AIG Insurance Company has gotten lots of bad press for being a large part of the financial meltdown in the U.S. In order to avoid people remembering who they are and that they helped hurt the North Carolina (NC) and national economy, they have changed their parent company name recently to VALIC which is supposedly short for Variable Annuity Life Insurance Company. The automobile accident insurance part of AIG also recently changed its name to 21st Century Insurance. The idea that a corporation can just change its name and try to wipe away its past would be funny if it weren’t so sad.
I have my own family automobile policy with 21st Century Insurance, formerly AIG. They offer a very low rate on our Chrysler minivan. Perhaps it is because of all that government money they have gotten they can offer such competitive rates, or maybe they scared off so many drivers from using their insurance that they have to offer low premiums in order to keep any customers they had. I only hope that this giant insurance company is still around to cover any claim that might be made against it, particularly for my family if we are hurt and need to make a claim on our underinsured or uninsured motorist coverage for someone being hurt in our car.