Mostofi, on the Chartis Rebranding to AIG
Chartis, which acquired Service Net in early 2012 and then integrated it into its U.S. Warranty Division, announced in November that it would rebrand as AIG (American International Group) – a brand that took heat as America was in the throes of the late-2008 financial crisis, when AIG became a recipient of government bailout money. But since then, AIG has paid American taxpayers back and then some, with a positive return of $15 billion, and is positioned to leverage the brand’s global presence to full effect, James Mostofi, president of AIG’s U.S. Warranty Division, said.
The embracement anew of the AIG name signals that the company has recovered from the financial crisis, Mostofi said. “The AIG name is well respected and stands for strength, innovation, trust and integrity. We do believe that, and that is the reason why we are rebranding.”
Mostofi said that gaining Service Net, now a subsidiary of AIG Warranty, has been a “tremendous benefit” to the company. “When you combine AIG’s global presence and large size with the flexibility of Service Net’s great administration platform, you get a compelling overall package for warranty and similar products.”