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AIG Casualty Group has been renamed Chartis Property Casualty Co. effective Nov. 1. Pending regulatory approval, American International South Insurance Co. will be renamed Chartis Casualty Co. effective Dec. 1, according to an e-mail that John Q. Doyle, executive vice president of Chartis and president and chief executive officer of Chartis U.S., sent to customers this week. "In addition to changing the name of our brand, we are also changing the names of certain of our legal entities," Doyle said in the e-mail. "You may continue to see the former names as we work to update our systems. These name changes do not, however, impact your coverage in any way." Chartis is inching away from the once well-respected AIG brand name, since the iconic insurer took a $182.3 billion federal bailout last fall to avoid failing. AIG has said it's only used $120.7 billion of the federal aid, and has begun to pay the government back (BestWire, Oct. 5, 2009). In July, AIG announced it would rebrand its property/casualty business as Chartis (BestWire, July 27, 2009). In August, Chartis consolidated all of its travel insurance business under the existing brand Travel Guard (BestWire, Aug. 17, 2009). Most AIG insurance companies have current Best's Financial Strength Ratings of A (Excellent) with a negative outlook. Shares of AIG's stock were trading at $37.90 a share on the morning of Nov. 5, up 4.7% from the previous close. (By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com) For full details on American Internat Group (AIG) click here. American Internat Group (AIG) has Short Term PowerRatings of 5. Details on American Internat Group (AIG) Short Term PowerRatings is available at This Link.
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