Zurich To Buy AIG Auto Insurance Unit For $2B

Law360, New York (February 11, 2009, 12:00 AM EST) -- American International Group Inc. is reportedly preparing to sell its auto insurance business to Zurich Financial Services AG for roughly $2 billion in a transaction that would mark the third unit the beleaguered insurance giant has shed since the beginning of the year.

The sale would include AIG's 21st Century Insurance Group Business, which is part of the company's Personal Auto Group, Reuters reported Tuesday.

AIG acquired the unit in September 2007 when it bought out the remaining nearly 40 percent of the company's stock it...
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