Skadden Arps Slate Meagher & Flom, Cleary Gottlieb Steen & Hamilton and Fried Frank Harris Shriver & Jacobson have taken lead roles on a deal that has seen European insurance giant Generali Group sell its US life reinsurance business. French reinsurer SCOR has acquired 100% of the business in a $920m (£599m) deal that closed last week (4 June). Generali said total expected gross proceeds from the deal included a $780m (£508m) cash consideration and $140m (£91m) of collateral release. The transaction – which is subject to regulatory approval and other conditions – is part of Generali's strategy to withdraw from non-core businesses.
June 13, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Skadden Arps Slate Meagher & Flom, Cleary Gottlieb Steen & Hamilton and Fried Frank Harris Shriver & Jacobson have taken lead roles on a deal that has seen European insurance giant Generali Group sell its US life reinsurance business.
French reinsurer SCOR has acquired 100% of the business in a $920m (£599m) deal that closed last week (4 June). Generali said total expected gross proceeds from the deal included a $780m (£508m) cash consideration and $140m (£91m) of collateral release.
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