Kristian Moor is appointed to head up new entity

The AIG brand will disappear in the UK by the end of this year, as the company readies itself for a sale.

The insurer has announced the creation of Chartis, a special purpose vehicle for its more lucrative businesses, including general insurance in the UK. Chartis will operate at arm’s length from its 100% shareholder, AIG, with a view to a sale or public flotation.

AIG UK chief executive Lex Baugh refused to set a timetable, but said the company was creating standalone internal functions and clearer reporting lines in preparation for any sale. A trade sale was also possible, he said.

Kristian Moor was appointed president and chief executive of Chartis. He was executive vice-president of AIG and chief executive of AIG Property Casualty Group.

As well as the UK general insurance business, the company will include commercial insurance and private client divisions from the US.