AIG’s insurance unit gets set for a name change
The choice of a new name for AIG’s global general insurance company has come down to a shortlist of two or three, with senior officers now confirming the spin-off won’t be using the existing name of American International Underwriters (AIU).
It’s likely the renamed company will be sold off.
Regional President for South-east Asia Leslie J Mouat says the AIU brand – which was quickly adopted in Asia following a March decision to move away from the now-toxic AIG brand –doesn’t represent enough of a change.
He told the New York Times last week the AIU name “may be a bit close to AIG. We don’t want to appear as the same leopard with different spots.”
The decision to move to a new name has not been officially announced by AIG, but Mr Mouat told the newspaper a small committee of AIG executives has narrowed down a list of potential names to two or three.
The committee is now researching how those names will be received in the 130 countries and jurisdictions in which AIU operates.
Mr Mouat says AIG is disentangling links between its life and general insurance units with the goal of eventually conducting separate initial public offerings.
AIG CEO Edward Liddy said in an interview last week that commercial insurance-buyers are still taking cover with AIG, but usually now as part of a mix of insurers rather than 100%.
It’s likely the renamed company will be sold off.
Regional President for South-east Asia Leslie J Mouat says the AIU brand – which was quickly adopted in Asia following a March decision to move away from the now-toxic AIG brand –doesn’t represent enough of a change.
He told the New York Times last week the AIU name “may be a bit close to AIG. We don’t want to appear as the same leopard with different spots.”
The decision to move to a new name has not been officially announced by AIG, but Mr Mouat told the newspaper a small committee of AIG executives has narrowed down a list of potential names to two or three.
The committee is now researching how those names will be received in the 130 countries and jurisdictions in which AIU operates.
Mr Mouat says AIG is disentangling links between its life and general insurance units with the goal of eventually conducting separate initial public offerings.
AIG CEO Edward Liddy said in an interview last week that commercial insurance-buyers are still taking cover with AIG, but usually now as part of a mix of insurers rather than 100%.