The bailout of AIG has meant a lot of work for Sullivan & Cromwell and Debevoise & Plimpton. A team at S&C has handled almost all of AIG’s bailout negotiations with the federal government, while Debevoise is advising the ailing insurer on the sale of its asset management unit, according to our prior reports.
Thursday, we learned that AIG has retained a third firm, Sidley Austin, for the $1.9 billion sale of its auto insurance unit (21st Century) to Zurich Financial Services, which, upon the acquisition, will become the third-largest auto insurer in the U.S., according to Bloomberg.
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