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Zurich to snap up AIG subsidiary

AIG has reportedly agreed to sell subsidiary 21st Century Insurance to Zurich Financial Services in a deal worth £1.27bn.

21st Century Insurance, which comprises AIG’s US car insurance business, will become a part of Zurich subsidiary Farmers Group Incorporated. Zurich will assume 21st Century’s outstanding £67m debt.

The two sides are understood to have been in talks for months. MetLife is believed to have also expressed interest in the subsidiary.

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