What You Need to Know
- During Greenberg's 37-year tenure at AIG, he helped built it into one of the biggest annuity businesses in the United States.
- Greenberg was hailed as the ultimate statesman for the insurance industry.
The UJA-Federation of New York gave a lifetime achievement award Tuesday to Maurice “Hank” Greenberg — the 97-year-old chairman and CEO of Starr Insurance Companies and former head of AIG.
During Greenberg’s 37-year tenure at AIG, the company helped work to open China to outside insurers and other outside businesses. Through the acquisitions of SunAmerica in 1999 and American General in 2001, AIG also built one of the biggest annuity businesses in the United States.
Greenberg left AIG in 2005 after clashing with New York state regulators and focused on building the operations of Starr.
Before Greenberg went into insurance, he served in the U.S. Army in World War II and in Korea. In April 1945, toward the end of WWII, he helped liberate the German concentration camp in Dachau.
Award event organizers praised Greenberg’s efforts to support the UJA and other causes in New York and throughout the world.
Daniel Glaser, the CEO of Marsh McLennan and another event guest of honor, described Greenberg as the ultimate statesman for the insurance industry. Greenberg hired and trained young executives who now hold senior positions throughout the insurance industry, Glaser said.
“He’s a fierce competitor, and he wants to win, but Hank has always respected the industry,” Glaser said.