Oct. 12 (Bloomberg) -- American International Group Inc., the insurer majority owned by the U.S. government, obtained $4.5 billion in credit facilities to replace old debt agreements.

AIG entered into a $3 billion four-year credit pact and a $1.5 billion 364-day facility, the New York-based company said today in a statement distributed by Business Wire.

The accords replace $3.18 billion of AIG credit facilities and a $1.3 billion 364-day letter of credit for property- casualty unit Chartis, which were arranged in December 2010, according to the statement. JPMorgan Chase & Co. and Citigroup Inc. arranged the bank lines.

“These new credit facilities provide AIG and our subsidiaries with financial flexibility on more favorable terms,” David Herzog, AIG’s chief financial officer, said in the statement.

--Editors: Faris Khan, Pierre Paulden

To contact the reporter on this story: Richard Bravo in New York at rbravo5@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net