AIG to Buy German-based Wuba

New York - A subsidiary of New York-based American International Group, Inc. (AIG) has entered into an agreement to acquire Wurttembergische und Badische Versicherungs-AG (Wuba), its major subsidiary DARAG Deutsche Versicherungs- und Ruckversicherungs-AG (DARAG) and other minor subsidiaries from entities associated with J.C. Flowers & Co. LLC.   Subject to regulatory approval from insurance and cartel authorities, the transaction is expected to close later this year. Terms of the agreement have not been disclosed.   "We are pleased to have reached an agreement to acquire Wuba and its subsidiaries," said AIG President and Chief Executive Officer Martin J. 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."   Based in Heilbronn, Germany, Wuba 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 C. 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."   AIG serves commercial, institutional and individual customers with insurance products, with operations in more than 130 countries and jurisdictions.   Source: AIG