MS&AD Insurance Group Holdings, Inc. (TSE:8725) entered into an agreement to acquire 5% stake in ReAssure Jersey One Limited from Swiss Re Ltd (SWX:SREN) for approximately £180 million on October 6, 2017. In addition, ReAssure Jersey One Limited announced that it has entered into an agreement for private placement of common shares for gross proceeds £625 million with MS&AD Insurance Group Holdings on October 6, 2017. As part of the deal financing, MS&AD Insurance will acquire the 5% stake with cash on hand. The investment in new shares is expected to close within 3 years of the closing of the purchase of the existing shares. MS&AD Insurance will invest a total of £800 million from the acquisition of existing shares and new shares for maximum shareholding of 15%. As part of the deal, MS&AD Insurance will appoint one director to ReAssure. The deal is subject to approvals from the relevant regulators. Transaction is expected to close in the first quarter of 2018. Richard Cranfield, Marcus Gwyer, Tim Harrop, Tokutaka Ito, Philip Jarvis, Arthur Jebb, Catherine Jones, Kate McInerney, Kristina Nehme, Van Baal Ojima, Yuki Frederieke and Nick Wall of Allen & Overy acted as legal advisors to MS&AD Insurance Group Holdings. Credit Suisse Group AG (SWX:CSGN) acted as financial advisor for Swiss Re Ltd. SG Corporate & Investment Banking acted as financial advisor for MS&AD Insurance Group Holdings, Inc.

MS&AD Insurance Group Holdings, Inc. (TSE:8725) completed the acquisition of 5% stake in ReAssure Jersey One Limited from Swiss Re Ltd (SWX:SREN) on January 23, 2018. The transaction was approved by all regulatory authorities.