Shearman and Sterling represented Fairfax Financial Holdings Limited (Fairfax) in connection with the sale of its Crum & Forster Pet Insurance Group (C&F Pet) and Pethealth to JAB Holding Company for $1.4 billion in the form of $1.15 billion in cash and $250 million in seller notes. As part of the transaction, Fairfax will also make a $200 million investment in JCP V, JAB’s latest consumer fund.
As a result of the transaction, JAB’s combined global pet insurance and ecosystem platform will be estimated to have gross written premiums and pet health services revenues of well over $1.2 billion by 2023, insuring more than 2.1 million pets.
Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.
JAB invests in consumer-focused industries with attractive long-term dynamics, including strong growth prospects, attractive margin and cash flow characteristics, and proven resiliency.
The Shearman & Sterling team below included associates Janice Perri (NY-Compensation, Governance & ERISA), Naveed Hada (NY-Mergers & Acquisitions) and Austin Grossfeld (NY-Intellectual Property Transactions).