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The sale of AIG's auto unit to Zurich's Farmers Group subsidiary will not alter the personal auto landscape, but will allow Farmers to develop an East Coast presence and become a competitor in the direct writer market, experts and analysts said.

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.

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.

In spite of the impact of an economic recession and the unraveling of one major competitor, the property-casualty insurance business--and the specialty insurance market, in particular--remain strong, according a specialty carrier executive.

ACE Private Risk Services, part of the ACE Group of Companies, announced a specialized personal umbrella policy with up to $100 million in limits for high-net-worth customers in early March, to sit above their homeowners and auto policies.

In spite of the impact of an economic recession and the unraveling of one major competitor, the property-casualty insurance business--and the specialty insurance market, in particular--remain strong, according a specialty carrier executive.

Profits at Lloyd's last year plunged to $2.7B--less than half of the $5.66B reported for 2007--but its CEO was counting his blessings, contending the market's positive bottom line was "a pretty good result" given the state of the economy.

Standard & Poor's Ratings Services, citing reduced capital levels, said yesterday that it has revised its outlook on Berkshire Hathaway Inc. to negative from stable.