Zurich Financial takes over AIG auto insurance

3rd July 2009, Comments 0 comments

Zurich Financial Services paid about USD 1.9 billion to acquire AIG’s auto insurance business.

Zurich -- Swiss insurer Zurich Financial Services said Thursday that it had completed the acquisition of the auto insurance businesses of troubled US giant AIG.

Zurich's US subsidiary Farmers Group paid about USD 1.9 billion (CHF 2 billion, EUR 1.3 billion) to secure the deal announced in April, the company said in a statement.

One of the nationwide US auto insurance firms bought by the Swiss group, 21st Century Insurance, secured a total of USD 3.6 billion in premiums in 2008.

It has some 2.4 million customers in what Zurich regards as the world's largest personal insurance market.

AFP / Expatica

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