AEGON Sells Property & Casualty Unit To American Financial Group

AEGON USA, Inc. announced today that it has signed a definitive agreement to sell Worldwide Insurance Company and its property and casualty subsidiaries to American Financial Group. The sale is anticipated to close at the end of March, subject to regulatory approvals.

AEGON acquired Worldwide Insurance Co. as part of the purchase of the insurance operations of the Commonwealth General Corp. (formerly known as the Providian Corp.) in June 1997. Bart Herbert Jr., executive vice president and chief marketing officer of AEGON, said, "We are very pleased to have reached this agreement for the sale of our Worldwide Insurance Co. and its property and casualty subsidiaries. AEGON USA's marketing strategy is to concentrate its resources on growth in the life and health insurance and retirement and savings product sectors of the insurance market."

AEGON N.V. is based in The Hague, the Netherlands.