AIG (American International Group) has just rebranded its Australasian arm as Chartis. Last year AIG almost folded due to credit default swaps that its financial products unit entered into. AIG wanted to rebrand its property casualty business in order to distance itself from the problems facing its parent company. AIG lost over $99 billion in 2008.
The Australian subsidiary views its rebranding as a step inching it towards operational independence. Chief Executive Chris Townsend said, "while the general insurance business, globally and locally in Australia, continued to perform strongly, a company's brand and the associated image and public perception that come with it are hugely important factors for any business"
He said the new brand demonstrated the company's commitment to the Australian market, where it is already well established, as well as a desire for an independent identity.