American International Group is working to spin off its property-casualty insurance business and has renamed it Chartis.

Chartis, whose predecessor, AIU Holdings, was profitable last year, is a separate entity, owned entirely by the company that has received at least $180 billion in federal bailout funds since September 2008, when problems with its Financial Products division appeared likely to bankrupt the company.

Chartis will be headed by Kristian P. Moor, a former AIG executive vice president, who was named the new company’s chief executive and president.

The company said Chartis came from the Greek word for map, underscoring “the franchise’s disciplined-yet-flexible approach to navigating changing marketplaces and complex risks worldwide,” according to a Bloomberg report.

Under its new name, AIG hopes to assemble an independent board and possibly an initial public offering, whose proceeds would enable the payback of some of the money borrowed from the U.S. government, according to reports. AIG still owes $58 billion.

Spinoffs of its profitable arms as a means to repay the government have been part of AIG’s plan to repay its debt to the government. A few weeks ago, the insurer spun off its foreign life insurance companies, American International Assurance Co. (AIA) and American Life Insurance Co. (ALICO). In that process, the company will give the Federal Reserve part ownership in return for the its forgiving $25 billion in loans to the company.

On April 21, the company announced plans to form a special purpose vehicle, consisting of AIU Holdings’ commercial insurance, foreign general insurance and Private Client Group businesses.

“The SPV formation is an important milestone in our effort to enhance the value of our industry-leading property casualty and general insurance businesses for the benefit of all stakeholders,” said Edward Liddy, chairman and CEO of AIG, in a statement. “The businesses that comprise AIU Holdings are well-capitalized with a track record of success due to their innovation, customer service, and global reach.”