American International Group Inc. will keep hordes of lawyers
and bankers busy as it sells most of its assets in an effort to pay
back the $150 billion or so the U.S. government has loaned it since
September. Many of those advisers will come from Sullivan & Cromwell LLP, the company's longtime outside counsel, which advised AIG on the $746 million sale of equipment insurer HSB Group Inc. to Munich Re AG in a deal announced Dec. 22. Sullivan's Stephen Kotran led the firm's team on the deal, which also included Andrew Solomon and Eli Jacobson on tax, Yvonne Quinn on antitrust and Ann Fisher on corporate finance. S&C also represented the company on the three loan packages it has received since September.
For banking advice, AIG tapped Peter Jachyn and Seth Bair of Keefe, Bruyette & Woods Inc.
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Munich Re, meanwhile, turned to a team led by
James Dwyer of
Dewey & LeBoeuf LLP
in Chicago, which represented the company on its $352 million
acquisition of Sterling Life Insurance Co. and Olympic Health
Management Systems Inc. from
Aon Corp. in December 2007 and on
its $1.3 billion acquisition of Midland Co. in a deal announced two
months earlier. Munich Re had previously used Dewey, which has a strong
insurance practice, on other matters and selected the firm for M&A
work in a beauty contest for the Midland assignment, where Munich also
tapped Lehman Brothers Inc. This time, the company used
Citigroup Inc. for banking advice. The senior team members include
Kevin McLoughlin in London and
Gautam Chawla and
Meir Lewis in New York.
