Hogan Lovells Advises on Life Insurance Merger between Tokio Marine Group Companies
06 November 2013
TOKYO, 6 November 2013 – Hogan Lovells has advised Tokio Marine & Nichido Financial Life Insurance Co., Ltd. ("TMNFL"), a group company of Tokyo-listed Tokio Marine Holdings, Inc. ("Tokio Marine") on its absorption merger with another group company, Tokio Marine Nichido Life Insurance Co., Ltd. ("TMNLI"). The merger combines two life insurance operations under Tokio Marine, resulting in a surviving entity which will assume all of TMNFL's and TMNLI's rights and obligations. The transaction was announced on 17 October 2013 and is expected to close on 1 October 2014.
Tokio Marine is Japan's oldest and largest non-life insurer and provides coverage in nearly 40 countries. This landmark merger is part of Tokio Marine's plan to optimize its life insurance business. Both TMNFL and TMNLI are part of Tokio Marine and have been operating as separate insurance operations prior to this transaction.
Hogan Lovells is acting as international counsel to TMNFL and advising on the key contracts with reinsurance companies together with various advice under English and New York law.
The cross-border Hogan Lovells team advising TMNFL is led by Tokyo corporate partner Rika Beppu with significant contributions from New York partners James "Tony" FitzPatrick and Sean Keely; and London partner Victor Fornasier and senior associate Helen Sails.
Commenting on the transaction, Rika Beppu said:
"We are pleased to have once again supported Japan's oldest and largest non-life insurer, Tokio Marine. The merger between its group companies is an important milestone consolidating Tokio Marine's leading market position in Japan and globally. Through this transaction our cross-border team from Tokyo, London and New York has further demonstrated its capability to provide seamless legal advice on complex deals originating from Japan."