CELEX: 32017M8290
Language: en
Date: 2017-02-27 00:00:00
Title: Commission Decision of 27/02/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8290 - FAIRFAX / AIG TARGET PORTFOLIO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                     
                  
               
               Brussels, 27.2.2017
            
            
               C(2017) 1466 final
            
            
            
            
               To the notifying party:
               
            
               Subject:Case M.8290 - FAIRFAX / AIG TARGET PORTFOLIO  
                  Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004
                  1
                and Article 57 of the Agreement on the European Economic Area
                  2
                
            
            
               Dear Sir or Madam,
            
            
               1.On 3 February 2017, the European Commission received notification of a proposed concentration pursuant to Article 4, and following a referral pursuant to Article 4(5) of the Merger Regulation by which the undertaking Fairfax Financial Holdings Limited (‘Fairfax’, Canada) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control of certain assets, rights and renewal rights with respect to the portfolio of local insurance business written by American International Group, Inc. (‘AIG’, United States) in Bulgaria, Czech Republic, Hungary, Poland, Romania and the Slovak Republic (‘AIG Target Portfolio’). Besides, Fairfax will acquire AIG’s local insurance operations in Argentina, Chile, Colombia, Turkey, Uruguay and Venezuela.
                  3
               
            
            
               2.The business activities of the undertakings concerned are:
            
            
               -Fairfax: property and casualty insurance and reinsurance and investment management.
            
            
               -AIG: property and casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. AIG Target Portfolio is engaged in non-life insurance and reinsurance in Central and Eastern Europe.
            
            
               3.After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(c) and 6 of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
                  4
               
            
            
               4.For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
            
            
            
               For the Commission
            
            
               (Signed)
               Johannes LAITENBERGER
                  Director-General
               
         
         
            
                  
                     (1)
                  
                  
                        OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision.
                  
               
               
                  
                     (2)
                   
                        OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement').
               
               
                  
                     (3)
                   
                        Publication in the Official Journal of the European Union No C 45,11.2.2017, p. 8.
               
               
                  
                     (4)
                  
                  
                      
                           OJ C 366, 14.12.2013, p. 5.