American Home Assurance Insurance

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Company Details

70 Pine Street, First Floor

New York
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Year Founded
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Things to Remember...
  • American Home Assurance was founded in New York in 1899
  • The company is considered a medium-risk vendor
  • AIG’s company’s core business remains the underwriting and distribution of property and casualty insurance

This American Home Assurance insurance review considers New York City-based American Home Assurance.

The company, a wholly-owned subsidiary of major insurance conglomerate American International Group, was founded in New York in 1899.

The company offers property and casualty, fire, and marine insurance lines. American Home Assurance is located in the downtown Manhattan in New York.

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American Home Assurance Insurance Financial Information


According to Dun & Bradstreet, American Home Assurance earned $7.7 billion in 2010 and derived $1.35 billion in net income during the year. The company is considered a medium-risk vendor.

Parent AIG suffered during the global financial downturn of 2007 through 2010, and American Home Assurance reflected some of its parent’s financial woes.

The company employs about 2,800 people in total. About 608 people work in the company’s 15,000 square foot office space in New York.

American Home Assurance Insurance and AIG

American International Group (AIG) remains one of the world’s major insurance companies.

AIG’s insurance companies include property & casualty insurers, like American Home Assurance, retirement servicing companies, financial services, to individuals, businesses, and institutions, and life insurance providers.

AIG operates in about 130 countries.

After growing quickly through acquisitions for the past several decades, AIG took center stage as the insurance company suffering large losses.

AIG accepted government funds, around $182 billion in federal bailout, to stem the financial hemorrhage during the financial crisis.

The government once held about 80 percent of the company. In 2011, AIG provided a repayment plan that included selling treasury stock to repay the government loan.

The U.S. government still maintains a significant financial interest in AIG.

American Home Assurance Insurance and Chartis


As AIG divests itself of some insurance company properties, an independent property manager named Chartis was created.

AIG’s corporate leaders say the company’s core business remains the underwriting and distribution of property and casualty insurance, so AIG is likely to maintain U.S. based property and casualty companies in the portfolio.

Additionally, retirement services and life insurers are considered important to corporate sustainability, so the company is likely to keep AIG American General, SunAmerica Life Assurance, VALIC, and AIG Retirement Services.

American Home Assurance Insurance and AIG Divestitures

AIG decided to sell its private wealth management business, AIG Private Bank. The private bank was purchased in 2009 by Aabar Investments, out of the United Arab Emirates, at a cost of approximately $253 million.

AIG sold its industrial property and equipment insurer HSB Group to German insurer Munich Re in 2009 for about $739 million.

Swiss insurer Zurich Financial Services bought U.S. auto insurance company 21st Century Insurance for approximately $1.9 billion.

The Bank of Montreal reclaimed Canadian insurance company AIG Life of Canada for about $262 million. First Insurance Funding bought some of AIG’s life insurance business for around $679 million.

The company contracted with Pacific Century Group of Hong Kong to sell an asset management business for about $500 million.

American Home Assurance Insurance and AIG Asia


AIG considered its life insurance units in Asia an important growth factor in the corporate portfolio.

However, Prudential plc of the UK offered about $35.5 billion to own the firm’s American International Assurance (AIA) in mainland China in 2010.

Prudential’s investors didn’t like the deal, so AIG brought the business public as AIA Group Limited on the Hong Kong Exchange.

The stock sale yielded over $20 billion. Nan Shan Life of Taiwan was purchased by another investment group for about $2.16 billion.

The company ranks as Taiwan’s number three life insurance company.

AIG sold some of its Japanese properties, included AIG Edison Life Insurance, and AIG Star Life Insurance, to Prudential Financial.

The two companies netted AIG about $4.8 billion. Nippon Life Insurance bought Tokyo real estate from AIG at discounted prices for about $1.2 billion.

Additionally, AIG’s Asian ALICO unit was sold to competitor MetLife for a $9 billion equity exchange and $7.2 billion cash.

AIG later sold its MetLife equity stake in the public markets in 2011 to free up $9.6 billion. AIG used about $6.9 billion of the proceeds to repay the government loan.

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American Home Assurance Insurance and AIG Financial Services

Along with the disposal of its private banking unit, AIG continues to wind down the AIG Financial Products unit.

The unit was enormously unprofitable during the financial crisis period, causing the company to divest several direct investments such as the London City Airport, it held a key 50 percent stake in the project.

A $1.9 billion investment portfolio of infrastructure and energy projects was sold to raise cash.

AIG also sold most of its American General Finance subsidiary. The subprime lender lost billions during the financial crisis.

AIG & the Federal Reserve Bank of New York

The Fed of New York held the bulk of AIG’s securities after the company accepted government bailout funds.

In 2011, as interest rates declined to new historic low levels and bond prices increased, the Fed sold off some of AIG’s bonds.

While AIG offered about $15.7 billion to repurchase its bonds, the Fed said no.

In that way, the Federal Reserve raised more money by selling securities in the public markets.

American Home Assurance and Insurance Quotes


If you’ve purchased American Home Assurance auto insurance in the past year, it’s a good idea to compare your auto insurance premium with auto insurance quotes from other top insurance providers.

Many auto insurance companies lock in premium rates for only six months, so your auto insurance rates may start to increase even if you’re a safe driver without a record of accidents or minor traffic violations for a few years.

Why not compare your auto insurance rates with those of competitive auto insurance companies now?

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