American International Group Inc. says it has retired the Chartis brand in Canada and its P&Cinsurance business there will operate as AIG Insurance Company of Canada.
A.M. Best Co. says it does not expect a significant number of rating actions, while Moodys Rating Service says the event is credit negative for insurers.
American International Group has added two new members to its executive committee: John Doyle, CEO of its Property Casualty Global Commercial Insurance unit; and Sid Sankaran, the companys chief risk officer.
Standard & Poors has upgraded American International Group P&C business financial strength rating one notch to A-plus and affirmed the A-plus rating on the its life business citing the successful restructuring of the company over the past two years.