A&G News 25 November 2019

Since the opening of the insurance sector to foreign investment by the government of Myanmar in January 2019, there has been a first round of approvals obtained from the Insurance Business Regulatory Board of Myanmar for joint ventures with foreign entities in the insurance sector.

The Myanmar office of Allen & Gledhill is pleased to have acted in the following landmark transactions.

Grand Guardian Nippon Life Insurance Company Limited and Nippon Life Insurance Company

Allen & Gledhill advised Grand Guardian Insurance Holding Public Company (“GGIH”) and Grand Guardian Nippon Life Insurance Company Limited (“GGNLI”) on the approximately US$21 million acquisition of a 35 per cent. stake in GGNLI by Nippon Life Insurance Company (“NL”), and the establishment of a joint venture in GGNLI by GGIH and NL.

Advising GGIH and GGNLI was Director Oh Hsiu-Hau from the Myanmar office of Allen & Gledhill.

AYA Sompo Insurance Company Limited and Sompo Japan Nipponkoa Insurance Inc.

Allen & Gledhill advised AYA Myanmar Insurance Company Limited (“AMI”), as transaction counsel, on the acquisition of a minority stake in AYA Sompo Insurance Company Limited (“AYA Sompo”) by Sompo Japan Nipponkoa Insurance Inc. (“Sompo”), and the establishment of a joint venture in AYA Sompo by AMI and Sompo.

Advising AMI was Director Oh Hsiu-Hau from the Myanmar office of Allen & Gledhill.

IKBZ MS General Insurance Company Limited and Mitsui Sumitomo Insurance Co., Ltd.

Allen & Gledhill advised IKBZ MS General Insurance Company Limited (“IKBZ”), as transaction counsel, on the acquisition of a minority stake in IKBZ by Mitsui Sumitomo Insurance Co., Ltd., and the establishment of a joint venture in IKBZ by KBZ General Insurance Holding Limited and Mitsui Sumitomo Insurance Co., Ltd.

Advising IKBZ were Directors Oh Hsiu-Hau and Jacqueline Cheong from the Myanmar office of Allen & Gledhill.

Grand Guardian Tokio Marine General Insurance Company Limited and Tokio Marine & Nichido Fire Insurance Co. Ltd.

Allen & Gledhill advised Grand Guardian Insurance Holding Public Company (“GGIH”) and Grand Guardian Tokio Marine General Insurance Company Limited (“GGTM”) on the acquisition of a 15 per cent. stake in GGTM by Tokio Marine & Nichido Fire Insurance Co. Ltd. (“TM”), and the establishment of a joint venture in GGTM by GGIH and TM.

Advising GGIH and GGTM was Director Oh Hsiu-Hau from the Myanmar office of Allen & Gledhill.

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