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AIG Subsidiary Explains "Timely" Decision To Pretend It Was Never Called "AIG"
"We are pleased to announce our decision to rebrand to a familiar name -- VALIC," begins a brochure titled, "Back to our roots" that was recently distributed to holders of policies with the Variable Life Insurance Company. Um, and guess what slightly more familiar name VALIC has decided to cast off? Yes, that would be everyone's favorite federally-funded money vortex the American International Group.
Possibly, and this is entirely idle speculation on our parts but, the fancy public relations firms the zombie insurer retained are known for running focus groups. Perhaps the feedback concluded that somehow the AIG name was a turnoff to people looking for a place to store their remaining life savings?
"We believe this decision is timely," the brochure goes on, adding that with its return to its more venerable brand it restores a name "that has represented more than a half a century of helping people plan for and enjoy a secure retirement"* and also sounds vaguely like the pickle brand, possibly to convey a sense of "preservation."
*With the occasional class-action lawsuit alleging an elaborate scheme that bilked millions from the pension funds of public school teachers. But really, who hasn't been isn't in that business?
Josh
Zachary
Though I won't shed any tears for the scorn heaped on the Financial Products division or the senior execs that supportted it, it's important to remember that AIG is what it is for the rest of the company being a highly regarded insurance company (thus the AAA rating that let FP do it's thing.) Apparently workers totally unrelated to the financial meltdown in life or property insurance are being harassed and threatened so it makes sense to try a little rebranding.
May 4, 2009 7:04 PM | Reply | Permalink
No focus groups needed here.
A simple matter of the Houston emloyees saying "Let's dump the losers and go back to our old names from before they bought us in 2001."
The reasons are obvious to everyone with a pulse.
And those names aren't even that old.
The annuity company you name was still known as "AIG VALIC" less than two years ago.
The Life side started using "American General" (instead of "AIG American General" of 2002-2008) back in February.
The only "old" name in use is AIG Annuity (from "American General Annuity" in 2001) going back to "Western National" of a decade ago (prior to being bought by American General)
May 4, 2009 7:24 PM | Reply | Permalink
snark. bullshit "article". please do better TPM
May 4, 2009 8:45 PM | Reply | Permalink
Vituperative
Awards
Livebearing
Inchoate
Corporatism
Oh, VALIC. I get it now. Note to self: send them another $80 billion, and some bonus money. It's got to be costing them a fortune on letterhead.
May 4, 2009 10:00 PM | Reply | Permalink
VALIC was a poor performer long before AIG took over, and it's only got worse. Were it not for the fact that my employer matches my contributions up to 6% of my wages, I would opt for a 401k. The overhead is ridiculous and the funds are limited and tend to suck.
They've dropped the name, but not the greed or incompetence.
May 5, 2009 1:04 AM | Reply | Permalink
Does TPM have a problem with AIG subs that:
1> Didn't take any Fed money, and
2> Didn't do anything wrong?
VALIC is one, but there are lots of others: Sun America, Trans RE, AIU Holdings, 21st Century, etc...
All they ever did was write insurance, employ people, make money, stuff like that.
Just asking.
May 5, 2009 7:44 AM | Reply | Permalink
They were more than happy to be known as part of AIG in times past. I dont' see any reason to give them a free pass now, especially since they are using cutesy reasons to explain a change that everyone knows is being done to distance themselves from a company that is toxic in many people's minds now.
And that's the point of snark, martis: to expose and punish PR speak.
May 5, 2009 10:37 AM | Reply | Permalink
Did you read the brochure, herald? They aren't hiding the AIG connection.
Of course they are rebranding to get away from the AIG name. Who wouldn't?
On top of which, AIG has already said that they (and pretty much everything else it owns, including buildings, furniture and fixtures) are for sale. So they would keep the AIG name because....?
So what is the beef here? What did they do wrong? They are an honorable and historically profitable business trying to see that they aren't broken by the mistakes of others.
How exactly is that a bad thing?
May 5, 2009 2:04 PM | Reply | Permalink
I don't know about insurance but they make great pickles...
May 5, 2009 5:31 PM | Reply | Permalink