Clydes and Sullivan & Cromwell win lead roles on $3.4bn insurance deal
Duo win roles alongside Cahill Gordon on Arch's acquisition of AIG's United Guaranty Corporation
August 16, 2016 at 10:42 AM
2 minute read
Clyde & Co, Sullivan & Cromwell, and Cahill Gordon & Reindel have won roles on insurer Arch Capital Group's acquisition of United Guaranty Corporation (UGC) from insurance giant American International Group (AIG) for $3.4bn (£2.62bn).
Bermuda-based Arch focuses on property, casualty and mortgage insurance and reinsurance on a worldwide basis.
It is acquiring UGC, a US-based private mortgage insurance company with 1,050 employees, headquartered in Greensboro, North Carolina. It is a solely owned subsidiary of AIG.
Clyde & Co and Cahill Gordon & Reindel are representing the Bermuda-based company on the deal.
Clyde's team is being led by New York corporate insurance partner Vikram Sidhu and regulatory partner Joyce Chan in Hong Kong.
Cahill New York corporate partners John Schuster and Helene Banks are leading their team, supported by tax partner Craig Horowitz, insurance partner Thorn Rosenthal and executive compensation partner Glenn Waldrip.
Sullivan & Cromwell is acting for AIG with a team led by New York corporate partners Robert DeLaMater and Jared Fishman.
London partner Eric Wang is leading on tax matters, New York partner Heather Coleman is leading on executive compensation, New York partner John Estes is handling financing matters and London partner Juan Rodriguez is leading on competition issues.
Recent deals in the insurance sector include Thai Hot Investment's $1.37bn (£944m) purchase in June of Dah Sing Financial Holdings' Hong Kong and Macau life insurance subsidiaries.
On that deal, Linklaters acted for Dah Sing Financial Holdings Limited and Dah Sing Banking Group, with a team led by global corporate head Matthew Middleditch. Davis Polk & Wardwell acted for Thai Hot with a team led by Hong Kong corporate partner Paul Chow.
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