Finance History | 11 Wall Street — An OTC Insurer Printed a Big Board Book Called AIG
· 1984-10
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Finance History | 11 Wall Street — An OTC Insurer Printed a Big Board Book Called AIG
kevin
People treat AIG as a 2008 rescue story that always lived on a New York specialist post.
The first public book was over the counter.
American International Group, Inc. incorporated in Delaware in 1967 as the umbrella for C. V. Starr's insurance companies.
AIG stock began trading publicly in 1969 on the over-the-counter market.
Contemporary figures published for that first public year put property and casualty net premiums at 245.5 million U.S. dollars and life premiums at 38 million U.S. dollars.
Net income that year was 13.4 million U.S. dollars on assets of 606.8 million U.S. dollars.
The company says it began trading on the New York Stock Exchange in 1984.
Market directories date that first NYSE session to 8 October 1984.
The letters on the tape were AIG.
Tokyo and London listings followed later in the decade.
The 1984 move did not raise cash for the company.
It moved an already-traded common stock from the dealer market onto a listed post at 11 Wall Street.
A later government rescue and repayment sit on other pins and other years.
This pin is the first morning the parent insurer used the Big Board tape.
The mechanism was the same venue change other large OTC names made in the 1970s and 1980s: liquidity and a specialist book, not a new issue.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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