The name AIG Australia is set to disappear after parent AIU Holdings last night unveiled its new name of Chartis.

AIG has formed a special purpose vehicle for the business by contributing the equity of AIU Holdings, which handles AIG’s commercial insurance, foreign general insurance and private client group operations.

The business is headquartered in New York and will continue to operate in more than 160 countries and jurisdictions. Former AIG Executive VP Kristian Moor has been appointed Chartis President and CEO.

“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 derives from the Greek word for map, and was selected to reflect the company’s 90-year history as an international insurance company. The company uses a compass in its logo.

It replaces the AIG brand which was destroyed by the catastrophic failure of the AIG financial products unit, leading to a massive US Federal Government bailout.

Although the company may retain some existing brands in foreign markets, the name AIG will disappear in Australia over the next few months.

AIG Australia CEO Chris Townsend claims the rebrand underscores the strength of the local subsidiary.

“This is not the end of an era,” he said. “Instead our new brand marks the commencement of an exciting new platform upon which we will continue to build upon the strengths that have earned us the respect of brokers and customers locally since we opened our doors more than 50 years ago.”

Despite the troubles of its US parent, Mr Townsend says the local operation has “continued to perform strongly with the support of our brokers and customers and the security offered by local and international regulation”.

The rebrand follows an AIG announcement in March that it would establish AIU Holdings as a separate company.

AIG Chairman and CEO Edward Liddy described the company’s conglomerate structure as “too complicated and unwieldy” to be well managed as a single corporation.

A separate brand and management team will provide a “better-defined, more distinct role in the marketplace”.

It claims a stable of well-capitalised businesses, with AIU Holdings holding a combined worldwide statutory surplus of more than $US32 billion ($39 billion) at December 31.