Gleiss Lutz advises Nissay Dowa General Insurance on merger with Mitsui Sumitomo Insurance and Aioi Insurance

Gleiss Lutz has advised the Japanese non-life insurer Nissay Dowa General Insurance Co., Ltd. on the planned combination with its competitors Mitsui Sumitomo Insurance Group Holdings, Inc. and Aioi Insurance Co., Ltd. 

The transaction will involve Mitsui Sumitomo Insurance, as the holding company, taking over Nissay Dowa and Aioi by means of a share swap. The new insurance group will become Japan’s largest non-life insurance group by revenue. The three insurance firms together will have a staff of some 27,500 and around EUR 20 billion in premium revenue. One of the main goals of the merger is to enhance the group’s international presence. In the European market, the new company will operate primarily through Aioi’s Cologne-based subsidiary, Aioi Life Insurance of Europe Aktiengesellschaft. 

Nissay Dowa’s lead advisers were Nishimura & Asahi; Gleiss Lutz dealt with the German aspects of the transaction and advised in particular on the structuring of the merger in Europe and the insurance law aspects. The Gleiss Lutz team was made up of Dr. Hansjörg Scheel (partner, insurance), Dr. Michael Burian and Dr. Martin Lembke (both corporate/M&A, all leads) as well as Dr. Susanne Paul and Alexandra Craiss (both corporate/M&A, all Stuttgart).