American International Group Inc. said it has entered into an agreement to acquire a German insurer from the owners of the nation's largest wholesale broker. Terms of the deal were not released.
The New York-based carrier said one of its subsidiaries intends to acquire W?rttembergische und Badische Versicherungs-AG (W?ba) and its major subsidiary DARAG Deutsche Versicherungs-und R?ckversicherungs-AG (DARAG) as well as other minor subsidiaries from entities associated with J.C. Flowers & Co., LLC.
Flowers is a private equity firm and owner of Dallas-based wholesale broker Crump Group.
The deal is expected to close later this year subject to regulatory approval.
AIG President and Chief Executive Officer Martin J. Sullivan said in a statement, “The transaction both reaffirms AIG's commitment to growing in the German marketplace and greatly enhances our insurance offerings to small- and medium-sized companies.”
Based in Heilbronn, Germany, W?ba offers property-casualty, marine, personal lines, and accident and health insurance through its 2,500 broker relationships across the country.
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