June 29, 2012 by Canadian Underwriter
American International Group Inc. (AIG) intends to re-brand select businesses, including Chartis, back to AIG this fall.
“While we have not yet officially re-branded, Chartis will begin using the AIG brand in the fall,” states a June 29, 2012 letter to Chartis business colleagues.
“The decision to re-brand follows research conducted with our customers and partners from around the world. Many of you told us that a unified brand strategy using one brand name is the best way to communicate that we are a seamless organization with strong product breadth and geographic reach.”
Chartis emerged from AIU Holdings, a property and casualty special purpose vehicle created by AIG Inc. in 2009, following the financial difficulties of AIG in 2008-09. With the support of the U.S. Treasury Department, the Federal Reserve Bank of New York loaned AIG $85 billion on Sept. 16, 2008 to keep the largest insurer in the United States solvent.
AIG’s stock dropped to less than US$3 per share in 2008, when investors learned AIG held investments similar to those held by global investment bank Lehman Brothers, which filed for bankruptcy protection.
AIG restructured its business in 2009, creating AIU Holdings as a holding company for AIG’s commercial insurance, foreign general insurance (including Canadian operations) and private client group units — including a board of directors, management team and brand distinct from AIG.
AIU Holdings was eventually re-branded as Chartis.
Now, as of June 2012, the U.S. Federal Reserve has been repaid with interest for its role in the U.S. government bailout of AIG in 2008. And Chartis appears to be on its way back to being known as AIG.
“This is an exciting time for AIG,” Chartis president and CEO of the Americas Peter J. Eastwood states in the June 29 letter. “The re-branding effort builds on many improvements we have made to our business in recent years. I hope you share our excitement about the re-emergence of the AIG brand.”