American International Group’s Chartis property-casualty business has new leadership and structure as it seeks to align accountability with long-term results.

American International Group Inc. said its property-casualty insurance unit, Chartis, could face more than $1 billion in catastrophic losses from incidents in the first quarter of this year.

In the latest good news for the previously troubled company, IFAwebnews.com reports that AIG has entered into three bank credit facilities for $1.5 billion, under the guidance of CEO and knight in shining armor, Robert Benmosche.

American International Group, the global insurer close to paying back the $182 billion in federal bailout assistance it received, has entered into three bank credit facilities.

American International Group has decreased the money it owes the Federal Reserve Bank of New York by $4 billion and its CEO says he sees “light at the end of the tunnel.”

American International Group appears to be making progress toward paying back the remainder of what it owes on the $182.3 billion federal bailout.

American International Group said it plans to adhere to the original terms of a deal where it would sell its American International Assurance Co. (AIA) unit to Prudential plc for $35.5 billion and not renegotiate a price.

The president and CEO of American International Group told a congressional panel that not only would the insurer repay the more than $132 billion it was loaned by taxpayers, but would pay more than it received.

As it works to stabilize its operations and repay billions in federal bailout funding, American International Group reported $1.5 billion in net income through its core insurance business for the first quarter of 2010.

For his work in aiding troubled American International Group regain its reputation as one of the world’s leading insurance companies while also overseeing repayment of billions in federal aid, Robert Benmosche earned $2.7 million as head of the company in 2009.