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American International Group Inc. (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) has begun the process of rebranding its insurance units as an independent entity, AIU Holdings, by transferring the company to a special purpose vehicle (SPV) in preparation for the potential sale of a minority stake in the business.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ previously announced AIU Holdings will have a board of directors, management team and brand distinct from ÌìÃÀÍøÕ¾´«Ã½´«Ã½. Under the plan, AIU Holdings will serve as the holding company for ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Commercial Insurance, Foreign General Insurance and Private Client Group units.

Under the SPV arrangement, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ intends to contribute the equity of AIU Holdings into an SPV in exchange for preferred and common interests in the SPV.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ plans to purchase from AIU Holdings its equity interests in International Lease Finance Corp., United Guaranty Corp. and Transatlantic Holdings Inc.