The New York State Insurance Department has approved the sale of two AIG insurance companies to Farmers Group, a subsidiary of Zurich Financial Services, Superintendent Eric Dinallo announced.The companies, American International Insurance Company and AIG National Insurance Company, are members of AIG’s Personal Auto Group, which consists of a total of 18 insurance companies. Farmers will pay $1.9 billion for the Personal Auto Group, which wrote more than $3.5 billion in premiums nationwide in 2008.
“This sale is a win for everyone, including taxpayers, policyholders and the companies’ employees,” Dinallo said. “These two companies will remain domesticated in New York. It furthers the restructuring of AIG while placing AIG’s personal lines policyholders with one of the nation’s largest insurers. The unprecedented speed with which numerous state regulators worked to approve this transaction shows the responsiveness of the same state regulation that preserved the value of these companies.”
The transaction was submitted to the Department on April 29 and is scheduled to close on July 1, subject to the approval of various other states.
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