ZURICH (dpa-AFX) - American International Group, Inc. (AIG), a finance and
insurance major, said on Wednesday that it has inked a deal to sell its global
individual personal travel insurance and assistance business to Zurich Insurance
Group AG (ZURVY) for $600 million in cash and additional earn-out consideration.

The proposed transaction includes the Travel Guard business and its servicing
capabilities, excluding Japan and AIG joint venture arrangement in India.

Travel coverages offered through AIG's Accident and Health business are also
excluded from the agreement.

The transaction, to be closed by the end of 2024, will further focus AIG's
portfolio on core global property and casualty insurance business.

The firm noted that current policyholders will continue to be covered with no
disruption or change to their service.

Peter Zaffino, CEO of AIG, said: 'Today's announcement is another important
strategic step in positioning AIG for the future.'



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX