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To establish a presence in the German marketplace, the world’s largest insurance company, American International Group Inc. (AIG), announced it has struck an agreement with J.C. Flowers & Co. LLC to purchase a German property and casualty insurer.
Published on August 13, 2007
Wurttembergische und Badische Versicherungs-AG, its major subsidiary DARAG Deutsche Versicherungs- und Ruckversicherungs-AG and other minor subsidiaries will be bought by AIG for an undisclosed price, said AIG Chief Executive Martin Sullivan.
A private equity firm with worldwide interests, J.C. Flowers is based in New York. According to a spokesperson, the sale is subject to regulatory approval from insurance and other authorities and is expected to be finalized later in the year.
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