Carey instructed on AIG sale to Fairfax
Carey advised Fairfax on the Chilean aspects of its $240 million regional acquisition of AIG´s commercial and consumer insurance operations.
American International Group, also known as AIG, is a NY-headquartered multinational insurance corporation with over 88 million customers in 130 countries. Fairfax is a holding company based in Toronto with investments in the insurance, travel and restaurant sectors, among others.
The deal involved the sale of AIG´s businesses in Argentina, Colombia, Chile and Uruguay as the global insurer sheds assets globally to narrow its focus and boost financial results. As part of the transaction, Fairfax will also acquire AIG’s operations in Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia.
AIG will continue serving clients with operations in the countries that are part of the Fairfax pact through a partnership with the Canadian company.
Partner Marcos Rios led the Carey team acting for Fairfax on the Chilean leg of the acquisition.
Fairfax also called upon Allende & Brea in Argentina; Posse Herrera Ruiz in Colombia; Posadas, Posadas & Vecino in Uruguay and D’Empaire Reyna Abogados in Venezuela. Dentons in Toronto and London advised Fairfax on international law.
AIG instructed Marval in Argentina; Brigard & Urrutia in Colombia; Claro & Cía in Chile; Pérez Bustamante & Ponce in Ecuador; Ferrere in Uruguay and Raffalli de Lemon Halvorssen Ortega y Ortiz in Venezuela. Debevoise & Plimpton in London and New York provided international counsel.
