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(RTTNews) - 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."

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