Chartis brand to vanish as AIG returns to strength

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2 July 2012

The Chartis name, adopted by US global insurer AIG in 2009 for its general insurance operations, is to be dropped in favour of the old AIG brand.

An email circulated to Chartis staff late last week by New York-based CEO Robert Benmosche, says: “We have made the decision: We will return to the AIG name in the fall [September].”

The email, which has been obtained by insuranceNEWS.com.au, says the SunAmerica life insurance and investment business will also change its name, to AIG Life and Retirement.

AIG’s general insurance business became Chartis following the group’s near-collapse in the global financial crisis that resulted in a massive US Government bailout. The rebranding was seen as necessary because the AIG brand had become tainted.

Mr Benmosche was on leave with a serious illness when the decision to adopt a new name was made, and recently both he and Chartis Global Commercial Insurance CEO John Doyle have mentioned their preference for a return to the AIG brand.

He describes the “increasingly positive sentiment toward AIG” as a “powerful asset”.

“Research shows that the AIG name is well-respected among our partners and customers in every corner of our businesses,” he says in the email. “I can say with pride that we are close to achieving a complete turnaround of AIG, and we continue to make significant progress restoring our reputation.”

Noting that the group has “repaid its debts to American taxpayers” and provided them with a profit as investors boost the group’s share value, Mr Benmosche says AIG has the potential to stand for “not just a turnaround but also for people’s potential to accomplish the seemingly impossible when given the opportunity”.

He says he respects the effort that went into building the Chartis and SunAmerica Financial Group identities, but “now is clearly the right time to call ourselves by the name that stands for the fact we keep our promises and deliver on our commitment to uphold the highest standards for the benefit of all our stakeholders”.