Allens Arthur Robinson has advised Germany's third-largest insurance provider on its Vietnamese partnership.
With income of about US$33 billion in 2010, Talanx Group is the eleventh-largest insurance group in Europe. Under Allens advice, Talanx signed (in Hanoi on Wednesday 17 August) a strategic partnership with Hanoi Stock Exchange-listed insurer PVI Holdings, valued at US$93 million ($88.9m).
PVI Holdings, formerly PetroVietnam Insurance Joint Stock Corporation, is the leading non-life and industrial insurer in Vietnam, with a gross written premium in 2010 of about US$183 million.
Partners Nigel Russell and Marae Ciantar and senior Associate Ian Stewart led the Allens team from the firm's offices in Singapore and Vietnam.
Vietnamese firm YKVN Lawyers also acted in the transaction.