AIG to sell personal auto unit
American International Group Inc. has agreed to advertise its 21st Century Allowance Group claimed auto allowance assemblage to Zurich Financial Services Group's Farmers Group Inc. subsidiary, the companies said Thursday.
Under the acceding of the agreement, Farmers is to pay AIG $1.9 billion in banknote and basic addendum for Wilmington, Del.-based 21st Century, which comprises AIG's U.S. claimed auto business. Farmers additionally will accept 21st Century's $100 actor in outstanding debt.
The transaction, which does not accommodate AIG's Private Client Group that provides allowance to high-net-worth individuals, is accountable to authoritative approval.
"We are actual admiring to ability acceding on a $2 billion transaction, abnormally in this bazaar environment," Edward Liddy, AIG's administrator and arch controlling officer, said in a statement. "In addition, we are affective advanced with discussions for several added transactions, and we abide to appraise how best to assure the connected backbone and success of all of AIG's businesses."
"This will badly transform the allowance mural by accession Farmers as the arch multiline, multichannel insurer in the United States," Robert Woudstra, CEO of Los Angeles-based Farmers Group, said in the statement.
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