Simpson Thacher is representing a consortium led by Primus Financial Holdings Ltd. in the acquisition of Nan Shan Life Insurance Company, Ltd. from American International Group, Inc. AIG has agreed to sell its 97.57% stake to the consortium for approximately $2.15 billion in cash.
Primus Financial is one of Asia's largest independent financial services investment companies. China Strategic Holdings Limited, a Hong Kong Stock Exchange-listed company, is also participating in the consortium.
Nan Shan is the largest life insurer in Taiwan by total book value and the third largest by total premiums, serving four million policyholders via an extensive network of 24 branches, 450 agency offices, approximately 4,000 employees, and more than 34,000 agents.
A global team of Simpson Thacher attorneys is working on this transaction from the Firm's offices in Hong Kong, Beijing, New York, Palo Alto and London. The team includes: Phil Culhane, Adam Furber and Caitlin Gall (M&A/Corporate, Hong Kong); Herbert Huang (Financing, Hong Kong); Terry Crawford and Maggie Zheng (M&A/Corporate, Beijing); Brian Stadler, Maripat Alpuche, Steve DeLott and Anna Schwartz (M&A/Corporate, New York); Kerry Konrad and William Ferullo (Intellectual Property, New York); Tim Mulvihill (Environmental, New York); Michael Richman (Executive Compensation and Employee Benefits, Palo Alto); Sean Austin (Tax, Palo Alto); Adam Signy (M&A/Corporate, London); and Marcella Robledo (Intellectual Property, London).