Acquisitions and establishment of joint ventures in Myanmar insurance sector
19 December 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% 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.
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% 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.