In a statement, Edward Liddy, chairman and CEO of AIG, said,
"The SPV formation is an important milestone in our effort to enhance the value of our industry-leading property and casualty and general insurance businesses for the benefit of all stakeholders."

In a separate announcement, AIU Holdings said it is re-branding itself as Chartis. The company said the SPV, the naming of Mr. Moor and re-branding "advance the organization toward its goal of operating independence."

Chartis, which will be headquartered in New York, will be a global company, it said, serving more than 40 million clients in over 160 countries and jurisdictions.

"We are excited by this new stage in our evolution, which will sharpen appreciation for the value of one of the most experienced and extensive insurance platforms in the world," Mr. Moore said in a statement.

The company said it began the brand change from AIG and AIU Holdings to Chartis today, prioritizing changes "worldwide based on local considerations as well as the most cost-effective way to optimize the business value globally."

The company added that it is evaluating "a handful" of local subsidiaries to determine if they will be re-branded as Chartis or "retained as standalone brands due to local brand value."

The name Chartis, from the Greek word for map, underscores its global reach, the company said.

Mr. Liddy noted during a stockholders meeting in June that the SPV might become a separately traded publicly held company.

The financially troubled company, which became caught up in losses from investments in credit default swaps, has received around $180 billion in government loans and credits. The company is in the process of breaking off its assets to pay back the U.S. government.