New York – July 27, 2009 – AIU Holdings (AIU Holdings, Inc. and AIU Holdings LLC, collectively “AIU Holdings” or the “Company”), a global leader in property-casualty and general insurance, today announced the accomplishment of three major milestones toward becoming an independently operated company – the formation by American International Group, Inc. (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 appointment of Kristian P. Moor as its President and Chief Executive Officer; and the creation of a new brand, Chartis. These actions accelerate the unification of its worldwide businesses and further advance the organization toward its goal of operating independence.
Chartis, headquartered in New York, includes Commercial Insurance, Foreign General Insurance, and Private Client Group operations. It offers an unrivalled global footprint and breadth of product across one of the world’s largest, most sophisticated and most successful commercial and personal insurance platforms, with a combined statutory surplus of $32.1 billion worldwide at year-end 2008. Chartis serves more than 40 million clients in over 160 countries and jurisdictions.
“We are excited by this new stage in our evolution, which will sharpen appreciation for the value of one of the most experienced and extensive insurance platforms in the world,” Mr. Moor said. “Chartis employees are our greatest asset and our new brand embodies their relentless pursuit of excellence through innovation and an unwavering commitment to meeting clients’ needs. Today’s developments give us an even greater opportunity to build on our historic success.”
The SPV formation, the appointment of Mr. Moor, and the new brand allow Chartis to advance its reputation as a preeminent global insurance organization and showcase its strengths: a deep bench of world-class industry talent; financial stability; a multinational service offering; sector-leading product innovation; and dedication to client service. Chartis, with its own brand and management team and a well-capitalized and focused portfolio of businesses, will benefit from a better-defined, more distinct role in the marketplace. The Company will be led by Mr. Moor and a leadership team that have an average of more than 20 years of insurance industry experience.
