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AIG Completed Sale of German Unit

Posted on 28 Apr 2009

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Augur Capital A.G., a German investment firm, has completed the acquisition of former American International Group Inc. unit Deutsche Versicherung und Ruckversicherungs-A.G.

AIG Europe S.A. subsidiary Wurtembergische und Badische Versicherungs A.G. agreed to the sale in December. Terms of the deal were not disclosed.

Berlin-based DARAG, which is in runoff, will be used to make further acquisitions of runoff portfolios, primarily in Germany and continental Europe, Frankfurt Augur said in a statement.

Arndt Gossmann, leader of the restructuring/insurance practice of KPMG A.G. Wirtschaftsprufungsgesellschaft, will become chief operating officer of DARAG by May 1, Augur said.