Debevoise Advises AIG in Sale of $1.2 Billion Stake in PICC

5 May 2016

The Hong Kong office of Debevoise & Plimpton is advising American International Group (“AIG”) in the sale of a $1.2 billion stake in PICC Property and Casualty Co Ltd (“PICC Property and Casualty”). The transaction was undertaken via a block trade in Hong Kong.

AIG is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

PICC Property and Casualty is China’s biggest non-life insurer.

Debevoise previously advised AIG in two similar deals in March and December of last year, raising $500 million and $750 million, respectively.

The Debevoise team advising AIG is led by Hong Kong partner E. Drew Dutton and Hong Kong international counsel Brian McKenna, and includes associate Jayne So.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.