Chartis
Encyclopedia
Chartis 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:
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."
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
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
Robert Benmosche
Robert H. Benmosche is the chief executive officer of American International Group.-Early life:Benmosche was born in Brooklyn, New York. Benmosche's ancestors were Jews originally from Lithuania and Poland.-Career:...
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:
- International Lease Finance CorporationInternational Lease Finance CorporationThe International Lease Finance Corporation is an aircraft lessor headquartered in Century City, Los Angeles, California.It is the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, has more aircraft...
- AIG Capital Corp.
Chartis has already sold its stake in 21st Century Insurance
21st Century Insurance
21st Century Insurance is an auto insurance company and is wholly owned by the Farmers Insurance Group of Companies®. They are headquartered in Wilmington, Delaware, and provide private passenger auto insurance in 48 states and the District of Columbia....
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
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
spokeswoman Christina Pretto, AIG
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
is positioning Chartis to be more independent down the road. AIG
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
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."