:Corebridge Financial

Corebridge Financial was formed when AIG spun off the company in September 2022. In September 2024, the Corebridge brand name replaced AIG on the America Tower of the American General Center, its headquarters.{{cite web |url=https://www.bizjournals.com/houston/news/2024/12/10/corebridge-financial-board-chairman-equity-stake.html|title=Corebridge Financial makes board changes after AIG sells $3.8 billion equity stake|website= Houston Business Journal|access-date=2025-03-28}}{{cite web |url=https://www.chron.com/business/article/aig-tower-houston-removed-18927069.php |title='AIG' letters are gone: Houston's landmark tower undergoes name change|website=Chron|publisher=Hearst|access-date=2025-03-28 }}

The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in Houston, Texas. Wortham worked for the Texas Fire Rating Board in Austin, Texas before moving to Houston in 1912. Before starting American General, he worked at his father's insurance company, John L. Wortham & Son Agency, until his death in 1924.{{cite encyclopedia |encyclopedia=Handbook of Texas Online |url=http://www.tshaonline.org/handbook/online/articles/fwo34 |title=Gus Sessions Wortham |access-date=2010-11-04}} Following his father's death, Wortham began the company in response to a Texas Commissions of Appeal ruling allowing that insurance companies may merge several lines of business.{{cite web|last=Keeley|first=Carol|title=American General Corporation|url=https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/american-general-corp=|publisher=Encyclopedia.com|accessdate=26 December 2022|date=2011-12-16}}

In 1953, American General hired life insurance veteran Benjamin N. Woodson as president. Woodson previously served at Mutual Trust Life Insurance Company, the National Association of Life Underwriters, and various other roles. Woodson would eventually succeed Wortham as CEO of the company in 1972 where he remained until retiring in 1978.[http://www.worldcat.org/search?q=woodson%2C+benjamin+n&=Search&qt=results_page Benjamin N. Woodson titles] Worldcat

In 1995, the company was the subject of Unitrin, Inc. v. American General Corp. American General tendered an offer for a controlling block of shares of Unitrin. The Board of Directors of Unitrin, who held 23% of the shares, did not think the price offered was adequate and so initiated a poison pill and offered a buyback to increase their holdings to 28% of the total shares. It became the leading case on a board of directors' ability to use defensive measures, such as poison pills or buybacks, to prevent a hostile takeover.{{cite web | last = Gallardo| first = Eduardo| title = Poison Pills Revisited| work = Harvard Law School Forum on Corporate Governance and Financial Regulation | publisher = Harvard College| date = February 18, 2010| url = http://corpgov.law.harvard.edu/2010/02/18/poison-pills-revisited/| access-date = 31 August 2015 }}{{cite journal | last = Wong| first = R. Wai| title = Through the Anti-Trust Looking Glass: A New Vision on Delaware's Takeover-Defense Jurisprudence | journal = The Virginia Law Review| volume = 99| issue = 169| publisher = Virginia Law Review Association| date = February 25, 2013| url = http://www.virginialawreview.org/sites/virginialawreview.org/files/169.pdf| access-date = 31 August 2015 }}

{{main|National Life and Accident Insurance Company}}

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The NLT Corporation was formed in 1900 as the National Sick and Accident Association. The Nashville, Tennessee firm became one of the country's largest life insurance companies. American General (AGC) announced a hostile takeover bid for NLT, which made a counter-offer to buy out AGC. In 1982, AGC, which had owned Nashville rival L&C since the 1960s, prevailed. Having acquired NLT, AGC merged the former rivals over the next decade and spun off the non-core assets of NLT, particularly its entertainment properties.{{cite web |url=http://tennesseeencyclopedia.net/entry.php?rec=984|title=National Life and Accident Insurance Company |publisher=Tennessee Encyclopedia of History and Culture |last=Connelly |first=John Lawrence |access-date=February 14, 2018}} The Grand Ole Opry, Opryland theme park, WSM, and then fledgling cable television network The Nashville Network (TNN) were sold to what became Gaylord Entertainment Company.{{cite web|url=https://www.oklahoman.com/story/news/1983/09/02/opryland-purchase-achieved/62832964007/|title=Opryland purchase achieved|website=The Oklahoman|access-date=2025-03-28}}

In 1977, American General acquired The Variable Annuity Life Insurance Company (VALIC), a provider of tax-deferred retirement plans for employees in education, healthcare, government, and non-profit organizations.{{cite web |url=https://www.corebridgefinancial.com/names|title=Get to know Corebridge|website=Corebridge Financial|access-date=2025-03-28}} VALIC companies include VALIC Financial Advisors, Inc. and VALIC Retirement Services Company, which operate as Corebridge Financial subsidiaries within Corebridge Retirement Services.

AIG agreed to acquire annuity provider SunAmerica Inc. in 1998, with the $18 billion stock transaction then reported as the second-largest in the history of the insurance industry.{{cite web |url=https://www.wsj.com/articles/SB903571713646726000|title=AIG Agrees to Buy SunAmerica For Stock Valued at $18 Billion|website=The Wall Street Journal|access-date=2025-03-28}}

In 2001, it was announced that American General would be acquired by Prudential plc in a deal worth $26.6 billion. The deal was later called off after negative Prudential shareholder reaction.{{cite news|url=https://www.investmentnews.com/american-general-prudential-plc-merger-in-jeopardy-3985|title=American General-Prudential PLC merger in jeopardy|access-date=March 19, 2001 |work=Investment News}} After the deal failed to go through, AIG announced plans to acquire American General for $23 billion in stock.{{cite news|title=AIG Closes American General Acquisition|newspaper=National Underwriter Life & Health|date=August 30, 2001}} American General would continue to operate under AIG as their life insurance and retirement services subsidiary. In 2003, Old Line Life Insurance merged with American General.{{cite web|url=https://www.rootfin.com/do-you-have-an-old-line-life-insurance-policy/|title=Do You Have An Old Line Life Insurance Policy?|website=www.rootfin.com|access-date=December 28, 2017}}

Corebridge was formed as a result of a spin-off of AIG's retirement, life insurance, and wealth management segments. In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years.{{cite news|url=https://www.reuters.com/business/aig-sell-10-stake-life-retirement-business-blackstone-2021-07-14/|title=AIG to sell life and retirement unit stake to Blackstone, another with IPO|access-date=March 8, 2022 |work=Reuters |date=July 15, 2021 }} The new company was launched on September 15, 2022,{{cite web|url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/corebridge-flat-following-ipo-wider-market-down-after-august-inflation-report-72121508|title=Corebridge flat following IPO; wider market down after August inflation report|publisher=S&P Global|access-date=October 30, 2022}} in the largest IPO of 2022 to date,{{cite web |title=AIG's Corebridge Falls in Debut After Year's Biggest US IPO |url=https://www.bloomberg.com/news/articles/2022-09-15/aig-s-corebridge-falls-in-debut-after-year-s-biggest-us-ipo?leadSource=uverify%20wall |access-date=October 30, 2022 |publisher=Bloomberg News}} which raised a total of $1.68 billion.{{cite web |url=https://www.reuters.com/markets/us/aig-unit-corebridge-raises-17-bln-years-largest-ipo-2022-09-14/ |title=AIG unit Corebridge raises $1.68 bln in year's largest IPO|website=Reuters|access-date=2025-03-28 }}

In September 2023, it was announced Corebridge would sell its subsidiary, the London-headquartered life insurance company AIG Life Limited (AIG Life UK) to the British multinational insurance company, Aviva for £460 million.{{Cite web |last=Jain |first=Saumya |date=2023-09-25 |title=Aviva acquires AIG's UK protection business for £460m|url=https://www.reinsurancene.ws/aviva-acquires-aigs-uk-protection-business-for-460m/ |access-date=2023-09-25 |website=ReinsuranceNews |language=en}} Corebridge sold subsidiary{{cite web | url=https://www.layahealthcare.ie/pressandmedia/pressreleases/aig-completes-the-acquisition-of-laya-healthcare.html | title=Press Releases ||website=Laya Healthcare}} Irish health insurer Laya Healthcare to AXA, for €650 million,{{Cite web |last=Jimenez-Sanchez |first=Kassandra |title=AXA completes acquisition of Corebridge Financial's Laya Healthcare |url=https://www.reinsurancene.ws/axa-completes-acquisition-of-corebridge-financials-laya-healthcare/ |access-date=2025-03-28 |website=ReinsuranceNews |language=en}} on October 31, 2023.{{Cite web|url=https://www.axa.com/en/press/press-releases/axa-completes-the-acquisition-of-laya-healthcare-limited|title=AXA completes the acquisition of Laya Healthcare Limited|work=AXA|access-date=2025-03-28|language=en-US}}

{{reflist}}

• {{Official website|https://www.corebridgefinancial.com}}

{{Finance links

| name = Corebridge Financial, Inc.

| symbol = CRBG

| reuters = CRBG.N

| bloomberg = CRBG:US

| sec_cik = 1889539

| yahoo = CRBG

| google = CRBG:NYSE

}}

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{{American International Group}}

{{Blackstone Companies}}

Category:Financial services companies of the United States

Category:American International Group

Category:American companies established in 2022

Category:Insurance companies based in Texas

Category:Companies based in Houston

Category:Companies listed on the New York Stock Exchange

Category:2022 initial public offerings

Category:1926 establishments in Texas