Appleby Bermuda advised Everest on its $2 billion Sale of Retail Commercial Insurance Renewal Rights to AIG
Appleby acted as Bermuda counsel to Everest Group, Ltd. (Everest), a global specialty reinsurance and insurance leader, and its Bermuda insurance subsidiary, Everest International Reinsurance Ltd (Everest Re), in relation to its definitive agreements to sell the renewal rights for its Global Retail Commercial Insurance business to American International Group, Inc. (AIG). The renewal rights total an estimated $2 billion of aggregate gross premiums written.
Appleby’s role included providing advice on aspects of all Bermuda law matters, including but not limited to negotiating and reviewing all transaction documents; preparing all corporate approvals and advising on regulatory approvals; and liaising with the Bermuda Monetary Authority.
Appleby’s Bermuda Managing Partner Brad Adderley, Counsels Cathryn Minors and Anna Markiewicz, Senior Associate Ojeda Smith and Associate Mya Gibbons advised on the transaction, working alongside Debevoise & Plimpton LLP.
