American International Group, Inc. will spend $813 million acquire the estimated 40 percent share of 21st Century Insurance Group it does not already own, the company announced today.

The New York-based financial services giant said it will pay $22 per share in cash for the Woodland Hills, Calif.-based company's stock.

AIG already owns, through its subsidiaries, approximately 60.8 percent of the outstanding shares of 21st Century. Upon completion of the transaction, 21st Century will become a wholly owned subsidiary of AIG.

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