Adding yet a new chapter to the ongoing saga chronicling American International Group's on-again, off-again strategy to divest units, Bloomberg is reporting today that an initial public offering of the Chartis Inc. property/casualty unit is now on hold.
According to Bloomberg, citing people familiar with the situation, AIG CEO Robert Benmosche has decided he wants to hold onto Chartis because he considers it a core holding, and is now evaluating other options.
In April, under the leadership of former CEO Edward Liddy, AIG announced it was accelerating the separation of the unit to prepare for a sale or public offering of a minority stake, although no date had been set. Then in July, AIG rebranded the business (formerly AIU Holdings), adding even more fuel to the fire.
Chartis executives, including CEO Kristian Moor, had met earlier this year with financial advisers about a public offering, but preparations stopped after Benmosche took charge, Bloomberg reported.
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