A.I.G. to Sell Auto Insurance Unit
The American International Group consented to offer its disaster scope business in the United States to Zurich Financial Services for $1.9 billion. It will be the move down course of action's most noteworthy resource deal since the association meandered in with help in September.
Zurich's Farmers Group will get the 21st Century Insurance Group from A.I.G. as a final product of $1.5 billion trade and $400 million out notes kept up by Zurich Insurance. The Farmers Group will, in addition, expect 21st Century's exceptional responsibility of $100 million.
The unit being sold combines the past A.I.G. Direct and Agency Auto affiliations. It works in 49 states and Washington. In 2008, 21st Century revealed mean premiums of $3.6 billion.
The game-plan fuses around 1.5 million direct auto clients and a typical 500,000 new clients multi-year to Farmers' own particular lines works out. It, in addition, expands its geographic base, especially in the eastern United States.
A.I.G. acquired out the minority money related pros in the 21st Century in 2007 out of a course of action that respected the business, around by then, at by and large $2 billion.
Zurich's Farmers Group will get the 21st Century Insurance Group from A.I.G. as a final product of $1.5 billion trade and $400 million out notes kept up by Zurich Insurance. The Farmers Group will, in addition, expect 21st Century's exceptional responsibility of $100 million.
The unit being sold combines the past A.I.G. Direct and Agency Auto affiliations. It works in 49 states and Washington. In 2008, 21st Century revealed mean premiums of $3.6 billion.
The game-plan fuses around 1.5 million direct auto clients and a typical 500,000 new clients multi-year to Farmers' own particular lines works out. It, in addition, expands its geographic base, especially in the eastern United States.
A.I.G. acquired out the minority money related pros in the 21st Century in 2007 out of a course of action that respected the business, around by then, at by and large $2 billion.
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