Farmers to acquire AIG's Personal Auto Group, 21st Century I

 

Friday, Apr 17,2009, 8:51:57 PM   Click:

If farmers Insurance Group of Cos., a subsidiary of Zurich Financial Services Group, aims to become a monster even more insurance, it is on track with the acquisition of American International Group (AIG) Personal Auto Group , including 21st Century Insurance Co. Pending regulatory approvals, the acquisition should be completed no later than 3rd quarter of 2009.

Subject to adjustment after closing, the transaction is the acquisition price of $ 1.9 billion. Under the agreement, 21st Century Insurance Group, wholly owned subsidiaries, consisting of personnel from AIG in the U.S. auto insurance companies will be sold to farmers Farmers Group Inc reports that it will sell separate insurance underlying the Farmers Exchanges, which Farmers Group Inc. manages, but does not have.

According to analysts, the market will be the position of farmers as the third largest insurer in insurance of the United States, farmers and promoting trade as the largest auto insurer in several states, including California.

21st century, considered the third largest conventional "live" the writer of insurance in the United States, includes the former AIG Direct business and the Agency Auto business, and operates in 49 states and Washington, DC The insurer has more than 2.4 million customers and insures more than 4 million vehicles across the country.