Baugh: No plan for Chartis IPO

Chartis UK chief executive Lex Baugh has confirmed that plans to float the insurer on the stock market before the end of the year have been shelved.

Baugh said an initial public offering had been on the table but insisted there was now “no plan.”

AIG had planned to use the floatation to raise funds to pay back the multi-billion dollar loan it got from the US government when it was bailed out in 2008. But AIG chief executive Robert Benmosche is believed to have had a change of heart.

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