In a $1.9 billion deal, American International Group sold its auto insurance business to the Swiss company, Zurich Financial Services, Inc. Last year, AIG had to ask the U.S. government for money as well as more time to repay the government when its original plan to raise the money did not succeed. At one time the world’s largest insurer, AIG has been forced to sell its insurance businesses to repay the loan portion of a federal bailout totaling $182.5 billion.
Zurich and its U.S. home and auto insurer, Farmers Group, Inc. will be able to increase its outreach to new customers online instead of through agents. Zurich will be the largest auto insurer in California. Learn the truth about insurance companies from D’Amore Law Group.