SAM Magazine--Stowe, Vt., January 8, 2010--On December 31, 2009, Chartis acquired Stowe Mountain Resort from the beleaguered AIG. Chartis was formed in the summer of 2009 as a separate subsidiary of AIG that took over AIG's property-casualty and general insurance business. For its part, AIG is spinning off many of its programs following the $182 billion in federal bailout money it received last year after nearly going under and announced last May that it would divest itself of certain properties, Stowe among them.

"Stowe Mountain Resort represents an attractive investment for Chartis, a world leading property-casualty and general insurance organization with over $130 billion in assets worldwide," said a press release from Chartis. "Stowe Mountain Resort is a well-run business with which we share strong historical roots and cultural ties," the release further said, alluding to AIG's involvement with Stowe since the 1940s.

"From the onset of the troubles with AIG we have been 100 percent focused on operating the ski area," VP of Marketing Michael Colbourn told SAM. "The only inconvenience has been the rumor mill."

As for future plans, Colbourn told SAM that, "Phase II of our current [base area] development is scheduled for 2010 and any future development will be based on market and demand."

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