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AIG buys 21st Century Insurance

September 28, 2007|From Bloomberg News

American International Group Inc. acquired Woodland Hills-based 21st Century Insurance Group on Thursday and said it would eliminate 600 jobs in combining its auto unit with 21st Century.

Call center staff, claims handlers and administrative workers are among employees from the two companies who will lose their jobs as a result of the transaction, said Chris Winans, spokesman for New York-based AIG, the world's largest insurer.

The combined unit, which has 5,500 employees, will be called AIGDirect.com, AIG said.

Bruce Marlow, chief executive of 21st Century, will be president of the new auto insurer. Tony DeSantis, president of AIG Marketing, will be chief operating officer.

The deal was valued at $813 million on May 15, when AIG raised its offer for the California car insurer by 11% to $22 a share.

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