A subsidiary of American International Group has agreed to acquire Wurttembergische und Badische Versicherungs, its major subsidiary DARAG Deutsche Versicherungs-und Ruckversicherungs and other minor subsidiaries, from New York-based private equity firm JC Flowers & Co. As a result, the firm has further strengthened its presence in the German market.
We are pleased to have reached an agreement to acquire Wurttembergische und Badische Versicherungs (Wuba) and its subsidiaries, said American International Group (AIG) president and CEO Martin Sullivan. The transaction both reaffirms AIG’s commitment to growing in the German marketplace and greatly enhances our insurance offerings to small- and medium-sized companies.
The German insurer offers property and casualty, marine, personal lines, and accident & health insurance through its 2,500 broker relationships across the country.
Wuba is an experienced and highly respected German insurer with a strong brand, said Nicholas Walsh, executive vice president of foreign general insurance for AIG. We plan to continue their commitment to superior customer service, broker focus, distribution management and technology.
Terms of the agreement have not been disclosed and the transaction, which is subject to regulatory approval, is expected to close in 2007.