Skrine acted as Malaysian counsel for American International Group (“
AIG”) on the local aspects of AIG’s disposal of its global travel insurance business, including its Malaysian subsidiary, AIG Travel Assist Malaysia Sdn Bhd (“
AIG Travel Assist”), to Zurich Insurance Group (“
Zurich”) for a total deal size of approximately USD 600 million. AIG Travel Assist is a service provider to AIG Malaysia Insurance Berhad.
Our team worked with Norton Rose Fulbright, AIG’s lead counsel on the transaction. Our role included advising on legal and regulatory compliance, outsourcing and reinsurance arrangements, data privacy concerns, transitional services agreement, the transfer of employees, and providing guidance on anti-competition issues to ensure a smooth transition and integration with Zurich’s operations in Malaysia.
The transaction is targeted to be completed before the end of 2024.
The Skrine team on this transaction was led by Partner,
Fariz Abdul Aziz and supported by Partners,
Tan Wei Xian,
Tan Shi Wen,
Jillian Chia,
Foo Siew Li, and Associate
Amanda Swee Lin Hollow.
Media coverage of the transaction can be accessed at: