AXA RE completed the sale of its worldwide reinsurance business on December 21, 2006 to PARIS RE Holdings capitalized at US$1.6 billion. PARIS RE Holdings was formed by an investor group led by Trident III, LP (a fund managed by Stone Point Capital LLC, a global private equity firm based in Greenwich, Connecticut) and other leading private equity firms, including Hellman & Friedman, Vestar Capital Partners, Crestview Capital Partners, Och Ziff Management and New Mountain Capital. In Canada, this transaction involved the establishment of a new PARIS RE branch under the Canadian Insurance Companies Act.
With respect to the Canadian portion of the transaction, PARIS RE was represented by Torys LLP with a team led by Blair Keefe and Sunny Sodhi (corporate and insurance regulatory); Carolyn Naiman (competition); Phil Mohtadi (Investment Canada); John Unger (tax) and Christina Medland and Tara Sastri (employment). AXA RE was represented by Lang Michener LLP with a team led by Frank Palmay, Robert Cranston and Nika Robinson (corporate and insurance regulatory); James Musgrove (competition) and Kalle Soomer, Q.C. (tax).
Internationally, PARIS RE was represented by Dewey Ballantine with a team led by Jeff Liebmann and Jonathan Freedman. AXA RE was represented by Sullivan & Cromwell LLP with a team led by William Torchiana, Olivier de Vilmorin, Joram Lietaert Peerbolte, Jonathan Lehmann and Ashkan Karimi.