Ailing insurance giant American Insurance Group (AIG) on Monday renamed its property casualty unit ahead of a possible partial sale of the group, according to dpa. The unit, previously known as AIU Holdings, was dubbed Chartis in a move to separate from the troubled parent company. AIG is considering a partial sale of the unit or an initial public offering. Chartis is responsible for most international damage and injury insurance outside the United States and covers 40 million clients in more than 160 countries. The head of the unit, Kristian Moor, will continue to lead the rebranded unit. AIG was brought to the brink of collapse last September and has since received government bailouts totalling more than 180 billion dollars. The bailouts have become a major headache for President Barack Obama after it emerged in March that the company paid out about 165 million dollars in bonuses to its executives after receiving government funds.
