Friday, April 17, 2009
AIG Sells Unit to Zurich, Biggest Deal Since Bailout
American International Group Inc. agreed to sell its U.S. auto insurance business to Zurich Financial Services AG for about $1.9 billion, the firm’s biggest divestiture since being rescued by the government.
The purchase price matches the tangible book value of the business, Zurich said in a statement today. Zurich becomes the third-largest auto insurer in the U.S., passing the Geico unit at Warren Buffett’s Berkshire Hathaway Inc., according to 2008 data from the National Association of Insurance Commissioners...
Bloomberg: AIG Sells Unit to Zurich, Biggest Deal Since Bailout
The purchase price matches the tangible book value of the business, Zurich said in a statement today. Zurich becomes the third-largest auto insurer in the U.S., passing the Geico unit at Warren Buffett’s Berkshire Hathaway Inc., according to 2008 data from the National Association of Insurance Commissioners...
Bloomberg: AIG Sells Unit to Zurich, Biggest Deal Since Bailout
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