Jurisdiction - Hong Kong
Baker & McKenzie Advises On Allied World’s Acquisition Of RSA’s Hong Kong And Singapore Operations.

25 August, 2014


Baker & McKenzie has advised Allied World Assurance Company, Ltd (“Allied World“), a global provider of property, casualty and specialty insurance and reinsurance solutions, on its acquisition of the Singapore and Hong Kong operations of Royal & Sun Alliance Insurance plc (“RSA”) for approximately USD 215m. Backer and McKenzie’s team advised on the key legal aspects of the transaction, including deal structuring in light of the regulatory regime, bid submission as well as the key sale and purchase documentation. The terms of the transaction involve Allied World’s acquisition of the insurance portfolio and related assets and liabilities of both the RSA Singapore and Hong Kong branches. The transaction, which is subject to regulatory approvals in Singapore and Hong Kong as well as court approval in Singapore, is expected to be completed in the first half of 2015.


The Baker & McKenzie team was led by Andrew Martin, while partner Tracy Wut led the team in Hong Kong.


Andrew Martin commented: “We are delighted to team up with Allied World in this matter which represents a significant upscaling of their presence in Asia. This transaction reflects a broader trend of insurers looking to leverage the vibrant Asian economies and expand their footprint in this region. It comes as one of a number of insurance transactions Baker & McKenzie has advised on recently and highlights our strength in cross-border M&A, particularly within the insurance sector.”


The financial services and regulatory teams at Baker & McKenzie in both Singapore and Hong Kong continue to provide regulatory advice and guidance to Allied World. 


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