Wong & Partners, the Malaysian member firm of Baker & McKenzie International, acted as legal counsel to Tokio Marine Insurans (Malaysia) Berhad (“TMIM”) on the acquisition of MUI Continental Insurans Berhad (“MCI”). Corporate partner Brian Chia led the Wong & Partners’ team and was assisted by senior associate Sue Wan Wong and associate Rowena Lee. The transaction is expected to conclude in September.
The move is in line with Bank Negara Malaysia’s aspirations to consolidate the insurance industry to address the possible challenges that may arise from the gradual liberalization of the industry.
The deal is the 5th of such effort by TMIM to grow and strengthen their market share. Upon completion, TMIM will become one of the major insurance players in the Malaysian insurance industry. TMIM is a subsidiary of Tokio Marine Asia Pte. Ltd. Singapore and its ultimate holding company is Tokio Marine Holdings Inc. in Japan. The group is engaged in a wide variety of businesses ranging from domestic non-life insurance to domestic life-insurance, international insurance, financial and other general business. The Group’s insurance network is worldwide, with representations in 303 cities in 36 countries.
Established in 1976, MCI is a general insurance company with CNA Financial Corporation (“CNA”), USA as one of its shareholders. CNA ranks among the top ten commercial insurance underwriters in the USA. MCI has 12 branch offices throughout Malaysia and offers an extensive range of products such as fire, marine, health, motor and other specialized insurance products catered to the needs of specific industries and clients.
Brian Chia, who heads the firm’s corporate and commercial practice, said of their involvement in the matter, “We are honored to work with Tokio Marine once again, particularly on this matter, which we believe will help to bolster Tokio Marine as key player in what will become a more resilient and robust insurance industry in Malaysia.”
