NU Online News Service
American International Group Inc. and Zurich Financial ServicesGroup announced a $1.9 billion deal today for the sale of AIG'sauto unit, 21st Century Insurance Group, to Zurich's Farmers GroupInc. subsidiary.
Under the terms of the transaction, AIG said Farmers Group willpay $1.9 billion, consisting of $1.5 billion in cash and $400million in face amount of subordinated, euro-denominated capitalnotes backed by Zurich Insurance Company--Zurich's principaloperating unit.
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