NEW YORK (

TheStreet

) --

American International Group's

(AIG) - Get Report

property casual division would rather lose sales than cut rates, according to a report.

Robert Schimek, the CFO of Chartis, said comments from other insurers that the unit has been selling coverage at unsustainable rates are false, Bloomberg reported.

The insurers that have been spreading these "rumors" that AIG is offering coverage at below-market rates to retain clients include

Chubb

and

Liberty Mutual

.

The Government Accountability Office said in a March that it did not discover evidence of under-pricing by AIG.

-- Reported by Jeanine Poggi in New York

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.