Saturday, April 2, 2011
Zurich buys AIG's car-insurance arm
Insurer American International Group said on Thursday it will sell its car-insurance unit, 21st Century Insurance, to Zurich Financial Services Group for $US1.9 billion ($A2.6 billion).
New York-based AIG is in the process of selling off a number of business units to help repay $US182.5 billion ($A252.3 billion)in financial support from the government that it has received since September. The transaction is the largest divestiture by AIG since then.
Meanwhile, AIG said on Thursday it completed the sale of its wealth management arm AIG Private Bank to Aabar Investments PJSC of Abu Dhabi.
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Under terms of the agreement, the United Arab Emirates-based investment company paid about $US253 million ($A350.6 million), and assumed about $US55 million ($A76.2 million) of intra-company loans outstanding to AIG Private Bank.
The deal, which was announced in December, is the fourth transaction AIG has closed in the past three weeks and one of 10 asset-sale agreements it has reached in the past few months.
AIG Chairman and Chief Executive Edward Liddy said in a statement that AIG is "moving forward with discussions for several other transactions".
AIG is also trying to sell off other units, including International Lease Finance, its aircraft leasing business.
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