21 November 2012

Kenya: Chartis is Now AIG

Nairobi — Insurance firm Chartis Kenya has reverted to the brand name AIG Kenya in line with a corporate rebranding strategy initiated by the New York-based parent company AIG Inc.

The company reclaims the corporate identity it dropped four years ago in the wake of economic turmoil in the US, which saw the American government inject $182 billion bail-out into the business to save it from imminent collapse.

Later, the insurer rebranded its property and casualty unit as Chartis and even considered making it a separately traded, publicly held company. So far the rescue debt has been paid fully to the US government plus a profit of approximately $16.4 billion on AIG's stock.

AIG Kenya Managing Director Japh Olande announced that the company had also pulled out the 'Your World insured" corporate slogan and replaced it with 'Bring on tomorrow'.

"AIG has come back as a strong company. The board decided, now that crisis is over and AIG is back on its feet we adopt one name worldwide," he said during the rebranding event.

The direct shareholding of the US government in AIG which exceeded 90 percent just less than 24 months ago would now fall to 16 percent after the ongoing $18 billion secondary offering of AIG shares in the New York Stock Exchange.

Olande has reassured customers that the name change would not affect product quality and confusion.

"Before the board did this, they first conducted a study worldwide asking the customers, what do you think about this brand AIG against Chartis and the result was almost 95 percent (for AIG)," he assured.

AIG group companies which are in 130 countries across the globe serve commercial, institutional and individual customers through extensive worldwide networks of any insurer.

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