Bär & Karrer: RenaissanceRe acquires reinsurance business of AIG

RenaissanceRe Holdings has entered into an agreement with American International Group to acquire the treaty reinsurance business of American International Group for USD 2.985 billion. The acquisition includes Validus Reinsurance and its consolidated subsidiaries, AlphaCat Managers and its managed funds, and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot Treaty. AIG is a global insurance behemoth headquartered in the US and has decided to sell Validus Re to further streamline its business model and reduce portfolio volatility.

Bär & Karrer acted as Swiss legal counsel to RenaissanceRe in this transaction. The team was led by partner Peter Hsu (pictured) and included associates Tiffany Ender, Matej Teslar, junior associates Jan Häring and Reto Kuoni (all insurance / m&a) and partner Laura Widmer (employment). Sidley acted as lead counsel of RenaissanceRe in this transaction.