New York-based insurer American International Group Inc. said its subsidiary, American General Finance Corporation, has entered into an agreement to acquire Ocean Finance and Mortgages Limited. Terms of the deal were not released.

The transaction, subject to regulatory approval, is expected to close in late 2006 or early 2007, according to the company.

Ocean Finance, based in Staffordshire, England, currently employs close to 300 people.

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