BofA Merrill Lynch is exclusive financial advisor to Glatfelter and Willkie Farr & Gallagher LLP provided legal counsel to Glatfelter. Evercore is exclusive financial advisor to AIG and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to AIG.
American International Group, Inc. (NYSE: AIG) has entered into a definitive agreement to acquire Glatfelter Insurance Group, a full-service broker and insurance company providing services for specialty programs and retail operations. Headquartered in York, Pennsylvania, Glatfelter brings high-quality program underwriting capabilities that will accelerate the strategic positioning of AIG’s General Insurance business. The terms of the transaction were not disclosed.
Founded in 1951, Glatfelter’s operations include approximately 3,000 brokers serving approximately 30,000 insureds in the U.S. and Canada. Glatfelter has established unique and differentiated value across multiple niche program spaces. Upon closing, Tony Campisi will report directly to David McElroy, the incoming Chief Executive Officer of AIG General Insurance’s Lexington business.
The transaction is expected to close in the fourth quarter of 2018, subject to customary closing conditions, including regulatory approvals and clearances in relevant jurisdictions.
The Willkie deal team was led by partners Alexander Dye (Picture) and Sean Ewen, and included partners Jordan Messinger and Spencer Simon and counsel Peter Allman.
Involved fees earner: Alexander Dye – Willkie Farr & Gallagher; Sean Ewen – Willkie Farr & Gallagher; Jordan Messinger – Willkie Farr & Gallagher; Peter Allman – Willkie Farr & Gallagher; Spencer Simon – Willkie Farr & Gallagher;
Law Firms: Willkie Farr & Gallagher;
Clients: Glatfelter Insurance Group;