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General view of the Allianz Global Investors headquarters in Frankfurt, Germany August 16, 2021. Picture taken August 16, 2021. REUTERS/Tilman Blasshofer

 

A&O Shearman has advised German insurer Allianz on its S$2.2 billion ($1.6 billion) offer for a 51 percent stake in Singapore's Income Insurance, the latest major deal in Singapore’s buzzing insurance sector.

Singapore Big Four law firm WongPartnership is representing JP Morgan, Allianz's financial adviser.

Allianz’s acquisition would be its largest in Asia and its biggest in three years. The company said the move would make it Asia's fourth-largest insurer, up from ninth previously.

The deal comes as the insurance sector in Singapore is experiencing consolidation and increased deal activity. Last month, WongPartnership advised insurer Great Eastern Holdings in relation to a S$1.4 billion ($1 billion) buyout offer from its top shareholder, Oversea-Chinese Banking Corporation (OCBC), which was represented by Allen & Gledhill.

In March, Sumitomo Life Insurance Company bought approximately 35 percent of Singapore Life Holdings for S$4.6 billion from TPG. Baker McKenzie (Gaikokuho Joint Enterprise) advised Sumitomo, while Latham & Watkins advised TPG.

The A&O Shearman team on the Allianz-Income deal was led by partner James Mythen, and included partners Kenny Kwan, Shuhui Kwok, Caryn Ng, and Ayesha Thapar, and senior associates Yu Jia Ang, Christine Fong, and Zann Tay.

The WongP team is being led by partners Chan Sing Yee and Tanya Ong.

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