AIU Holdings advances towards operating independence

Financial Times

AIU Holdings, a global leader in property-casualty and general insurance, announced last week that it was becoming an independently operated company, the formation by American International Group (AIG) of a special purpose vehicle (SPC) into which AIG intends to contribute the equity of AIU Holdings subject to receipt of applicable regulatory approvals; the appointment of Kristian P. Moor as its President and CEO and the creation of a new brand, Chartis. A press release stated that these actions accelerate the unification of its worldwide businesses and further advance the organization towards its goal of operating independence. Despite the global name change, its Colombo entity Hayleys AIG will remain the same until further notice.

The press release said Chartis, headquartered in New York, includes Commercial Insurance, Foreign General Insurance and Private Client Group operations. It has a combined statutory surplus of US$32.1 billion worldwide at year-end 2008.

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