Zurich Financial completes AIG auto units takeover

By Associated Press
July 2, 2009 | Comments (0)

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Zurich Financial Services Group said Thursday it completed a $1.9 billion takeover of two car insurance units that belonged to American International Group Inc.

Zurich said it immediately sold most of the units _ 21st Century Insurance and Agency Auto _ to U.S.-based personal insurer Farmers Exchanges for $1.4 billion.

Zurich doesn't own but manages Farmers Exchanges, meaning the Swiss company will also generate revenue from the car insurance units.

Shares in Zurich Financial closed down 2.9 percent at 188.80 Swiss francs ($174.81).

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