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Allens advises on $93m insurance deal
Allens Arthur Robinson has advised Germany's third-largest insurance provider, Talanx Group, on a strategic Vietnamese partnership.
The New Lawyer
Allens Arthur Robinson has advised Germany's third-largest insurance provider, Talanx Group, on a US$93 million ($89m) strategic Vietnamese partnership with insurer PVI Holdings.
The Talanx Group is the eleventh-largest insurance group in Europe, with income of about US$33 billion in 2010.
PVI Holdings, formerly PetroVietnam Insurance Joint Stock Corporation, is a leading non-life and industrial insurer in Vietnam, with a gross written premium in 2010 of about US$183 million.
Under the agreement, which was signed in Hanoi this week, Talanx subsidiary HDI-Gerling Industrie Versicherung AG will acquire a 25 per cent stake of the enlarged share capital of PVI Holdings and will become its foreign strategic insurance partner.
Allens partners Nigel Russell and Marae Ciantar and senior associate Ian Stewart, led the firm's team, which spanned the firm's offices in Singapore and Vietnam.
Stewart led the negotiations in Hanoi alongside the Talanx team. He said: "Subject to the necessary local regulatory approvals being met, the deal will provide Talanx with an excellent platform in the rapidly growing Vietnamese market."
Stewart said the strategic alliance between Talanx and PVI Holdings will allow these organisations to work closely together to support PVI’s business development, further enhance the financial strength of PVI, and provide a full range of services to their clients in the region.
