Singlife, Aviva Singapore now under combined entity

spike

First announced in September, it is the largest-ever insurance deal in Singapore and one of the largest in Southeast Asia. Aviva Singlife has been valued at SG$3.2 billion (around US$2.4 billion).

Current Singlife chairman Ray Ferguson has been appointed chairman of Aviva Singlife Holdings, while Singlife group CEO Walter de Oude has been named deputy chairman. Current Aviva Singapore CEO Nishit Majmudar will be named CEO of Aviva Singlife upon approval of the scheme of transfer by the Singapore courts.

“This milestone marks the establishment of a well-capitalised financial holding company, ready to bring change to the insurance industry in Singapore,” said Ferguson. “We look forward to harnessing the best that Singlife brings in technology and Aviva Singapore in quality advice for the benefit of Singaporeans and the region.”

“Aviva has a long history of building trust with people in Singapore and delivering quality advice,” Majmudar added. “With the outstanding support of new investors and partners, and advanced mobile-first capabilities in Aviva Singlife, we will continue building on our customer-centric approach and bring quality savings and protection products to Singapore and beyond.”

Standard Chartered Bank, Moelis & Company and J.P. Morgan acted as financial advisers throughout the transaction, while Norton Rose Fulbright, Latham & Watkins, Slaughter & May, TSMP, and Law Asia provided legal advice to the parties.

Source Article

Next Post

Libra launch date leaked - stripped back version to launch Q1 2021

Libra, Facebooks digital currency, is rumoured to be prepping for launch in early Q1 2021, but in a limited capacity to its already its already downgraded vision. Libra launch date leaked – stripped back version to launch The Libra Association said in April that it had planned to launch digital […]