AIG may sell US auto insurance unit to Zurich

Feb 13, 2009 (Datamonitor via COMTEX) -- AIG | Quote | Chart | News | PowerRating -- American International Group, or AIG, which was rescued by the government's funds, is reportedly in advanced talks with Swiss insurer Zurich to sell its US auto insurance unit.

The auto insurance unit, which is part of AIG's personal lines unit, is expected to be sold for approximately $2 billion. The unit being sold includes the 21st Century Insurance Group Business.

Previously, the American insurer had announced its intentions to sell parts of its personal lines property/casualty businesses and life insurance operations. Zurich said that it plans to expand its North American personal lines and global life insurance businesses with new deals.

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