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06 December 2004 – LAWFUEL – First for law news – Herbert Smith’s Toky…

06 December 2004 – LAWFUEL – First for law news – Herbert Smith’s Tokyo office has advised Royal & Sun Alliance Insurance Group plc (R&SA) on the sale of its two insurance businesses in Japan to American Home Assurance Company and AIU Insurance Company. Both are member companies of American International Group Inc (AIG), the leading direct marketing and foreign property-casualty insurers in Japan.

The value of the deal to R&SA, signed on 11 November and anticipated to close early in 2005, is £118 million. It represents a strong return for R&SA shareholders and signals the end of the group’s main restructuring process for its international businesses.

There are several novel aspects to the transaction including the fact that it will be the first insurance portfolio transfer involving an insurer exiting Japan.

Steve Lewis, managing partner of Herbert Smith’s Tokyo office, led on the deal, which also involved senior solicitor Maryse Gray, with additional assistance from Graeme Preston and James Robinson.

AIG were advised by Sidley Austin Brown & Wood (Chicago office) and Anderson Mori in Tokyo.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.