16 Apr AIG Sells Auto Insurance Unit to Farmers
Farmers Insurance Inc., a subsidiary of Zurich
Financial Services Group, is purchasing AIG’s Personal Auto Group for $1.9 Billion. Farmers will then sell the entities to Farmers Exchanges, who they manage but do not own. The sale should be completed by the third quarter this year, depending on regulatory approvals.
The good news for Farmers? They will now be the third largest personal insurer in the U.S. and Farmers Exchanges will become the largest auto insurer in several U.S. states, including California.
Farmers CEO calls it a "win, win, win, win" for Farmers, who has seen good growth in recent years.
Read more about the aquisition at the following sites: