WESTPORT — One of the world’s largest insurance companies is moving ahead with the renovation of a local landmark, which will house new offices for the company.
AIG is refurbishing 2 Post Road W., a building in the National Hall complex, on the Saugatuck River. Town officials are hopeful about the impact of the company’s arrival at a property that is a cornerstone of the west side of the town’s central business district.
“I’m thrilled that AIG is investing in the redevelopment of 2 Post Road W. It is a beautiful building with a fabulous view of the Saugatuck River and downtown,” Westport First Selectwoman Jennifer Tooker said in an email. “I have been communicating with them intermittently during the course of the construction. The upgrades they are making are significant and will greatly enhance that area along the river.”
Scaffolding on the three-story, brick Italianate edifice and the adjacent, smaller building at 8 Post Road W., as well as fencing around the property’s entrance, show the extent of the improvements being made.
In support of its plans, AIG bought 2 Post Road W. for $19.25 million in February, and also acquired 8 Post Road W., according to the Vision Appraisal database.
Through a spokesperson, AIG declined to comment on why it was expanding to Westport or when it expected the offices at National Hall to open. The company also declined to comment on the number of people based at its offices at 50 Danbury Road, in Wilton Corporate Park. Its Wilton offices will continue to operate, after the hub at National Hall opens.
AIG’s new offices will be located in a property that has had an eclectic mix of tenants throughout its history, which extends to the second half of the 19th century. During the past few decades, 2 Post Road W. has not only accommodated office space but also hosted a boutique hotel and served as a restaurant venue.
The National Hall complex, which is listed in the National Register of Historic Places, includes several other buildings. Together, they house offices for several companies as well as other tenants, including the Bar Taco and Oko restaurants, and furniture shop L’Antiquaire.
Headquartered at 1271 Avenue of the Americas in Manhattan, AIG describes itself on its website as “one of the world’s most far-reaching property-casualty networks.” It operates with more than 25,000 employees who provide services across approximately 190 countries.
“Last year was a continuation of our multi-year journey to become a top-performing global insurance company, wherein we accelerated our progress on a number of important initiatives while simultaneously driving improved underwriting profitability, strengthening our balance sheet and returning capital to shareholders,” AIG CEO and Chairman Peter Zaffino said in a letter to shareholders that was included in the company’s 2023 annual report.
While its finances now appear to be stable, AIG is still remembered by many people for the significant role that it played in the 2008 financial crisis. The company foundered after making big bets on mortgage securities that backfired. The government stepped in with a bailout package that ended up exceeding $180 billion, aid that the company has since repaid.
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