Chartis

Chartis

Type	Wholly Owned Subsidiary of American International Group
Industry	Insurance
Founded	2009
Headquarters	175 Water Street, 17th Floor New York City, New York 10038, United States of America Fax: [phone]
Area served	Worldwide, 130 countries
Key people	Peter Hancock, CEO [1] Nicholas C. Walsh, Vice-Chairman Robert S. Schimek, CFO
Products	Commercial Insurance, Property Casualty Insurance[2]
Revenue	$30.7 billion (2009) Net Written Premiums
Employees	32,000
Website	www.chartisinsurance.com

Chartis (Chartis, Inc.), is a division of AIG in the process of being spun off, formerly referred to as the 'Property Casualty Insurance' part of AIG. On July 27, 2009, AIG announced it intended to form a Special Purpose Vehicle (SPV) for Commercial Insurance, Foreign General and the Private Client Group which would be placed into the SPV and renamed Chartis in preparation for a IPO or other equity offer. Recent reports suggest AIG CEO Robert Benmosche intends keep Chartis as he deems the business Core to AIG's future earnings potential. As of the end of 2009, Chartis had combined statutory surplus of over $38 billion world-wide. Initially Chartis was named AIU Holdings (AIU standing for American International Underwriters) but the name did not distance it far enough away from AIG's parental issues so it was decided to go to a full rebranding.

Kristian Moor, a former AIG executive vice president who headed the property-casualty group, was named Chartis' Chief Executive Officer. Moor joined AIG's National Union in 1981.

Since the summer of 2009, Chartis has divested its related party holdings to AIG for the following entities and business: ^[3]

• International Lease Finance Corporation
• AIG Capital Corp.

Chartis has already sold its stake in 21st Century Insurance and Transatlantic Reinsurance Holdings TRH as these assets were deemed non-core to Chartis' future business plans.

At a later date, AIG may announce an IPO or other equity offering of approximately 20% of AIU and keep an 80% interest in the company that it could later sell. According to AIG spokeswoman Christina Pretto, AIG is positioning Chartis to be more independent down the road. AIG is working to assemble an independent board and, perhaps, eventually an initial public offering, she said.

According to the company, the Chartis name derives from the Greek word for map, underscoring "the franchise's disciplined-yet-flexible approach to navigating changing marketplaces and complex risks worldwide."

^[4]

Affiliated Companies

AIG Casualty Company; American Home Assurance Company; American International South Insurance Company; Audubon Insurance Company; Commerce and Industry Insurance Company; Granite State Insurance Company; Illinois National Insurance Co.; National Union Fire Insurance Company of Pittsburgh, Pa.; New Hampshire Insurance Company; The Insurance Company of the State of Pennsylvania; AIG Excess Liability Insurance Company Ltd.; American International Specialty Lines Insurance Company; Landmark Insurance Company; Lexington Insurance Company; National Union Fire Insurance Company of Vermont; American International Life Assurance Company of New York; and AIG Life Insurance Company.

See also

• American International Group

References

1. ^ http://cachef.ft.com/cms/s/0/76fd9fee-5bce-11e0-b8e7-00144feab49a.html
2. ^ "American International Group, Inc. | Newsroom". Ir.aigcorporate.com. http://ir.aigcorporate.com/phoenix.zhtml?c=76115&p=irol-newsArticle&ID=1261314&highlight=. Retrieved 2011-08-31. 
3. ^ [1]^{[dead link]}
4. ^ Zuill, Lilla. "AIG considering AIU IPO". Reuters.com. http://www.reuters.com/article/newsOne/idUSTRE52M1KE20090323. Retrieved 2011-08-31. 

External links

• Official Website of Chartis
• AIG Undergoing Restructuring
• Interview with Moor
• CNN on AIG's rebranding
• AIG's rebranding
• UK Travel insurance website owned by Chartis Group