More firms plan to stick with Chartis than six months ago
A Barclays Capital survey found more customers now sticking with AIG’s Chartis after cutting their exposure earlier this year, Dow Jones reports.
Roughly 80% use Chartis, AIG's property and casualty unit, for some of their insurance needs, compared with 90% six months ago.
Three-quarters of them plan to keep their business with Chartis, up from 41% six months ago, the analysts said in a note to investors. They also reported that 16% of Chartis customers plan to switch to another insurer, down from 41% six months ago.
"Risk managers appear less concerned about Chartis' financial strength, and in some cases Chartis was able to offer more capacity than competitors," wrote Jay Gelb, an analyst at Barclays Capital.
