Rise for global insurance deals says Clyde & Co

by Steve Randall03 Aug 2019

Rise for global insurance deals says Clyde & Co

Global M&A in the insurance sector grew in the first half of 2019 with 222 deals, up from 196 in second half of 2018.

Clyde & Co’s Insurance Growth Report reveals that this was the largest rise in deal volume in 4 years and the fourth consecutive 6-month period of growth.

There were 38 deals in Asia Pacific marking the fourth consecutive period of rising deal volume to the highest level since 2015. Japanese acquirors were again the most active ahead of Australia and India.

“The breadth of opportunity in Asia Pacific was underlined in the first six months of the year with acquirors from 11 nations completing transactions,” explained Joyce Chan, Clyde & Co Partner in Hong Kong. “Inbound activity was also up, in a trend we expect to continue. Meanwhile, in China, a slew of new regulations has led to a spike in interest from foreign insurers and we expect a number of significant transactions to emerge in the second half of the year.”

The Americas accounted for the largest number of deals, with 93, but the largest growth was in Europe with a 40% increase to 88.

Overall deal volume includes 11 mega deals in excess of U$1bn and technology remained the overall and constant driver of M&A activity globally.

Ince Beijing leader about to get busier with Singapore role

The managing partner of Ince’s Beijing office has been appointed to lead the firm’s China practice in Singapore.

Wai Yue Loh has led the firm’s Beijing office for the past 7 years and will continue to do so alongside his role as head of the China practice in Singapore. He also maintains his partnership in the Hong Kong office.

He brings many years and breadth of experience to the role as a lawyer qualified to practise law in Singapore, England & Wales and Hong Kong.

The litigator and specialist in shipping, commodities and energy disputes, is no stranger to Singapore, having practised at the bar there before relocating overseas.

He will divide his time between Beijing and Singapore.

“Singapore has become an increasingly important hub to Chinese enterprises, and I’m excited to working with Devandran Karunakaran and his team in assisting our Chinese clients on all things Singapore, and also hope to be of service to the Singapore and international clients who may have China-related legal issues,” he said.

Breakaway UK Slater and Gordon business posts profit

Slater and Gordon in the UK appears to have turned a corner following its previous run of loss-making.

The firm broke away from the Australian publicly listed Slater and Gordon in 2017 when it was decided to recapitalize the Australian business with the senior lenders taking control of the UK operation. The UK business is now owned by a New York hedge fund.

New financial results for the UK firm show that it made a profit in the year ended 31 December 2018 of GBP £1 million (EBITDA) following losses in recent years including a £400m loss in 2015/16 after its ill-fated acquisition of the professional services division of Quindell.