NEW YORK, Feb 10 (Reuters) - American International Group Inc's U.S. auto insurance business is expected to fetch around $2 billion in a sale, a source familiar with the matter said on Tuesday.
The insurer is in advanced talks to sell the business to Zurich Financial Services AG, according to the source.
The auto insurance business is part of AIG's U.S. personal lines unit, which also includes selling products to high net- worth individuals through its AIG Private Client division. AIG Chief Executive Edward Liddy has said the private client division is not being sold.
AIG and Zurich declined to comment.
(Reporting by Paritosh Bansal; Editing by Andre Grenon)
(For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) Keywords: AIG/ZURICH AUTO (paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The insurer is in advanced talks to sell the business to Zurich Financial Services AG, according to the source.
The auto insurance business is part of AIG's U.S. personal lines unit, which also includes selling products to high net- worth individuals through its AIG Private Client division. AIG Chief Executive Edward Liddy has said the private client division is not being sold.
AIG and Zurich declined to comment.
(Reporting by Paritosh Bansal; Editing by Andre Grenon)
(For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) Keywords: AIG/ZURICH AUTO (paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.