CMS has advised American International Group, Inc. (NYSE:AIG) on the Central European aspects of the sale of some of its insurance operations to Fairfax Financial Holdings Limited (TSX: FFH, FFH.U).
As part of the transaction Fairfax will acquire some of AIG’s operations in Argentina, Chile, Colombia, Uruguay, Venezuela and Turkey, and acquire renewal rights for the local business written by AIG's operations in Bulgaria, Czech Republic, Hungary, Poland and Slovakia, and assume AIG's CEE operating assets and employees. The transaction value is approximately USD 240m. Each transaction is subject to relevant regulatory approvals.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. It already has operations in Brazil and in Poland, Hungary, Czech Republic, Slovakia and Romania.
CMS worked alongside US law firm Debevoise & Plimpton LLP who were global counsel to AIG on the transaction. The CMS team advising AIG was led by partner Helen Rodwell, head of the firm’s CEE corporate practice. The core team further comprised Frances Gerrard, Patrik Przyhoda (CMS Prague), Veliko Savov, Alexander Rangelov (CMS Sofia), Izabela Gebal, Andrzej Posniak (CMS Warsaw), Szilvia Kabacs and Eszter Kalman (CMS Budapest).