Phoenix-based AIG Financial Advisors said it is rebranding itself as SagePoint Financial Inc. as the company prepares itself to be sold from its parent company, American International Group.
A company spokesperson, Linda Skolnick, denied that the action was taken because the subsidiary was unhappy about name linkage to its financially troubled parent.
"Our move to rename AIGFA evolved out of AIG's decision last fall to divest businesses outside of its core property and casualty insurance operations, including our broker-dealer organization," said a memo from Larry Roth, president and chief executive of AIG Advisor Group, which includes AIGFA.
"He added that a name change would be inevitable under new ownership, and "it simply made good sense to begin building a new identity as soon as possible." Mr. Roth also said rebranding now "best ensures that we retain maximum value for AIGFA as the divestiture process moves forward."
While the letter states that a name change "will be a positive event for AIGFA's advisors and their clients," Ms. Skolnick, senior public relations associate, AIG Retirement Service Inc., said the idea that AIGFA pursued a name change because of displeasure over its association with the AIG brand should not be considered as a reason for the rebranding.
Mr. Roth's letter said the name SagePoint Financial was chosen because it "represents brand attributes that underscore our core operating philosophy--informed advice, wise counsel and strong relationships."
AIG previously changed the name of its auto insurance business from Aigdirect.com to 21st Century. The 21st Century business unit is also slated to be sold, according to AIG spokesman Joe Norton.
Mr. Norton said 21st Century and AIGFA are the only two AIG companies that have rebranded, besides companies that have already been sold.
AIG Financial Advisors is part of AIG Retirement Service and is not the same as AIG Financial Products.