AIG REBRANDS P/C BUSINESS AS CHARTIS

New York-based insurer AIG has taken another step toward spinning off its global p/c business by rebranding the vast operation as Chartis and forming a special purpose vehicle into which the group will transfer the equity of its North American commercial insurance units, non-US general insurance operations and its private client group. The businesses to be transferred to the SPV comprise the AIG affiliate currently known as AIU Holdings. Chartis, to be based in New York, is to be headed by president and chief executive Kristian Moor. The Chartis name marks a clear attempt to separate the p/c business from AIG, whose brand has suffered in the wake of the US government’s bailout, and does so more markedly than the recently adopted AIU name. The tagline is “Chartis, your world insured”. However, leadership of the Chartis business maintains an AIG pedigree, as Mr Moor has been with the group for 28 years, previously serving as group executive vice-president and president and CEO of its North American p/c division. Mr Moor told Reuters that Chartis intends to reduce AIG’s stake in the Chartis business by offering to sell up to 20% of the operation through an initial public offering or private transactions. He said that Chartis will have a new board of directors in place by year-end, adding that the name change decision was taken after consulting 7,000 brokers, clients and staff. “It was an overwhelming response that we should change our name further”. Chartis Insurance is using the web address www.chartisinsurance.com, since healthcare research and management advisory firm Chartis uses the addresses www.chartis.com and www.chartisgroup.com.