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AIU Holdings Heads Towards Independent Operation

Company has taken three crucial measures in this direction

AIU Holdings, a provider of property-casualty and general insurance, has undertaken three major steps toward becoming an independently operated company. The first move is the formation by American International Group (AIG) of a special purpose vehicle (SPV) into which AIG intends to contribute the equity of AIU Holdings, subject to receipt of applicable regulatory approvals. The second measure is the appointment of Kristian Moor as its president and CEO, whereas the third is the creation of a new brand – Chartis.

These actions are expected to accelerate the unification of the company’s worldwide businesses and further advance it toward its goal of operating independently.

Chartis, based in New York, comprises Commercial Insurance, Foreign General Insurance, and Private Client Group operations. It offers commercial and personal insurance platforms, with a combined statutory surplus of $32.1 billion.

Mr. Moor has served as president of Chartis since March 2009. Prior to that, he was executive vice president of AIG and president and CEO of AIG Property Casualty Group. It included responsibility for all of AIG’s commercial and personal lines property and casualty businesses in the US and Canada.