American International Group, Inc. (AIG) today announced that it has formed the special purpose vehicle (SPV) into which it intends to contribute the equity of AIU Holdings (AIU Holdings, Inc. and AIU Holdings LLC, collectively “AIU Holdings” or the “Company”), subject to receipt of applicable regulatory approvals.
As previously announced on April 21, 2009, the SPV will consist of AIU Holdings’ Commercial Insurance, Foreign General Insurance, and Private Client Group businesses. Additionally, AIG announced the appointment of Kristian P. Moor as President and Chief Executive Officer of the Company.
“We are pleased to recognize Kris for his leadership accomplishments. He and the AIU Holdings senior management team are among the most experienced executives in the insurance industry,” said Edward Liddy, Chairman and Chief Executive Officer of AIG. “The SPV formation is an important milestone in our effort to enhance the value of our industry-leading property casualty and general insurance businesses for the benefit of all stakeholders. The businesses that comprise AIU Holdings are well-capitalized with a track record of success due to their innovation, customer service, and global reach.”
