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Los Angeles insurance company to buy AIG’s personal auto unit

Published: 16/04/2009 05:00

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Los Angeles-based insurance company Farmers announced Thursday that it is buying American International Group (AIG)’s personal auto business, which includes 21st Century Insurance, for 1.9 billion U.S. dollars.

A woman walks past the headquarters of Swiss insurer Zurich Financial Services in Zurich February 5, 2009. Farmers, a U.S. subsidiary of Swiss insurance giant Zurich Financial Services Group announced Thursday that it is buying American International Group (AIG)’s personal auto business. (Xinhua/Reuters Photo)

Farmers will sell the underlying insurance entities of 21st Century to the Farmers Exchanges, which Farmers manages but does not own, the company said.

The deal is expected to close no later than the third quarter this year, pending customary regulatory approvals.

Thursday’s acquisition will make Farmers the third-largest personal insurer in the United States and the largest auto insurer in several states, including California, according to insurance industry data.

Farmers Chief Executive Officer Robert Woudstra called the acquisition a “win, win, win, win” for Farmers, 21st Century, Farmers agents and insurance consumers across the United States.

21st Century, which includes the former AIG Direct business and Agency Auto business, operates in 49 states and Washington, D.C.. The company has more than 2.4 million customers and insures over 4million vehicles in the country.

“Farmers takes great pride in being a customer-focused, growth-oriented organization, and this acquisition represents the perfect strategic fit,” said Woudstra.

He added that 21st Century customers will gain access to Farmers agents who can help them with their other insurance needs, including housing, business, specialty products, life insurance and financial service products.

Farmers, a U.S. subsidiary of Swiss insurance giant Zurich Financial Services Group, insures autos, homes and businesses, and also provides life insurance and financial services to some 10.5 million U.S. households.

AIG, a major U.S. insurance group, has been in financial trouble because it insured mortgage-backed securities and other financial instruments owned by banks. It recently received government bailout money to avoid bankruptcy.

VietNamNet/Xinhuanet

Provide by Vietnam Travel

Los Angeles insurance company to buy AIG’s personal auto unit - International - News |  vietnam travel company

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