A&O Shearman has advised German insurer Allianz on the acquisition of a 51 percent stake in Singapore's Income Insurance for S$2.2 billion ($1.6 billion), the latest major deal in Singapore’s buzzing insurance sector.
Allianz’s acquisition is the largest in Asia and the biggest in three years. Allianz 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, Singapore Big Four law firm 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.
