Leading international law firm Herbert Smith Freehills and its longstanding Indonesian associate firm Hiswara Bunjamin & Tandjung have advised Tokio Marine Asia Pte. Ltd. (TMA), a Singapore-based regional headquarters of the Japan insurance giant Tokio Marine Holdings, Inc., on an increased shareholding in its longstanding Indonesian joint venture, PT Asuransi Tokio Marine Indonesia (TMI).
Following the completion of the transaction, TMA's stake in TMI has increased from 60% to 80%.
Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of general and life insurance products and solutions in 46 countries and regions worldwide with over 43,000 employees.
"TMI is one of the largest general insurance companies in Indonesia, and we are delighted to have supported TMA on this strategically important deal," said Tokyo-based partner Joseph Fisher.
"In Indonesia, the financial services sector has been the most active for M&A deals this year, by both value and number of deals, and we have been lucky to have acted on many of them," said Jakarta-based Herbert Smith Freehills partner David Dawborn
"This deal reflects ongoing regional and global interest in Indonesian investments, particularly in the financial services market, and demonstrates Herbert Smith Freehills and Hiswara Bunjamin & Tandjung's ability to provide seamless global support to multinational clients on complex cross-border deals."
Joseph led the team advising TMA, assisted by Michelle Virgiany, senior international counsel in Jakarta, and Kuala Lumpur associate Jarry Tay. Senior international counsel David Dawborn and Hiswara Bunjamin & Tandjung partner Viska Kharisma Fajarwati led the Jakarta team, supported by associates Fransiska Larasati and Indra Junialdi.
