AIG’s local businesses forced to change their name

 „We have not yet been informed of the name we will adopt. What we do know is that the shareholder, ALICO, will remain the same. ALICO, one of the 400 companies included in the AIG group, is profitable and solid. Moreover, the American state owns 80 percent of this company’s capital, and AIG only 20 percent. Nothing will change for our clients. Their contracts and conditions will remain the same,“ Theodor Alexandrescu, General Manager of AIG Life Romania, told Business Standard. The local general insurance subsidiary – AIG Romania – could adopt the AIU brand. AIG Romania’s General Manager, Mihnea Tobescu, said that 99.9 percent of the company’s shares are presently owned by CE&CIS Holding Insurance Corporation, another company owned by the American group. The group’s Chairman, Edward Liddy, informed the U.S. Congress of its intention to change the name, and officials of the Romanian divisions estimate that the process for changing the name will begin in the coming two months. „The AIG name fell into such disgrace that we will probably have to change it,“ said Liddy, adding that the group will sell its assets and cease to exists in its current form. (D.D.)