Chartis to return to AIG name

Global re-branding to take effect in the fall

American International Group Inc. (AIG) has confirmed rumours that it will re-brand its insurance divisions globally and return to the AIG name.

This fall, P&C insurer Chartis will be rebranded AIG and SunAmerica Financial Group will become AIG Life and Retirement.

Read: What the AIG name change means to your clients

In an internal memo dated June 28, AIG president and CEO Robert Benmosche said that the company has made significant progress in restoring its reputation.

“Research shows that the AIG name is well-respected among our partners and customers in every corner of our businesses. Therefore, we have made the decision: We will return to the AIG name in the fall,” Benmosche wrote.

AIG spokesperson Jim Ankner confirmed the plans with Canadian Insurance Top Broker on June 29.

In 2008, AIG became one of the most high-profile companies involved in the financial crisis that resulted from the trading of collateralized debt obligations, which were rapidly declining in value. The company received a bailout form the US Federal Reserve Board of US $85 billion to prevent it from collapsing. That amount eventually grew to as much as US $182.5 billion.

In July 2009, AIG launched a special purpose vehicle for its P&C insurance division and Chartis was born.

Since that time, AIG has sold a number of its assets and has been steadily repaying its public debt.

“As we continue to make good on our goal to make American taxpayers whole plus a profit, AIG has the potential to stand for not just a turnaround but also for people’s potential to accomplish the seemingly impossible when given the opportunity,” said Benmosche in the memo.

“Today we are a far more focused company as we have divested assets both large and small to repay our debts to the American taxpayers. We are a company of strong core insurance operations that serve millions of customers in more than 100 countries. We are financially strong, and as the U.S. Department of the Treasury’s offerings have shown, investors are voting for AIG with their pocketbooks.”

 

 

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Transcontinental Media G.P.