Baker McKenzie's Thailand member firm has successfully assisted FWD Group with the integration of FWD Life Insurance Public Company Limited and SCB Life Assurance Public Company Limited, the insurer's life insurance subsidiaries in Thailand. Completed on 1 October 2020, this business integration marks Thailand's first amalgamation between life insurance companies, and has a total deal size of over USD 3 billion. The newly formed company, which will still be known as FWD Life Insurance Public Company Limited, will become the market leader for the new businesses and the second largest life insurance company in Thailand in terms of total premiums.
The deal team was led by Corporate and M&A partner Sumet Orsirivikorn and assisted by partner Amnart Pitakgorn. They were also supported by associates Jarae Sithiwong, Pasinee Tangsuriyapaisan and Sirapop Amorncheewanun.
Commenting on the deal, Sumet said: “We are pleased to have assisted FWD Group in their integration project. We assisted FWD in 2019 on its acquisition of SCB Life, the largest insurance M&A in Southeast Asia to date, and we are honoured to continue our strong relationship with the client on this transaction.”
He added: “As the integration is being done in an amalgamation transaction, many challenges were expected. The team was able to draw on its network and extensive industry insights, including its knowledge of insurance regulatory matters, internal reorganization, and rebranding, among others, to ensure that the transaction was successful.”
Prior to this transaction, the Firm also assisted FWD Life with the novation of its bancassurance agreement with TMB Bank Public Company Limited (TMB) to Prudential Life Assurance (Thailand) Public Company Limited, marking Thailand's first novation of a long-term bancassurance deal.