Chartis maps new course away from its troubled parent AIG

The profile of bailed-out American International Group has been lowered even further in Hong Kong with the renaming of the United States giant's general insurance arm.

AIU Holdings, one of the largest general insurance companies in the city, has changed its name to Chartis as part of efforts to distance itself from the troubled parent.

AIG, which was rescued with US$180 billion of American taxpayers' money a year ago, has been selling its assets around the world to pay back the government after huge losses from financial derivatives linked to subprime mortgages.

Last week, it was confirmed AIG's life insurance arm, American International Assurance, would list in Hong Kong next year as it also distances itself from the parent.

AIG's general insurance units serving more than 40 million people in 160 countries and jurisdictions, including operations on the mainland, Taiwan and Macau, will now take the Chartis name.

The name, derived from the Greek word for map, received a positive response from AIU staff surveyed about the new brand over the past few months. They believed it reflected the company's global reach.

The company will launch an intensive marketing campaign but executives at the insurer are tightlipped about how much the rebranding will cost.