Perhaps as prelude to a sale, American International Group Inc. rebranded AIU Holdings, its property/casualty business, under the name Chartis today. The new moniker—derived from the Greek word for map—will now be used in place of most property/casualty branding in an effort to distance itself from the AIG brand, and underscores the company’s successful 90-year history as a successful global pioneer that is able to guide clients to customized solutions, according to a written statement.
The new unit also said that with its own brand and management team, and a well-capitalized and focused portfolio of businesses, the company will now benefit from a better-defined, more distinct role in the marketplace.
Kristian Moor, AIU's president, was named Chartis CEO, in addition to retaining his previous title.
“We are excited by this new stage in our evolution, which will sharpen appreciation for the value of one of the most experienced and extensive insurance platforms in the world,” Moor said. “Today’s developments give us an even greater opportunity to build on our historic success.”
As for AIG, the proceeds from a sale could be used toward paying back the $85 billion the company received in loans from the federal government. According to reports, the division was valued at about $38 billion at the end of 2008.
Reuters reports that plans to separate the property/casualty businesses from AIG were announced in March. AIG may sell as much as a 20% stake in the division through an IPO, or in transactions with private investors.
As a result of the announcement, AIG shares were up 3.2% in morning trading on the New York Stock Exchange.
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