Aigdirect.com renamed before sale
by David Masters
Story link: Aigdirect.com renamed before sale
American International Group (AIG) renamed its auto insurance business this week in preparation for its sale.
Aigdirect.com – which sells motor insurance policies over the internet – was renamed a more neutral 21st Century Insurance to attract buyers.
AIG is currently selling off businesses – including life insurance units, retirement services, and overseas businesses – to pay back a $60 billion rescue loan from the US government.
Analysts predict the auto business could be among the easiest for AIG to sell.
Brian Sullivan, editor of Auto Insurance Report, said car insurance is one of the sectors least affected by the economic downturn.
Potential bidders for 21st Century, the eighth largest auto insurance provider in the US, include Zurich, Allstate, and Travelers.
Analysts expect 21st Century’s sale price to be in the region of $1.5 billion.