Hank Greenberg

Maurice Raymond "Hank" Greenberg (born May 4, 1925) is an American business executive, insurance magnate, and philanthropist who served as chairman and chief executive officer of American International Group (AIG) from 1968 to 2005, transforming it from a small company with a market value of $300 million into the largest insurance company in the world with a peak value exceeding $180 billion. Often called the most powerful figure in insurance history, Greenberg built an unprecedented insurance empire over nearly four decades, pioneering globalization in the industry and expanding AIG into virtually every country on Earth.

A decorated World War II veteran who participated in the D-Day invasion and witnessed the liberation of Dachau concentration camp, Greenberg has maintained his legendary status in the business world even after his controversial departure from AIG amid an accounting scandal in 2005. Following his ouster, he rebuilt C.V. Starr into a multi-billion-dollar global insurer while in his late 80s and 90s, demonstrating remarkable resilience that has characterized his entire career.

Greenberg's legacy is complicated by his role in building the company whose near-collapse during the 2008 financial crisis required a $182 billion government bailout - the largest in American history. While he was no longer CEO when AIG's credit default swaps brought the company to its knees, critics argue that the risk-taking culture he fostered contributed to the disaster. In 2017, Greenberg admitted to fraud in a settlement with New York's attorney general over sham transactions that occurred during his tenure.

Beyond business, Greenberg has been one of America's most significant philanthropists, directing over $4 billion in grants through the Starr Foundation to academic, medical, cultural, and policy institutions worldwide. He has been particularly influential in U.S.-China relations, receiving the prestigious Friendship Medal from President Xi Jinping in 2018. On May 4, 2025, Greenberg celebrated his 100th birthday, remaining active in business and philanthropy well into his second century.

Early life and family background

Childhood in Greenwich Village

Maurice Raymond Greenberg was born on May 4, 1925, in Greenwich Village, New York City, into a Jewish family. His father, Jacob Greenberg, was a small businessman, while his mother was Ada Rheingold. The young Greenberg's life was marked by tragedy early on when his father died when Hank was just six years old, leaving the family in difficult circumstances during the Great Depression.

After Jacob's death, Ada Rheingold remarried a dairy farmer, and the family relocated from the urban environment of Greenwich Village to a rural setting. This dramatic change from city life to farm work during one of America's most challenging economic periods shaped Greenberg's character, instilling in him a fierce work ethic and determination to succeed that would define his entire career. The experience of growing up with limited means during the Depression would later influence his legendary frugality and intense drive for financial success.

Origins of the "Hank" nickname

Greenberg acquired the nickname "Hank" as a young boy, named after his favorite baseball player, Hank Greenberg, the legendary Detroit Tigers slugger who was one of the first Jewish superstars in Major League Baseball. The baseball player Hank Greenberg was a towering figure in American Jewish life during the 1930s and 1940s, famous for his decision not to play on Yom Kippur during the 1934 pennant race. Young Maurice's adoption of this nickname connected him to a figure who represented Jewish achievement in mainstream American culture and who would later serve in World War II himself.

The coincidence of the two Hank Greenbergs - both Jewish Americans who served in World War II and achieved legendary status in their respective fields - has occasionally caused confusion, but the insurance executive has carried the nickname throughout his century-long life, long outliving his baseball namesake, who died in 1986.

Education and early ambitions

Despite the hardships of his youth, Greenberg was a capable student with ambitions to advance beyond his humble origins. He attended local schools in New York and was on track for higher education when World War II intervened. At just 17 years old, Greenberg made the momentous decision to leave high school before graduating to enlist in the United States Army, joining millions of young Americans who put their lives on hold to serve their country.

After the war, Greenberg used the G.I. Bill to pursue higher education, enrolling at the University of Miami where he became a member of the Sigma Alpha Mu fraternity. He received his bachelor's degree in 1948, demonstrating that even years of combat had not diminished his academic abilities or ambitions. He then continued his education at New York Law School, earning his Juris Doctor degree in 1950.

Greenberg was admitted to the New York State Bar in 1953 but never practiced law, instead pivoting to the insurance industry that would become his life's work. Throughout his career, he has accumulated numerous honorary degrees from institutions including Brown University, Middlebury College, New York Law School, and Rockefeller University, recognizing his extraordinary achievements in business and philanthropy.

Military service

World War II: From high school to Omaha Beach

Maurice Greenberg's military service represents one of the most remarkable aspects of his biography. At the age of 17, he left high school to join the United States Army in 1943, attaching himself to the Army Rangers - one of the most elite and dangerous assignments available to American soldiers during World War II.

On June 6, 1944, the 19-year-old Greenberg participated in Operation Overlord, the Allied invasion of Normandy that began the liberation of Western Europe from Nazi occupation. Greenberg was among the troops who stormed Omaha Beach, which saw the heaviest casualties of any of the five landing beaches on D-Day. The experience of coming ashore under withering German fire, with comrades falling all around him, would shape Greenberg's character and his views on resilience, leadership, and the importance of American military strength for the rest of his life.

Liberation of Dachau

Perhaps the most profound experience of Greenberg's military service came near the end of the war when his unit participated in the liberation of Dachau concentration camp on April 29, 1945. Dachau, located in Bavaria, was the first Nazi concentration camp and served as the model for all subsequent camps. By the time American forces arrived, the camp had been in operation for twelve years and had seen the deaths of tens of thousands of prisoners.

The young Jewish soldier from New York witnessed firsthand the horrors of the Holocaust - the emaciated survivors, the piles of corpses, the evidence of systematic murder on an industrial scale. This experience left an indelible mark on Greenberg. Decades later, when Iranian President Mahmoud Ahmadinejad questioned the Holocaust at a 2006 Council on Foreign Relations meeting, Greenberg confronted him directly.

According to David E. Sanger, Chief Washington Correspondent for The New York Times, Greenberg had "been on a slow boil through the evening" as Ahmadinejad questioned whether the Holocaust had happened at all. Finally, Greenberg spoke up: "I went through Dachau in the war and saw with my own eyes." When Ahmadinejad asked if Greenberg was old enough to have participated in the liberation, the insurance executive insisted: "I'd like an answer regarding whether you think the Holocaust occurred." Ahmadinejad responded evasively: "I think we should allow more impartial studies to be done on this." The confrontation became famous as an example of Greenberg's willingness to challenge power and stand up for historical truth.

Korean War service

After World War II, Greenberg completed his education and began his business career, but his military service was not over. When the Korean War broke out in 1950, Greenberg was recalled to service, ultimately serving until 1953. By this point, he had risen through the ranks and achieved the rank of Captain.

Military honors and recognition

For his service in World War II, Greenberg received the Bronze Star Medal, awarded for heroic or meritorious achievement in a combat zone. Decades later, France recognized his role in the liberation of their country by awarding him the Legion of Honour, the highest French order of merit. In 2015, he was elevated to Commander of the Legion of Honour.

In 2009, the National World War II Museum in New Orleans honored Greenberg alongside other prominent New Yorkers for his wartime service. His military background has remained central to his identity throughout his business career, informing his leadership style and his strong views on American foreign policy and national security.

Insurance career

Early career at Continental Casualty

After completing his legal education but choosing not to practice law, Greenberg entered the insurance industry in the early 1950s. He began his career at Continental Casualty Company, a unit of CNA based in Chicago. During his time at Continental Casualty, Greenberg learned the fundamentals of the insurance business and demonstrated the drive and intelligence that would characterize his later career.

The insurance industry in the 1950s was a staid, traditional business, dominated by established players and conservative practices. Greenberg quickly distinguished himself as an ambitious young executive who saw opportunities for innovation and growth that others missed. His military background gave him an edge in the disciplined, hierarchical world of mid-century corporate America.

Joining C.V. Starr

In 1960, Greenberg made a pivotal career move, joining C.V. Starr & Company as a vice president. The company had been founded by Cornelius Vander Starr in Shanghai in 1919, making it a pioneer in international insurance. Starr had built a remarkable business across Asia before World War II disrupted operations, and by 1960 was seeking talented executives to help expand the company's American operations.

Greenberg's energy and ability impressed Starr, and in 1962, the founder named the 37-year-old Greenberg as head of AIG's North American holdings. Greenberg was also given additional responsibilities as president of American Home Assurance Company, one of AIG's key subsidiaries. He was elected director of C.V. Starr in 1965.

The relationship between Starr and Greenberg was pivotal for both men. Starr recognized in Greenberg a worthy successor who shared his vision for a truly global insurance company. Greenberg, in turn, found in Starr a mentor who gave him the opportunity to build something extraordinary. When Cornelius Vander Starr died in 1968, he had already designated Greenberg as his successor.

Becoming CEO of AIG

In 1968, at the age of 43, Maurice "Hank" Greenberg became chairman and chief executive officer of American International Group, beginning a tenure that would last nearly four decades and transform both the company and the global insurance industry. When Greenberg took over, AIG had a market capitalization of approximately $300 million - a respectable size but hardly a dominant player in the insurance industry.

Over the following 37 years, Greenberg would build AIG into the largest insurance company in the world, with a market value that peaked at over $180 billion. The company's growth was unprecedented in the insurance industry, and Greenberg's success made him one of the most admired - and feared - executives in American business.

Building the AIG empire

Greenberg's strategy for building AIG combined several elements that set him apart from competitors. First, he was relentlessly focused on underwriting discipline, insisting that AIG policies be priced appropriately for the risks they covered. While other insurers competed on price and often lost money on their core business, AIG maintained profitability through careful risk assessment.

Second, Greenberg expanded AIG's geographic footprint aggressively, entering markets around the world that competitors avoided as too risky or too difficult. Building on Cornelius Vander Starr's Asian foundation, Greenberg pushed into emerging markets across Asia, Latin America, the Middle East, and eventually the former Soviet Union. By the time of his departure, AIG operated in more than 130 countries, giving it a global reach unmatched by any competitor.

Third, Greenberg diversified AIG's business beyond traditional property and casualty insurance into life insurance, retirement services, and financial services. This diversification provided multiple revenue streams and made AIG less vulnerable to downturns in any single market or product line.

Fourth, and most controversially, Greenberg fostered a culture of aggressive growth and risk-taking that pushed AIG's employees to find new opportunities and maximize returns. This culture would later be blamed for some of the excesses that nearly destroyed the company, but for decades it powered AIG's extraordinary expansion.

The China connection

One of Greenberg's most significant achievements was establishing AIG's presence in China. He first visited the country in November 1975, just a few years after Richard Nixon's historic opening to China. Greenberg saw the potential of the Chinese market long before most American executives and began nurturing relationships with Chinese officials and business leaders.

In 1992, Greenberg achieved a historic breakthrough when AIG received a wholly owned life insurance license in China, becoming the first foreign company to do so. This achievement required years of patient relationship-building and demonstrated Greenberg's ability to navigate complex political environments. The Chinese license opened the door for further liberalization of China's financial services industry to foreign companies.

Greenberg's work in China extended beyond AIG. In 1990, he was appointed by Zhu Rongji, then Mayor of Shanghai, to be the first chairman of the International Business Leaders' Advisory Council for the Mayor of Shanghai. In 1994, he was appointed senior economic advisor to the Beijing municipal government. He was awarded "Honorary Citizen of Shanghai" in 1997 and has received honorary citizenship from four other Chinese cities: Beijing, Guangzhou, Chongqing, and Wuhan.

Under Greenberg's leadership, Starr Companies has invested more than $1 billion in China since 2005. Starr led the initial public offering for the People's Insurance Company of China (PICC) and acquired Dazhong Insurance, marking the first privatization of a state-owned insurance company in China.

In recognition of his contributions to U.S.-China relations, President Xi Jinping presented Greenberg with the Friendship Medal for Contribution to China's Reform in 2018 - one of only two Americans among ten foreign leaders to receive this honor.

Management style and corporate culture

Greenberg was known for an intense, demanding management style that tolerated no excuses and expected maximum effort from everyone at AIG. He was famous for his detailed knowledge of the company's operations - critics called it micromanagement, while admirers called it engaged leadership. Stories circulated throughout the industry about Greenberg's legendary temper and his willingness to berate executives who failed to meet his standards.

The culture Greenberg created at AIG was fiercely competitive, both internally and externally. Executives were expected to grow their businesses year after year, and those who failed to deliver results did not last long. This pressure produced extraordinary results during Greenberg's tenure, but critics would later argue that it also created incentives for the kind of risk-taking and corner-cutting that contributed to AIG's near-collapse.

Greenberg surrounded himself with loyal lieutenants, many of whom had worked with him for decades. The company operated like an extension of his personality, with Greenberg making or approving virtually every significant decision. While this concentration of authority contributed to AIG's success, it also made the company vulnerable when Greenberg was suddenly removed.

Relationships with Washington

Throughout his tenure at AIG, Greenberg cultivated close relationships with political leaders of both parties. He served on the board of directors of the Federal Reserve Bank of New York from 1988 to 1995, including as Chairman from 1994 to 1995 - a position that gave him extraordinary access to the nation's financial policymakers.

Greenberg was also active in foreign policy circles. He became a close friend and client of Henry Kissinger, whom he appointed as chairman of AIG's International Advisory Board in 1987. He served as vice chairman and director of the Council on Foreign Relations and was a member of the Trilateral Commission. He served on the President's Advisory Committee for Trade Policy and Negotiations and was a member of the Business Roundtable.

These connections gave Greenberg influence that extended far beyond the insurance industry. He was consulted by presidents and cabinet members on issues ranging from trade policy to national security. His opinions on China policy were particularly sought after given his deep relationships in Beijing.

Downfall and departure from AIG

The Spitzer investigation

Greenberg's extraordinary run at AIG came to an abrupt end in 2005, when New York State Attorney General Eliot Spitzer launched an investigation into accounting irregularities at the company. Spitzer, who had made his name pursuing corporate wrongdoing and would later become Governor of New York, focused on transactions that appeared designed to artificially inflate AIG's financial results.

The investigation centered on several sham transactions between 2000 and 2004, including deals with General Reinsurance Company and an offshore entity called Capco. These transactions were designed to make AIG's reserves look healthier than they actually were by approximately $500 million. While the amount was relatively small compared to AIG's overall size, the transactions suggested a willingness to manipulate financial statements that alarmed regulators and board members.

Spitzer's investigation employed aggressive tactics that Greenberg and his supporters found outrageous. According to reports, Spitzer worked the phones late on a Saturday night from his Colorado skiing vacation to pressure AIG's board to take action against Greenberg. The implicit threat was devastating: Spitzer's office would indict AIG if action wasn't taken, and no major financial company had ever survived criminal indictment.

Forced resignation

On March 14, 2005, under intense pressure from regulators, board members, and the prospect of criminal charges against the company, Maurice "Hank" Greenberg was forced to resign as CEO of the company he had built over 37 years. He stepped down as chairman shortly thereafter. The man who had transformed AIG into the world's largest insurer was out, replaced by Martin J. Sullivan.

The speed and manner of Greenberg's departure shocked the business world. For decades, he had been virtually synonymous with AIG, and many observers had assumed he would die in office or choose his own moment to retire. Instead, he was pushed out under a cloud of suspicion, his legacy suddenly in question.

Greenberg himself insisted that he had done nothing wrong and that Spitzer's investigation was politically motivated. He pointed out that the transactions in question occurred after AIG had hired supposedly independent auditors and that he had not personally approved the specific deals at issue. His supporters argued that he was being scapegoated for practices that were common throughout the industry.

SEC charges and settlement

The legal battles continued long after Greenberg's departure from AIG. In August 2009, the U.S. Securities and Exchange Commission charged Greenberg with involvement in alleged fraudulent accounting transactions that inflated AIG's finances. The SEC alleged that Greenberg was responsible for material misstatements that enabled AIG to create the false impression that the company consistently met or exceeded key earnings and growth targets.

Without conceding or denying the SEC charges, Greenberg agreed to pay $15 million in penalties to settle the matter. The settlement allowed him to avoid a trial while maintaining his assertion that he had done nothing wrong.

The New York Attorney General's civil fraud case continued separately. After more than a decade of litigation, the fraud case against Greenberg finally came to trial in September 2016 in a state courthouse in Lower Manhattan. The trial counsel for New York argued that a guilty verdict was needed to "send a message to CEOs of other companies" that "you can't do this sort of thing."

On February 10, 2017, Greenberg reached a settlement in which he admitted to fraud and agreed to pay $9 million. Former AIG Chief Financial Officer Howard Smith agreed to pay $900,000. New York Attorney General Eric Schneiderman declared: "Today's agreement settles the indisputable fact that Mr. Greenberg has denied for twelve years: that Mr. Greenberg orchestrated two transactions that fundamentally misrepresented AIG's finances."

Defamation lawsuit against Spitzer

Greenberg did not accept his ouster quietly. In July 2013, he filed a civil lawsuit against Eliot Spitzer, alleging that Spitzer had made repeated defamatory statements against him. The lawsuit was part of Greenberg's effort to clear his name and hold Spitzer accountable for what Greenberg viewed as a politically motivated persecution.

The litigation dragged on for years. In November 2020, a judge dismissed Greenberg's defamation case against Spitzer, ruling that Greenberg had not met the legal standard for proving defamation. The dismissal was a final blow to Greenberg's efforts to obtain legal vindication against his nemesis.

Greenberg also filed a complaint in December 2013 with the New York State Joint Commission on Public Ethics, alleging that Attorney General Eric Schneiderman had violated state public officer's law by making disparaging comments about him that could potentially taint a jury selection.

AIG and the 2008 financial crisis

The roots of catastrophe

Although Greenberg was no longer CEO when AIG nearly collapsed in September 2008, the company's role in the 2008 financial crisis remains central to any assessment of his legacy. The question of whether Greenberg bears responsibility for AIG's near-death experience - which required a $182 billion government bailout and threatened to bring down the entire global financial system - has been debated ever since.

AIG's problems centered on AIG Financial Products (AIGFP), a unit that had begun selling credit default swaps on mortgage-backed securities in 1998. These swaps were essentially insurance policies on complex financial instruments tied to the U.S. Housing market. When the housing bubble burst and mortgage-backed securities plummeted in value, AIG was on the hook for billions of dollars in claims it could not pay.

Greenberg and his defenders have consistently argued that AIGFP's most dangerous activities expanded dramatically after his departure, and that he would never have allowed the unit to take on the level of risk that ultimately destroyed the company. They point to internal emails suggesting that Greenberg had questioned AIGFP's activities and that the unit's leaders expanded their risk-taking after he left.

Critics counter that AIGFP was created and nurtured under Greenberg's leadership, and that the aggressive, risk-tolerant culture he fostered at AIG created the conditions for the eventual disaster. They note that even if the worst excesses occurred after Greenberg's departure, he built the institutional structure that enabled them.

Personal financial losses

Whatever his degree of responsibility, Greenberg suffered enormous personal financial losses as a result of AIG's collapse. Through his control of Starr International Company, Greenberg and related entities had been among the largest shareholders of AIG. When the company's stock price collapsed from over $70 per share to under $2, Greenberg lost the vast majority of his personal wealth.

In an interview during the crisis, Greenberg stated bluntly: "I've lost my entire net worth, literally my entire net worth." Analysts estimated that Greenberg lost roughly 95 percent of his assets, with his stake that had once been valued at around $3 billion becoming nearly worthless. Forbes magazine had ranked his personal worth at $3.9 billion in 2001 and listed him as No. 16 in its list of 800 Best Paid CEOs.

Criticism of the bailout

Rather than accepting the government's rescue of AIG gratefully, Greenberg became one of its most vocal critics. In 2008, he appeared on ABC's Good Morning America criticizing AIG's board of directors. In interviews, he argued that the government's terms were unnecessarily harsh and that the bailout amounted to an unconstitutional seizure of private property.

Greenberg was particularly critical of the Federal Reserve's decision to take a 79.9 percent equity stake in AIG in exchange for the initial $85 billion credit line. He argued that the government had essentially nationalized the company while imposing punitive interest rates, treating AIG far more harshly than it treated banks that were also bailed out.

In a 2010 interview with Reactions magazine, Greenberg stated that he did not condone AIG's strategy of selling non-core assets to repay the government and believed the terms under which AIG received bailout funds needed to be renegotiated.

Lawsuit against the federal government

In late 2011, Greenberg took the extraordinary step of suing the federal government through Starr International. The lawsuit requested $55.5 billion in damages, arguing that the government's takeover of AIG was an unconstitutional taking of private property without just compensation under the Fifth Amendment.

Greenberg hired David Boies, one of America's most famous litigators, to press the case. The lawsuit became a major test of the government's actions during the financial crisis and attracted intense public controversy. Many viewed Greenberg's lawsuit as ungrateful at best and outrageous at worst - suing the very government that had prevented AIG's complete collapse and saved whatever value remained in shareholders' investments.

Following a trial in Fall 2014, Judge Thomas C. Wheeler of the United States Court of Federal Claims issued a split decision in June 2015. He ruled that the federal government had indeed acted without authority - that the Federal Reserve had exceeded its legal powers in demanding the equity stake. However, he awarded no damages, reasoning that without the government's intervention, AIG would have filed for bankruptcy and shareholders would have lost 100 percent of their investment anyway.

"If not for the government's intervention, AIG would have filed for bankruptcy," Judge Wheeler wrote. "In a bankruptcy proceeding, AIG's shareholders would most likely have lost 100 percent of their stock value."

Greenberg appealed the denial of damages, but in 2017, the United States Court of Appeals for the Federal Circuit threw out the original case entirely, ruling that Starr International lacked legal standing to bring the lawsuit - that only AIG itself could have sued, and AIG had chosen not to do so. The Supreme Court declined to review the case in 2018, ending Greenberg's legal battle against the government.

In the end, the government repaid all of its AIG loans and made a $17.7 billion profit on the AIG equity it had acquired, plus $6.7 billion in interest and fees.

Post-AIG career

Rebuilding C.V. Starr

After his departure from AIG, Greenberg did not retire. Instead, at an age when most executives have long since stopped working, he threw himself into rebuilding C.V. Starr & Company, the company founded by Cornelius Vander Starr that had given him his start in the insurance industry.

Greenberg had continued to serve as chairman and CEO of C.V. Starr and chairman of the board of directors and managing director of Starr International Company even while running AIG. After leaving AIG, he devoted his full attention to these entities, collectively known as the Starr Companies.

Under Greenberg's leadership, Starr's insurance operations grew from a modest base to become an $11.9 billion gross premiums written business, rated A by AM Best. The company expanded globally, building a presence in markets around the world. That Greenberg accomplished this growth while in his late 80s and 90s is considered one of the most remarkable second acts in business history.

Major investments and acquisitions

Greenberg continued to pursue major deals through the Starr Companies. In February 2014, he led a group through Starr Investment Holdings that acquired health insurance claims processor MultiPlan Inc. For around $4.4 billion. On May 5, 2016, this group sold MultiPlan to Hellman & Friedman for approximately $7.5 billion, generating enormous returns for investors.

Greenberg's China investments continued through Starr as well. The company led the IPO for the People's Insurance Company of China and acquired Dazhong Insurance, marking the first privatization of a state-owned insurance company in China.

Recognition and honors

Despite the controversies surrounding his departure from AIG, Greenberg continued to receive recognition for his achievements. In 2003, he was awarded "CEO of the Year" by Chief Executive magazine. In 2022, he received the Daily Point of Light Award from Points of Light, the world's largest organization dedicated to volunteer service.

Transition to centenary

In early 2025, as he approached his 100th birthday, Greenberg stepped back from day-to-day management of C.V. Starr, taking the title of Honorary Chairman. His son Jeffrey Greenberg succeeded him as chairman and co-CEO of C.V. Starr & Co. On May 4, 2025, Greenberg celebrated his 100th birthday, marking a century of life that has included some of the most dramatic moments in American military, business, and financial history.

The Greenberg family dynasty

Insurance royalty

The Greenberg family has become one of the most powerful dynasties in the insurance industry. At various points, Maurice "Hank" Greenberg and his sons controlled major portions of the global insurance market through their leadership of AIG, Marsh & McLennan, and Chubb.

Jeffrey W. Greenberg

Jeffrey W. Greenberg, Hank's eldest son, followed his father into the insurance industry. He worked at AIG for many years and was once viewed as a possible successor to his father as head of the company. However, Jeffrey left AIG in 1995, resurfacing as head of the risk-capital operation at Marsh & McLennan Companies, the nation's largest insurance broker.

Jeffrey rose to become chairman and CEO of Marsh & McLennan, but his tenure ended in controversy. In 2004, Marsh & McLennan was investigated by Eliot Spitzer for participating in bid-rigging and price-fixing schemes with other insurance firms. Jeffrey Greenberg resigned as chairman and CEO in October 2004, shortly after the investigation began. In 2005, Marsh & McLennan agreed to pay $850 million to settle the Spitzer lawsuit.

After leaving Marsh & McLennan, Jeffrey founded Aquiline Capital Partners in 2005, a private equity firm focused on financial services. He currently serves as chairman and CEO of Aquiline and, as of 2025, chairman and co-CEO of C.V. Starr & Co.

Evan G. Greenberg

Evan G. Greenberg, Hank's second son, has had the most successful career of the Greenberg children. He spent 25 years at AIG, rising to the position of president and being named as his father's intended successor. However, in 2000, Evan abruptly resigned from AIG.

No official reason was given for his departure, and Evan spoke highly of his father at the time. However, speculation centered on the fact that Hank Greenberg showed no signs of retiring, leaving Evan with no clear path to the top job. For 15 months after leaving AIG, Evan reportedly struggled to find a comparable position, with other insurers hesitant to approach him.

Eventually, Evan became CEO of ACE Limited, a Bermuda-based insurer. Under his leadership, ACE grew dramatically through organic growth and acquisitions. The company was also investigated by Eliot Spitzer in 2004 as part of the broader insurance industry probe, though it reached a settlement without admitting wrongdoing.

In July 2015, Evan led ACE's acquisition of Chubb for $28.3 billion, the largest merger in property and casualty insurance history. The combined company took the Chubb name and is now one of the world's largest insurers. Evan serves as chairman and CEO of the Zürich-based company.

Evan Greenberg gained public attention in 2024 when Chubb was revealed to be one of the insurance companies that had provided bonds for former President Donald Trump in various legal matters.

Other children

Hank Greenberg's other children have pursued different paths. L. Scott Greenberg works as a venture capitalist in New York. Cathleen Greenberg London is a physician in New York. While not in insurance, they have maintained close family connections.

Family tensions and succession

The question of succession at AIG created tensions within the Greenberg family. Hank Greenberg built the company with the apparent intention of keeping it a "family" concern, but his reluctance to step aside created difficulties for both Jeffrey and Evan. Both sons eventually left AIG to pursue their own paths, with mixed results.

The 2004 Spitzer investigation created an unusual situation in which investigations were simultaneously targeting all three Greenbergs' companies: AIG (Hank), Marsh & McLennan (Jeffrey), and ACE (Evan). While the investigations were separate, the coincidence drew media attention to the family's dominant position in the insurance industry.

Despite the professional separations, the family has maintained connections. Jeffrey's succession to his father's role at C.V. Starr in 2025 suggests that family bonds remain strong into the second century of Hank Greenberg's life.

Personal life

Marriage and family

Hank Greenberg married Corinne Phyllis Zuckerman in 1950, the same year he completed his law degree. Their marriage lasted an extraordinary 74 years, until Corinne's death at age 95 on March 17, 2024. The longevity of their marriage paralleled the longevity of Greenberg's business career and reflected the stability of his personal life even amid professional turbulence.

Together, Hank and Corinne raised four children: Jeffrey, Evan, Scott, and Cathleen. The family divided their time between New York and their home in Brewster, New York, in Putnam County.

Lifestyle and personal characteristics

Greenberg has been known throughout his career for his legendary work ethic and intensity. Even in his 90s, he maintained a demanding schedule, arriving at the office early and expecting the same dedication from his employees that he had demanded at AIG. Associates describe him as sharp, demanding, and occasionally explosive when disappointed.

Despite his wealth, Greenberg has been described as relatively modest in his personal spending compared to other executives of his stature. His primary indulgences appear to be work and philanthropy rather than conspicuous consumption.

Health and longevity

Greenberg's longevity is remarkable, particularly given the stress of his career. He has remained mentally sharp and professionally active well into his late 90s, proof of his constitution and determination. His continued work at C.V. Starr into his 100th year stands in stark contrast to most executives, who retire decades earlier.

Political involvement

Greenberg has been a Republican donor throughout his career. He donated to Mitt Romney's 2012 presidential campaign. In the 2016 Republican Party presidential primaries, he donated $10 million to support Jeb Bush's candidacy and later donated $5 million to the Conservative Solutions PAC supporting Marco Rubio's campaign.

His political activities have focused primarily on candidates who support free trade and strong U.S.-China relations, reflecting his business interests and worldview.

Philanthropy and public service

The Starr Foundation

Greenberg has been one of America's most significant philanthropists through his role as chairman of The Starr Foundation. The foundation was established in 1955 by Cornelius Vander Starr and, under Greenberg's leadership, has made more than $4 billion in grants to academic, medical, cultural, and public policy institutions worldwide.

The Starr Foundation, with assets of approximately $3.5 billion, has donated in excess of $2 billion to various causes - more than $1 billion in New York City alone. This makes it one of the largest private foundations in the United States.

The foundation's giving has been notably diverse, supporting causes ranging from medical research to international affairs to the arts. Major beneficiaries have included universities, hospitals, museums, and policy organizations.

Yale University

Yale University has been a particularly significant beneficiary of Greenberg's philanthropy. Through his family foundation and The Starr Foundation, Greenberg has donated a combined total exceeding $100 million to Yale over more than two decades.

Major gifts include $50 million ($25 million each from the family foundation and The Starr Foundation) to create the Maurice R. Greenberg Yale-China Initiative, advancing the university's collaborations with China. The Greenberg Scholars Program has sent more than 500 students to China in the past ten years. The Maurice R. Greenberg Conference Center is recognized as Yale's premier venue for international gatherings and executive education programs.

In 2006, Yale announced a $50 Million Gift to Advance Yale's China Collaborations. Additional gifts have supported the Maurice R. Greenberg World Fellows Program ($16 million) and the Yale Chief Executive Leadership Institute ($2 million in 2023).

Medical and health philanthropy

Greenberg has been particularly generous to medical institutions. He is chairman emeritus of the Board of Trustees of NewYork-Presbyterian Hospital, having joined the board in 1979. He serves as a member of the board of overseers of Weill Cornell Medical College and is the chairman of the Academic Medicine Development Company (AMDeC) Foundation.

In 2009, Greenberg received the Double Helix Medal for his contributions to genetic research and medical advancement.

Cultural and educational institutions

Greenberg's philanthropic reach extends to cultural institutions as well. He is an honorary trustee of the Museum of Modern Art and a former trustee of the American Museum of Natural History. He is a trustee emeritus of Rockefeller University and a life trustee of New York University.

China-related philanthropy

Reflecting his long involvement with China, Greenberg has directed approximately $272 million in grants to China-related activities through The Starr Foundation. These grants have supported educational exchanges, policy research, and cultural programs that benefit both the United States and China.

The Maurice "Hank" Greenberg Scholarship, administered by the US-China Education Trust, supports the studies of ten Chinese students from low-income families each year at Yunnan University.

Public policy organizations

Greenberg has supported numerous public policy organizations. He is on the board of directors of the International Rescue Committee and has served on the board of the Manhattan Institute for Policy Research. He has been former chairman of The National Interest magazine and is a member of the Board of Directors of the Peterson Institute for International Economics.

Foreign policy and U.S.-China relations

Greenberg has been deeply involved in U.S.-China relations throughout his career. He was founding chairman of the U.S.-Philippine Business Committee, chairman emeritus of the US-ASEAN Business Council, and chairman of the U.S.-Korea Business Council.

His China-related positions have included: first chairman of the International Business Leaders' Advisory Council for the Mayor of Shanghai (1990); senior economic advisor to the Beijing municipal government (1994); member of the Hong Kong Chief Executive's Council of International Advisers (1998-2005); member of the advisory board of the Tsinghua School of Economics and Management; member of the International Advisory Council of the China Development Research Foundation and China Development Bank; and membership on the US-China Business Council, as honorary chair of the U.S.-China Policy Foundation, and vice-chairman of the board of directors of the National Committee on United States-China Relations.

In July 2022, Greenberg announced the founding of a group composed of senior U.S. Business and policy leaders to promote more constructive engagement with China. He stated: "The deteriorating state of affairs between the U.S. Has destabilized the most important bilateral relationship in the world," and said the new group was intended to "help foster a meaningful but frank exchange between the U.S. And Chinese governments on issues of mutual concern."

Legacy and assessment

Impact on the insurance industry

Hank Greenberg's impact on the global insurance industry is difficult to overstate. He transformed AIG from a mid-sized company into the world's largest insurer, pioneering globalization in an industry that had been largely domestic. His emphasis on underwriting discipline, geographic diversification, and aggressive growth became a model that competitors sought to emulate.

The Greenberg family's broader impact on insurance - with Hank, Jeffrey, and Evan leading three major insurance organizations simultaneously - represents an unprecedented concentration of family influence in a single industry.

Controversies and criticism

Greenberg's legacy is inevitably complicated by the controversies that marked the end of his AIG career and the company's role in the 2008 financial crisis. Critics argue that:

• The aggressive, risk-tolerant culture he created at AIG laid the groundwork for the excesses that nearly destroyed the company
• His management style concentrated too much power in one person and discouraged the kind of independent oversight that might have caught problems earlier
• His reluctance to retire prevented an orderly succession and left AIG vulnerable when he was suddenly removed
• The accounting irregularities that led to his ouster, for which he ultimately admitted fraud, represented a betrayal of shareholder trust

Defenders counter that:

• The specific problems that brought down AIG - the credit default swaps on mortgage-backed securities - expanded dramatically after his departure
• He built extraordinary shareholder value over nearly four decades
• The government's treatment of him was disproportionately harsh compared to other executives
• His philanthropic contributions have benefited millions of people worldwide

Personal assessments

Those who have worked with Greenberg describe him as brilliant, demanding, and impossible to ignore. His military background informed a leadership style that expected discipline and results. His longevity - remaining active in business past his 100th birthday - is cited as evidence of his extraordinary constitution and drive.

Historical significance

Beyond the insurance industry, Greenberg is historically significant for his role in U.S.-China relations. As one of the first American business leaders to engage seriously with China in the 1970s, he helped build the commercial relationships that have shaped the modern global economy. His continued advocacy for constructive U.S.-China engagement reflects a worldview shaped by decades of experience.

His World War II service, including participation in D-Day and the liberation of Dachau, connects him to the defining events of the twentieth century. His confrontation with Mahmoud Ahmadinejad over Holocaust denial demonstrated that even in his 80s, he remained willing to speak uncomfortable truths to power.

Publications

• <ref>The AIG Story.John Wiley & Sons.ISBN 978-1118345870.</ref>

See also

• American International Group
• C.V. Starr
• Cornelius Vander Starr
• 2007-2008 financial crisis
• Eliot Spitzer
• Evan Greenberg
• Jeffrey Greenberg
• Chubb Limited

Further reading

• <ref>Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG.</ref>
• <ref>All the Devils Are Here: The Hidden History of the Financial Crisis.</ref>
• "Greenberg and Sons", Fortune magazine, February 21, 2005.
• Review: James Freeman, "Insurer to the World", Wall Street Journal, February 6, 2013

External links

• Starr Companies official website
• Council on Foreign Relations
• Appearances on C-SPAN