In a $1.9 billion dollar deal, Farmers Group Inc. will buy 21st Century Insurance, AIG's personal auto insurance group.
The deal between Farmers Group Inc., the Los Angeles subsidiary of Swiss insurance conglomerate Zurich Financial Services Group, and the struggling New York insurance Giant AIG, is expected to close in the third quarter.
The accretion will accomplish Farmers Accumulation the nation's third-largest claimed curve insurer, which includes homeowners, auto and claimed awning insurance.
The accord will additionally advice AIG, who suffered massive losses during the bread-and-butter abatement as a aftereffect of bad bets in guaranteeing mortgage balance afflicted by the accident in the absolute acreage market. AIG has accustomed over $100 billion in government aid, and the accord with Farmers Accumulation will advice the aggregation accord some of these loans.
AIG is currently attempting to advertise added businesses, including Los Angeles aircraft leasing aggregation International Lease Finance Corp.
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On October 1, 2009, ICW Group laid off 65 key executives as their annual numbers are down more than 20% and 2010 looks worse. They are now preparing to sell Explorer Insurance or completely shut it down
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