Chartis , is a division of AIG, formerly referred to as the 'Property Casualty Insurance' arm of AIG. On July 27, 2009, AIG announced it intended to form a Special Purpose Vehicle for Commercial Insurance, Foreign General and the Private Client Group which would be placed into the SPV and renamed Chartis in preparation for a IPO or other equity offer. Recent reports suggest AIG CEO Robert Benmosche intends to keep Chartis as he deems the business Core to AIG's future earnings potential. As of the end of 2009, Chartis had combined statutory surplus of over $38 billion world-wide. Initially Chartis was named AIU Holdings but the name did not distance it far enough away from AIG's parental issues so it was decided to go to a full rebranding. Chartis is made up of the three former AIG units: commercial insurance, foreign general insurance and private client group.