American International Group Inc. plans to remove "AIG" from the name of a U.S. auto insurance unit and cut 6.6 percent of the jobs there to improve the chances of finding a buyer for the operation.
AIG will start calling its aigdirect.com business "21st Century Insurance" in January, said Nicholas Ashooh, an AIG spokesman. The business could fetch about $2 billion, analysts said.
Many potential buyers are expected to consider the business, which sells insurance directly to consumers, rather than through independent agents. The Travelers Cos. and The Hartford won't say whether they're considering the AIG unit.
The Hartford Financial Services Group already has a huge business selling auto and homeowners insurance directly to AARP members without using independent agents.
Larry Greenberg, co-manager of Langen McAlenney in Hartford, says it's unlikely, but not out of the question, for Travelers or The Hartford to buy the AIG unit. Independent agents, he said, choose which insurer to recommend to a customer.
AIG will start calling its aigdirect.com business "21st Century Insurance" in January, said Nicholas Ashooh, an AIG spokesman. The business could fetch about $2 billion, analysts said.
Many potential buyers are expected to consider the business, which sells insurance directly to consumers, rather than through independent agents. The Travelers Cos. and The Hartford won't say whether they're considering the AIG unit.
The Hartford Financial Services Group already has a huge business selling auto and homeowners insurance directly to AARP members without using independent agents.
Larry Greenberg, co-manager of Langen McAlenney in Hartford, says it's unlikely, but not out of the question, for Travelers or The Hartford to buy the AIG unit. Independent agents, he said, choose which insurer to recommend to a customer.
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