If the Farmers Insurance Group of Cos., a subsidiary of Zurich Financial Services Group, seeks to become an even larger insurance behemoth, it is well on its way with the acquisition of American International Groups (AIG) Personal Auto Group, which includes 21st Century Insurance Co. Pending regulatory approvals, the acquisition is expected to close no later than Q3 2009.
Subject to post closing adjustments, the acquisition deal is priced at $1.9 billion. Under the agreement, 21st Century Insurance Group, the wholly owned subsidiaries comprising AIGs U.S. personal auto insurance business, will be sold to Farmers Group Inc. Farmers reports that it will sell the underlying insurance entities to the Farmers Exchanges, which Farmers Group Inc. manages, but does not own.
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