Chartis to replace AIG Australia

February 2010 - The name AIG Australia has been rebranded to Chartis after the announcement that Global Insurer AIG is to be broken up into smaller business units. The break-up of AIG was announced on 3rd March in New York and this move is a part of a stability plan that includes a $47.6 billion AUD bailout package from the US Government.

AIG has reported a record $98 billion AUD loss for the last quarter, bringing its losses for 2008 to $157.8 AUD billion. AIG headquartered in New York will remain in operation in over 160 countries around the world.

AIG has announced that under a new strategy it will form a general insurance holding company named AIU Holdings Inc. This will include its commercial insurance group, foreign general unit and other property and casualty operations, included in this will also be the Australian and New Zealand operations. No timeline for the rebrand and transformation have been accounted as of yet.