Troubled insurer launches special purpose vehicle to be headed by Kris Moor
AIG has formed the special purpose vehicle (SPV) into which it intends to contribute the equity of AIU Holdings, subject to regulatory approval.
The SPV will consist of AIU Holdings’ Commercial Insurance, Foreign General Insurance, and Private Client Group businesses as reported by Global Reinsurance in April. AIG has also appointed Kristian Moor as president and CEO of the company.
Edward Liddy, chairman and CEO of AIG, said: “We are pleased to recognise Kris for his leadership accomplishments. He and the AIU Holdings senior management team are among the most experienced executives in the insurance industry.
“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.”