Tokio Marine Holdings, Inc. enters into a USD 1.5bn billion transaction with RenaissanceRe Holdings Ltd. for sale of its reinsurance platform

Niederer Kraft Frey advises Tokio Marine Holdings, Inc. (Tokio Marine) as Swiss counsel on the sale of its reinsurance subsidiaries Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited for the total consideration of approximately USD 1.5 billion. Tokio Marine is a holding entity of Tokio Marine Group, a global insurance group operating extensively in the non-life and life insurance business, and financial and general business. Tokio Marine is listed on Tokyo Stock Exchange.

The transaction is expected to close in the first half of 2019 and is subject to customary closing condition and regulatory approvals. In connection with the transaction, the parties have entered into an adverse development agreement and will enter into a business cooperation agreement to enhance their business relationship.

The NKF team is led by Corporate/M&A partner Philipp Haas, working with associates Shu Bernet-Zhang, Nicole Gütling and Julia Tolstova, all Corporate/M&A. Technology partner Clara-Ann Gordon advises on the data protection matters. Counsels Christina Rinne and Elga Reana Tozzi advise on the tax matters.