AIG sells Stowe Mountain to subsidiary

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Stowe, Vermont began operating as a ski area during the Great Depression.

Vermont’s Stowe Mountain Resort has changed owners, if only technically.

On December 31st troubled insurance giant AIG sold the resort to it’s own subsidiary company, Chartis Insurance. Chartis was formed in the summer of 2009 to take over AIG’s property-casualty and general insurance business. After almost going under and receiving US government bailout funds, AIG announced last May that it would divest itself of certain properties, including Stowe. The company has been a principal owner since 1988 and has been involved in the resort 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 Ski Area Management Magazine. “The only inconvenience has been the rumor mill. Phase II of our current [base area] development is scheduled for 2010 and any future development will be based on market and demand.”

Stowe comprises Spruce Peak and Mount Mansfield, the latter of which is the tallest mountain in Vermont, rising 4,393 feet (1,339 m) above sea level.

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