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AIG making more money for bonuses?

Discussion in 'Off Topic Threads' started by nspktr1, Apr 17, 2009.

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  1. nspktr1

    nspktr1 TS Member

    Jul 2, 2006
    For those who are keeping up with the insurance industry. Farmer's already rated one of the top ten in customer dis-satifaction and top five in worst customer service has just increased their ability to aggravate more customers.

    1. $2B AIG Deal to Make Farmers Third-Largest U.S. Auto Writer. Best’s Insurance News. 04/16/2009.
    Farmers Insurance Group will overtake both Progressive and Geico to become the third-largest U.S. automobile insurer with news that its Swiss parent Zurich Financial Services is buying American International Group Inc.'s direct and independent agent personal auto business. The $2 billion deal will see Farmers Group Inc. pay $1.5 billion in cash for AIG's 21st Century Insurance Group. AIG also will receive the equivalent of $400 million in Zurich Insurance Co.'s euro-dominated subordinated notes, while Farmers will assume $100 million of 21st Century's outstanding debt. Farmers had $8.88 billion in 2008 net written private passenger auto premium, ranking fifth, while AIG had $3.65 billion, to rank ninth. The combined $12.54 billion unit would surpass Geico's $12.52 billion and Progressive's $11.68 billion.
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