American International Group, Inc. (NYSE: AIG), advised by global law firm Norton Rose Fulbright, has placed the first Shariah-compliant Mergers and Acquisitions (M&A) insurance policy in the Middle East and North Africa region (MENA).

AIG offers a range of market-leading Islamic insurance solutions for M&A transactions, through its partnership with Shariah-compliant managing general agent Cobalt Underwriting. AIG’s Warranty and Indemnity (W&I) insurance product helps protect buyers and sellers from financial losses if misrepresentations or inaccuracies in representations or warranties occur. Buyers can distinguish bids, sellers can reduce indemnity obligations – and both can close more efficiently.

The Norton Rose Fulbright team advising AIG was led by corporate/M&A partner Adjou Ait Ben Idir of the firm’s Dubai office assisted by senior associate Agnieszka Braciszewska (lead associate), senior associate Rachel Moylan (IT/IP aspects) and of counsel Louisa Lynch (real estate aspects). Partner Dominic Stuttaford of the firm’s London office advised on tax aspects.

Mark Storrie, Emerging Markets M&A Manager at AIG said: “Sharia-compliant M&A insurance provides a unique and exclusive solution for MENA clients investing both in the region and globally, removing a potential barrier to the use of M&A insurance and significantly expanding the potential size of the MENA M&A insurance market. We are very pleased to have placed the first policy in the region.”

Sheikh Zubair Miah, Internal Shariah Scholar of Cobalt Underwriting added: “The MENA region has always been at the forefront of Islamic finance. AIG’s Islamic M&A insurance product is another step in the positive direction ensuring that all aspects of Islamic financial transactions are Shariah-compliant, relinquishing the need to rely on the principle of necessity (Dharurah). Cobalt is pleased to have worked with AIG to introduce its highly rated W&I insurance product, which has been reviewed and structured to ensure it strictly adheres to principles of Islamic insurance.”

Norton Rose Fulbright’s global insurance team advises on the full range of contentious and transactional matters, bringing together broad geographical experience with deep industry knowledge. This combination drives our involvement in a diverse range of domestic and cross-border work on some of the most complex and ground-breaking matters.  

 

AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG’s core businesses include Commercial Insurance and Consumer Insurance, as well as Other Operations. Commercial Insurance comprises two modules – Liability and Financial Lines, and Property and Special Risks. Consumer Insurance comprises four modules – Individual Retirement, Group Retirement, Life Insurance and Personal Insurance. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

 

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 4000 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through our global risk advisory group, we leverage our industry experience with our knowledge of legal, regulatory, compliance and governance issues to provide our clients with practical solutions to the legal and regulatory risks facing their businesses.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.

 

Source: Teneo Strategy