AIG (AIG) To Delay IPO of P/C Insurer Chartis

American International Group (NYSE: AIG) is halting preparations for an IPO of their property-casualty unit, Chartis, reports Bloomberg this morning.

AIG's CEO Robert Benmosche, in an effort to build up the company rather than sell it off in chunks to repay debt, is looking at the long-term potential of the insurer. Preparations to spin off the unit began last April, and have since been put on the back burner as future possibilities are evaluated. Benmosche is also slowing the divestitures of many assets in order to boost the value and productivity of them. He's stopped two auctions, one of a Japanese life insurer and the other a U.S. investment advisory firm. He believes that AIG will get a better price for the two units as markets begin to recover.

Chartis has 34,000 employees and approximately 40 million clients in 160 countries and jurisdictions.

AIG originally received $180 billion in TARP assistance, but has since whittled that number down to about $62 billion.

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