You have been really helpful.
Dessie W.
Lake Mary, FL
American International Group, Inc. (AIG) announced today that it hasclosed the sale of 21st Century Insurance Group, the wholly ownedsubsidiaries of AIG's U.S. personal auto insurance business, to FarmersGroup, Inc. (FGI), a subsidiary of Zurich, for $1.9 billion, consistingof $1.7 billion in cash and $200 million in face amount of subordinated,Euro-denominated capital notes backed by Zurich Insurance Company,Zurich's principal operating unit. FGI also assumed 21st Century'soutstanding debt of $100 million.
The transaction excludes AIG's Private Client Group, which providesproperty and casualty insurance to high-net-worth individuals.
"Closing the sale of 21st Century Insurance Group denotes furtherprogress in AIG's restructuring efforts," said Edward Liddy, AIG'sChairman and Chief Executive Officer. "In addition, the transactionfurther improves AIU Holdings' quality of capital by monetizing itsinterest in 21st Century Insurance Group."
AIG's U.S. personal auto insurance business includes 21st CenturyInsurance (comprising the former AIG Direct and 21st Century Insurance),as well as AIG's Agency Auto.
American International Group, Inc. (AIG), a world leader in insuranceand financial services, is the leading international insuranceorganization with operations in more than 130 countries andjurisdictions. AIG companies serve commercial, institutional andindividual customers through the most extensive worldwideproperty-casualty and life insurance networks of any insurer. Inaddition, AIG companies are leading providers of retirement services,financial services and asset management around the world. AIG's commonstock is listed on the New York Stock Exchange, as well as the stockexchanges in Ireland and Tokyo.
Car Insurance News: AIG Completes Sale of 21st Century Insurance to Zurich Financial Services Group Unit...Get an auto insurance quote!