Sale would make Zurich California’s largest motor insurer
AIG is in talks to sell its US motor business 21st Century Insurance to Zurich Financial Services , valuing it at as much as $2bn (£1.4bn), reports Bloomberg and Reuters.
A large slice of the purchase price may be paid in non-cash but that would require special permission from the Federal Reserve, whose arrangement with AIG requires at least 90% of asset-sale prices be paid in cash.
AIG and Zurich refused to comment but 21st Century would help Zurich’s ambition to expand in US personal lines.
21st Century is based in Woodland Hills. California, and sells motor policies direct over the telephone and internet, not through brokers.
Combined with Zurich’s Farmers would make Zurich, including the Farmers unit, the largest motor insurer in California.
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