AIG Sells Car Insurance Division To Zurich For $2B

Law360, New York (April 16, 2009, 12:00 AM EDT) -- American International Group Inc. has completed a deal to sell its car insurance unit, 21st Century Insurance Group, to Zurich Financial Services Group for $1.9 billion, the largest divestiture AIG has completed to date as it seeks to pay back over $180 billion in financial support from the U.S. government.

Under the arrangement announced by AIG and Zurich on Thursday, Zurich's Farmers Group Inc. subsidiary will pay $1.5 billion in cash for 100 percent of 21st Century, along with $400 million in notes backed by Zurich....
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