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CMS and Debevoise Advise American International Group on Sale of Insurance Operations to Fairfax Holdings

CMS and Debevoise Advise American International Group on Sale of Insurance Operations to Fairfax Holdings

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CMS has advised American International Group, Inc. on the Central European aspects of the sale of some of its insurance operations to Fairfax Financial Holdings Limited. CMS worked alongside global counsel Debevoise & Plimpton.

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 240 million. 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. 

The CMS team advising AIG was led by Partner Helen Rodwell, head of the firm’s CEE corporate practice. The core team included Partner Patrik Przyhoda and Senior Associate Frances Gerrard in Prague; Senior Associate Veliko Savov and Alexander Rangelov in Sofia; Partner Andrzej Posniak and Senior Associate Izabela Gebal in Warsaw; and Senior Associates Szilvia Kabacs and Eszter Kalman in Budapest.

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Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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