AIG To Spin Off P&C Holdings Into New Chartis Unit

Law360, New York (July 27, 2009, 6:59 PM EDT) -- Financial meltdown-scarred insurance conglomerate American International Group Inc. has firmed up its plans to spin off its property and casualty businesses by creating a special purpose entity to house the equity of the so-called AIU Holdings entities and christening the new insurer with the brand name Chartis.

The deal, which is subject to regulatory approval, was announced Monday in tandem with the appointment of Kristian P. Moor as the new company’s president and CEO.

“We are excited by this new stage in our evolution, which will...
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