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Farmers Insurance Closes Acquisition of AIG's US Personal Auto Group

 

Wednesday, Jul 15,2009, 11:28:51 AM   Click:

The Farmers Insurance Group of Companies has completed the acquisition of American International Group's US personal auto group, which includes 21st Century Insurance.

As a result of the acquisition, American International Group's (AIG's) US personal auto insurance business has been sold to Farmers Group, a subsidiary of Zurich Financial Services Group. Farmers Group then sold the underlying insurance entities to the Farmers Exchanges, which Farmers Group manages but does not own, for approximately $1.4 billion.

Paul Hopkins, Farmers Group's chairman of the board and CEO of the Americas at Zurich Financial Services, said: "This acquisition represents a perfect strategic business fit and will dramatically transform the insurance landscape by positioning Zurich/Farmers as the leading multi-line, multi-channel insurer in the US. Most importantly, this acquisition enables us to accommodate the shopping needs of all insurance consumers in North America."

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