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NEW YORK--American International Group Inc. subsidiary American International Underwriters has agreed to acquire a German property/casualty insurer from a private equity firm.
AIG said it will acquire Heilbronn, Germany-based Württembergische und Badische Versicherungs-A.G., major subsidiary of DARAG Deutsche Versicherungs-A.G. and other minor subsidiaries from entities associated with New York-based private equity firm J.C. Flowers & Co. L.L.C. for an undisclosed amount.
The deal, which is subject to regulatory approval, is expected to close later this year.
Wüba offers property/casualty, marine, personal lines and accident and health insurance through 2,500 broker relationships across the country. AIG would not provide the company's premium volume.
AIG President and Chief Executive Officer Martin J. Sullivan said in a statement: "The transaction both reaffirms AIG's commitment to growing in the German marketplace and greatly enhances our insurance offerings to small and medium-sized companies."
Flowers has been active in the insurance industry recently. In May, it announced it would acquire San Francisco-based BISYS Group Inc.'s wholesale brokerage operations, which would be combined with its Crump Insurance Services Inc. business, as well as BISYS' retirement services business, for an estimated $650 million.