Shearman & Sterling advised American Financial & Automotive Services, Inc. (AFAS) and American Financial Warranty Company (AFWC) in connection with the sale of 100 percent of their outstanding stock to Assurant, Inc.
AFAS, headquartered in The Woodlands, Texas, sells vehicle service contracts to automobile dealerships which cover vehicle repair costs upon expiration of the manufacturer’s warranty as well as other aftermarket financial products. AFWC services those policies. Assurant, headquartered in New York City, is a leading provider of policies that support, protect and connect major consumer purchases.
The Shearman & Sterling team below included counsel Lynn Diamond and associate Noni Nelson.