A&O Shearman Advised Allianz On Major Acquisition In Singapore's Insurance Sector

A&O Shearman Advised Allianz On Major Acquisition In Singapore's Insurance Sector

A&O Shearman has advised German insurer Allianz on the acquisition of a 51% stake in Singapore's Income Insurance for S$2.2 billion ($1.6 billion), marking a significant deal in Singapore’s bustling insurance sector.

This acquisition is Allianz’s largest in Asia and the biggest in the region in three years. The deal is set to elevate Allianz from the ninth to the fourth-largest insurer in Asia, highlighting the strategic importance of the transaction.

The insurance sector in Singapore is currently experiencing a wave of consolidation and increased deal activity. Last month, Singapore Big Four law firm WongPartnership advised Great Eastern Holdings on 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 acquired approximately 35 percent of Singapore Life Holdings for S$4.6 billion from TPG. Baker McKenzie (Gaikokuho Joint Enterprise) advised Sumitomo, while Latham & Watkins represented TPG.

The A&O Shearman team leading the Allianz-Income deal was headed by Partner James Mythen, and Included Partners Kenny Kwan, Shuhui Kwok, Caryn Ng, and Ayesha Thapar, as well as Senior Associates Yu Jia Ang, Christine Fong, and Zann Tay.