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.