Farmers To Acquire AIG's Personal Auto Group for $1.9 Billion

[Xolodno]

Source: Insurance Journal

Los Angeles-based the Farmers Insurance Group of Companies has announced it will acquire American International Group's (AIG's) Personal Auto Group, which includes 21st Century Insurance Co.

The acquisition price is $1.9 billion, subject to post closing adjustments.


The possibility of a deal was first reported yesterday.

The transaction excludes AIG's Private Client Group, which provides property and casualty insurance to high net worth individuals.

Under the agreement, 21st Century Insurance Group, the wholly owned subsidiaries comprising AIG's U.S. personal auto insurance business, will be sold to Farmers Group Inc., a subsidiary of Zurich Financial Services Group. Farmers Group Inc. will sell the underlying insurance entities to the Farmers Exchanges, which Farmers Group Inc. manages, but does not own.

Read more: http://www.insurancejournal.com/news/national/2009/04/16/99703.htm

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Least its not tax payer money....

[FrenchieCat]

1. They are breaking up AIG....looks like.

Good.

[sinkingfeeling]

2. Bet my rates go up. Have AIG (21st. Century) on 4 cars.

[Sherman A1]

4. Same Here!

Just on 2 cars and one pick up truck. I was really considering switching, but will probably let it ride for now and then check around after the new guys take over.

They had the best rates I could find and I checked every couple of years.

[abqmufc]

3. So Farmers may be on Manchester United kits (shirts) and not AIG?