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What is Maurice R. Greenberg’s Net Worth?
Maurice R. “Hank” Greenberg, a prominent figure in the business world and public service, has a net worth estimated at $250 million as of 2025. This wealth has been accumulated through his extensive career in the insurance and investment sectors. Currently, Greenberg serves as the chairman and CEO of C.V. Starr, a global insurance and investment company. His leadership and strategic decisions have been pivotal in shaping the company’s growth and financial standing.
Career at American International Group (AIG)
Before his role at C.V. Starr, Hank Greenberg was the chairman and CEO of American International Group (AIG), a finance and insurance corporation. He assumed this role in 1968, succeeding Cornelius Vander Starr, the founder of AIG. Under Greenberg’s leadership, AIG experienced substantial expansion, particularly in the 1970s with the introduction of specialized products in energy, transportation, and shipping. However, Greenberg’s tenure at AIG ended in 2005 amid an accounting scandal that led to investigations by the SEC, the US Department of Justice, and the New York State Attorney General’s Office. The scandal resulted in Greenberg’s ouster from AIG and subsequent legal challenges.
In May 2007, Greenberg divested $42 million worth of his AIG shares. By September 2008, AIG’s financial instability led to an $85 billion bailout by the United States government, which effectively acquired an 80% stake in the company. At the time of the bailout, Hank Greenberg held 13 million shares in AIG. During AIG’s peak in December 2007, these shares were valued at $1.1 billion. However, by the time of the government bailout, the value of his stake had plummeted to $25 million. In January 2010, Greenberg sold his remaining stake in AIG to UBS for $278 million.
Legal and Financial Settlements
Following the AIG accounting scandal, Hank Greenberg faced legal challenges. He settled a civil case brought by the NY Attorney General for $9 million and paid $15 million in penalties to resolve charges from the Securities Exchange Commission (SEC). These financial settlements marked the resolution of legal issues stemming from the accounting scandal that led to his departure from AIG.
Early Life and Education
Born on May 4, 1925, in New York City, Maurice R. Greenberg had a childhood marked by the early loss of his father. He served in the US Army during World War II, participating in Operation Overlord and the liberation of Dachau. He later served during the Korean War. Greenberg’s commitment to education led him to earn a bachelor’s degree from the University of Miami in 1948, followed by an undergraduate law degree from New York Law School in 1950. Although admitted to the New York Bar in 1953, Greenberg chose not to practice law, instead pursuing a career in the insurance industry.
Early Career at C.V. Starr
In 1960, Maurice R. Greenberg’s career took a significant turn when he joined C.V. Starr, a global insurance and investment company founded by Cornelius Vander Starr, the same individual who established AIG. Greenberg initially served as the vice president of C.V. Starr, marking the beginning of his long-term association with the company. By 1965, Greenberg’s contributions and leadership skills were recognized, leading to his election as a director of C.V. Starr. The culmination of his early career at C.V. Starr came in 1968 when he was appointed as the chairman and CEO of the company. In addition to his role as chairman and CEO of C.V. Starr, Greenberg also holds the position of chairman of the board and managing director of Starr International.
Under his guidance, Starr has directed investments of over $1 billion into China since 2005, demonstrating a focus on international expansion and capitalizing on emerging markets. This strategic investment in China underscores Greenberg’s vision for Starr’s global growth and diversification. As chairman and CEO of C.V. Starr, Greenberg has played a pivotal role in shaping the company’s strategic direction, driving its growth, and overseeing its global operations. His leadership has been instrumental in establishing Starr as a prominent player in the insurance and investment industry.
Legal Issues and Settlements
Throughout his career, Maurice R. Greenberg has encountered several legal challenges related to alleged fraudulent business practices. The AIG accounting scandal in 2005 brought civil fraud charges against him by the New York Attorney General, alleging that he inflated AIG’s finances. Subsequently, in 2009, Greenberg faced fraud charges from the SEC in connection with the same scandal. To resolve these charges, he agreed to pay a penalty of $15 million. Additionally, in the civil case, which proceeded to trial in 2016, Greenberg agreed to pay $9 million.
Public Positions and Affiliations
Greenberg’s engagement in international affairs is evident through his numerous public positions. In 1990, he was appointed by Shanghai mayor Zhu Rongji as 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 government of Beijing. From 1998 to 2005, he served as a member of the Hong Kong Chief Executive’s Council of International Advisers. Additionally, Greenberg has served on the advisory board of the Tsinghua School of Economics and Management, the board of directors of the National Committee on United States-China Relations, and the steering committee of the China-United States Exchange Foundation. He is the founding chairman of the US-Philippine Business Committee and chairman of the US-Korea Business Council.
Greenberg’s involvement extends to domestic affairs, where he formerly served as vice chairman and director of the Council on Foreign Relations. He is also a former chairman of the Asia Society, chairman of the National Interest, chairman emeritus of the board of trustees of New York-Presbyterian Hospital, and chairman of the Academic Medicine Development Company Foundation. Furthermore, Greenberg sits on the boards of organizations such as the Peterson Institute for International Economics, Weill Cornell Medicine, the Manhattan Institute for Policy Research, and the International Rescue Committee.
Political Contributions and Affiliations
As a Republican, Maurice R. Greenberg has contributed to various Republican presidential candidates. He has donated to campaigns such as those of Mitt Romney and Jeb Bush, demonstrating his support for Republican political causes. In 2016, Greenberg also donated to a Super PAC supporting the presidential campaign of Marco Rubio, further solidifying his involvement in Republican politics.
Personal Life
Maurice R. Greenberg married Corinne Zuckerman in 1950, and together they have four children: Jeffrey, Evan, L. Scott, and Cathleen. Jeffrey, Evan, and L. Scott followed in their father’s footsteps and pursued careers in business. Cathleen, on the other hand, chose a different path and became a physician.
