AIG offloads auto insurance unit to Zurich
Troubled insurance giant AIG has agreed to sell its US personal lines auto business to Zurich Financial Services for $US1.9 billion ($2.6 billion).
AIG Chairman and CEO Edward Liddy says he’s “very pleased” to have made the sale in a tough market environment.
“We continue to execute our plan for orderly and effective asset disposition to repay the US Government,” he said.
The deal involves the sale of subsidiary 21st Century Insurance to Zurich subsidiary Farmers Group, which will also assume AIG’s outstanding debt of $US100 million ($138 million).
Last week AIG also announced it has completed the sale of AIG Private Bank to a subsidiary of Aabar Investments, a global investment company based in Abu Dhabi, for $US253 million ($350 million).
AIG has also sold AIG Retail Bank and credit card operation AIG Card (Thailand) to Thailand’s Bank of Ayudhya for $US45 million ($62 million).
This follows the sale of AIG Life of Canada to BMO Financial Group for $US263 million ($362 million) and Hartford Steam Boiler to Munich Re Group for $US739 million ($1.02 billion).
AIG Chairman and CEO Edward Liddy says he’s “very pleased” to have made the sale in a tough market environment.
“We continue to execute our plan for orderly and effective asset disposition to repay the US Government,” he said.
The deal involves the sale of subsidiary 21st Century Insurance to Zurich subsidiary Farmers Group, which will also assume AIG’s outstanding debt of $US100 million ($138 million).
Last week AIG also announced it has completed the sale of AIG Private Bank to a subsidiary of Aabar Investments, a global investment company based in Abu Dhabi, for $US253 million ($350 million).
AIG has also sold AIG Retail Bank and credit card operation AIG Card (Thailand) to Thailand’s Bank of Ayudhya for $US45 million ($62 million).
This follows the sale of AIG Life of Canada to BMO Financial Group for $US263 million ($362 million) and Hartford Steam Boiler to Munich Re Group for $US739 million ($1.02 billion).