NU Online News Service, June 28, 12:37 p.m.EDT

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Chartis, the property and casualty unit of AmericanInternational Group, will revert back to the AIG name, according tointernal memos at the insurer, NU has learned.

AIG had rebranded its P&C unit as Chartis in 2009, and atone time considered making Chartis a separately traded, publiclyheld company. In May of this year at the UBS Global Financial ServiceConference, John Q. Doyle, CEO of global-commercial business atChartis, said there were no lingering reputation issues for theP&C business, and he said Chartis' international operationswere “begging us to rebrand as AIG.” Doyle added that there is “no reputational issue in ourP&C business, anywhere.” The latest news of a switch back to the AIG name would involveboth Chartis' domestic and international operations. AIG leadershiphas set several goals for Chartis, including a return on equity of10-to-12 percent and a combined ratio in the 90 to 95 range by2015. AIG's property and casualty business looked todistance itself from its parent corporation with the name change to Chartis about three years ago. Thefinancially-troubled AIG parent became caught up in lossesfrom investments in credit default swaps and in September 2008received more than $180 billion in government loans andcredits to avoid collapse. Robert H. Benmosche, CEO of AIG, declared about a yearago that the corporation's crisis was over and that it was independent of governmentsupport. AIG has taken major steps to reduce the government's stake inthe company. In early June the Federal Reserve Bank of New Yorkannounced two major loan facilities that enabled AIG to avoidcollapse have been fully repaid. Written by Phil Gusman, reporting by ChadHemenway