Baker in largest non-life insurance acquisition

0
576

Baker McKenzie recently advised Tokio Marine & Nichido Fire Insurance on its acquisition of Safety Insurance Public Company Limited from Insurance Australia Group, the largest non-life insurance acquisition in Thailand to date.

Tokio Marine Nichido is the property and casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. The transaction will enable Tokio Marine Nichido to become the second-largest motor insurance company and third-largest property and casualty insurance company in Thailand.

The Baker team was led by partner Sivapong Viriyabusaya and supported by partner Ampika Kumar with associates Amnart Pitakgorn, Jarae Sithiwong and Warut Horsimasathaporn, all of the Bangkok office. The team acted as co-counsel on the transaction, with the primary responsibility of advising the client on deal structuring and on legal and regulatory issues, conducting legal due diligence, preparing and negotiating the transaction agreements, and general transaction management. Mori Hamada Matsumoto acted as co-counsel for Tokio Marine & Nichido Fire Insurance.

“This deal was especially challenging given its short exclusivity period,” noted Viriyabusaya.