Posted on 02 Mar 2009
American International Group, Inc. (AIG) today announced that it intends to form a General Insurance holding company, including its Commercial Insurance Group, Foreign General unit, and other property and casualty operations, to be called AIU Holdings, Inc., with a board of directors, management team and brand distinct from AIG.
The establishment of AIU Holdings, Inc. will assist AIG in preparing for the potential sale of a minority stake in the business, which ultimately may include a public offering of shares, depending on market conditions.
Kristian P. Moor, currently President and CEO, AIG Property Casualty Group, will be President of AIU Holdings, Inc. Nicholas C. Walsh, currently President and CEO, AIU, will be Vice Chairman of AIU Holdings, Inc. A chairman will be named at a later date. John Q. Doyle, currently President and CEO, AIG Commercial Insurance, will assist in the formation of AIU Holdings, Inc. by assuming additional responsibility for the Domestic Personal Lines Division.
“AIG is executing one of the most extensive corporate restructuring programs in history,” said Edward Liddy, Chairman and Chief Executive Officer, AIG. “The formation of AIU Holdings, Inc. will help protect and enhance the value of these key businesses, and position them for the future as more independently run, transparent companies.”
When formed, AIU Holdings, Inc. will be a unique leading franchise with more than 44,000 employees and 500 products and services serving 40 million commercial and individual customers in 130 countries and jurisdictions.