News & Events

The Firm is representing the outside directors of American International Group in the sale of American Life Insurance Co., better known as Alico, to MetLife, Inc. (MetLife) for approximately $15.5 billion, including $6.8 billion in cash and the remainder in equity securities of MetLife, subject to closing adjustments.  The cash portion of the proceeds from this sale will be used to reduce the liquidation preference of the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle (SPV) formed by AIG and the FRBNY to hold the interests in ALICO. The transaction has been approved by the boards of directors of both MetLife and AIG, and is expected to close by the end of the year. The transaction is subject to certain domestic and international regulatory approvals and customary closing conditions.

ALICO is a leading multinational life insurer that provides consumers and businesses with products and services for life insurance, accident and health insurance, retirement planning, and wealth management solutions.

The Simpson Thacher team includes: Dick Beattie, Gary Horowitz, Jamie Gamble and Ed Shen.