NU Online News Service, April 16, 2:56 p.m. EDT
American International Group Inc. and Zurich Financial Services Group announced a $1.9 billion deal today for the sale of AIG's auto unit, 21st Century Insurance Group, to Zurich's Farmers Group Inc. subsidiary.
Under the terms of the transaction, AIG said Farmers Group will pay $1.9 billion, consisting of $1.5 billion in cash and $400 million in face amount of subordinated, euro-denominated capital notes backed by Zurich Insurance Company–Zurich's principal operating unit.
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