Sale of any New York insurance company requires Insurance Department' approval under state law
The New York State Insurance Department has agreed for the transaction of certain American International Group (AIG) businesses to Farmers Group, a subsidiary of Zurich Financial Services – reported pressconnects.com.
The deal is subject to approval from various other states. The sale of any New York insurance company requires Insurance Department approval under state law.
Farmers would pay $1.9 billion for AIG’ Personal Auto Group, which has 18 total insurance companies and wrote more than $3.5 billion in premiums nationwide in 2008.
In US, AIG’ personal auto insurance unit, 21st Century Insurance, is located at University Plaza in Vestal. AIG is a global insurance company, primarily engaged in the business of general insurance and related services.