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Chartis may switch back to AIG as brand ‘improves’

Chartis House could get become the AIG building again. AIG global property-casualty unit Chartis Bermuda is located in the Richmond Road building.American International Group CEO Robert Benmosche said Chartis, the insurer’s largest unit, may be renamed with the AIG brand as the company emerges from a US government rescue.“We are considering being just AIG, being proud of what we’ve accomplished,” Benmosche said yesterday in a speech at a Korea Society dinner in New York.The insurer has been increasing its use of the AIG name that was dismissed by then-CEO Edward Liddy as “wounded and disgraced” in 2009, less than a year after a bailout that swelled to $182.3 billion.Bloomberg reported the New York-based company last year began selling life insurance through the “AIG Direct” platform, the first time it used the name in advertising to consumers since late 2008.Bloomberg said AIG has repaid a Federal Reserve credit line and bought back shares from the US Treasury Department, helping to reduce the government stake to 61 percent from more than 90 percent. Benmosche said the insurer has defied critics with its rebound.“When I got to AIG, they said AIG is gone, it’s finished, the brand will never come back,” Benmosche said yesterday in the speech.Benmosche is counting on results at Chartis to fuel profit growth after selling non-US life businesses and lending units. Chartis provides protection against worker injuries, storm damage and lawsuits.The Chartis name replaced AIU Holdings LLC in July 2009 after 7,000 brokers, clients and employees were surveyed about whether the unit needed a brand more distinct from its parent.