Baker McKenzie recently advised Tokio Marine & Nichido Fire Insurance Co., Ltd. ("Tokio Marine Nichido"), on its acquisition of Safety Insurance Public Company Limited from Insurance Australia Group. The transaction was 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 the third largest property and casualty insurance company in Thailand.
The Baker McKenzie team was led by Partner Sivapong Viriyabusaya, and supported by Partner Ampika Kumar and Associates Amnart Pitakgorn, Jarae Sithiwong and Warut Horsimasathaporn 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.
Commenting on the deal, Sivapong said, "We are very pleased to bring this strategic deal to fruition for our client within a tight time window of four months. This deal was especially challenging given its short exclusivity period."
Sivapong continued, "This deal is an important step in Tokio Marine's long-term strategy of becoming a leading insurance company in Thailand and in Asia. We are very proud to have worked on this very high-profile deal for Tokio Marine, and we look forward to continue supporting our client as they pursue other strategic M&A initiatives in both developed and emerging markets."