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LONDON FISCHER LLP ATTORNEYS ADVISE CLIENT ON CORPORATE TRANSACTION INVOLVING THE PURCHASE OF INSURANCE BUSINESSOCTOBER 28, 2009
London Fischer LLP recently served as counsel to a Special Committee (the "Special Committee") designated by the Board of Directors of AmTrust Financial Services, Inc. ("AFSI").
The Special Committee was tasked to review, evaluate and negotiate AFSI's potential co-investment in a new company in connection with the purchase of GMAC Insurance Holdings, Inc. a Delaware corporation ("GMACI"), and Motors Insurance Corporation, a Michigan property and casualty insurance company ("MIC", together with GMACI, "GMAC"). The co-investment by AFSI in the new company was to result in the acquisition by the newly formed company of GMAC's U.S. consumer property and casualty insurance business, as well as a small amount of commercial auto business.
Given the nature of the co-investment and the parties involved, the AFSI Board designated two independent members of the Board to the Special Committee to, among other things, determine whether the investment was fair to, and in the best interests of AFSI and all of its stockholders, and to ultimately recommend to the entire Board what further action, if any, should be taken by the Board with respect to the investment in the new company.
Click Here for a copy of AFSI's October 19, 2009 8-K on the matter. (http://biz.yahoo.com/e/091019/afsi8-k.html)
London Fischer LLP attorneys who advised the Special Committee include Spiro Bantis, Perry Kreidman, Dan London and Ben Schiffman.
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