Of all the storied figures in the history of insurance, none can quite match the legendary status of Maurice “Hank” Greenberg, who reigned for almost 40 years as CEO of AIG–which grew, under his leadership, from a small player to became the largest insurer ever.
Greenberg’s triumphs were enormous. Just one mind-boggling stat of many: AIG’s market value increased 700-fold on his 37-year watch. His fall, following an investigation in 2005 into a “phantom” reinsurance deal worth $500 million, was equally epic as his board of directors asked him to step down.
But Greenberg, at 87, is determined to rise again, and he currently serves as chairman and CEO of the Starr Companies, which had been a privately owned company within AIG’s orbit.
Greenberg Interview Part 1: the corporate culture at AIG that helped spawn countless product innovations.
Part 2: looming industry challenges, global warming, cat models and expense ratios.
Part 3: the birth of D&O insurance in the U.S. and why AIG embraced captives.
Part 5: $25 bllion lawsuit and AIG’s risk-control culture .