AIG Uganda changes to Chartis

Jul 28, 2009

AIU Holdings, the parent company of AIG Uganda, has announced the rebranding of its worldwide property, casualty and general insurance operations to Chartis.

By David Mugabe

AIU Holdings, the parent company of AIG Uganda, has announced the rebranding of its worldwide property, casualty and general insurance operations to Chartis.

“This means that AIG Uganda will now transition to the Chartis identity and implement the rebranding process over the next three months,” the insurance giant said in a statement.

The development separates AIU Holdings from AIG Inc.; and isolates it from the challenges the corporation has faced in the last several months.

Alex Wanjohi, the AIG Uganda managing director, explained that while the changeover was taking place, business would continue as usual.

“The name change will not impact clients policies and no action is required from clients. “We will continue to pay valid claims and write new business as usual.

“We have strong balance sheets and continue to remain adequately capitalised and fully capable of meeting our obligations to policy holders,” said Wanjohi.

Chartis has a combined statutory surplus of $32.1b worldwide at year-end 2008, serving more than 40 million clients in over 160 countries and jurisdictions, according to AIG Uganda.

Earlier this year, AIG Inc. announced that it was transferring the worldwide property-casualty and general insurance operations of AIG (known as AIU Holdings Inc) into a special purpose vehicle.

This is to position the 90-year old franchise as a separate and distinct entity from AIG Inc.

“A new brand is the next critical step in positioning the Chartis franchise as an independent company.

“Chartis’s local operations in Uganda are highly regulated by Ugandan insurance regulators and the assets and capital base of AIG Uganda is protected and cannot be accessed by AIG Inc.”

(adsbygoogle = window.adsbygoogle || []).push({});