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The consortium led by Singapore Life (Singlife), an insurer that offers mobile savings and protection solutions, has announced that it has completed the transaction to combine Singlife with Aviva.
A new entity called Aviva Singlife Holdings will now have the legal entities Singlife and Aviva Singapore, which will continue to operate independently until the Singlife business transfer scheme to Aviva Singapore is approved by the Singapore courts and completed. Thereafter, the new combined business will be called Aviva Singlife Pte. Ltd (“Aviva Singlife”).
The transaction announced on September 11, 2020 is one of the largest insurance deals in the region and the largest in Singapore, valuing Aviva Singlife at S $ 3.2 billion. The combination of two of the fastest growing insurance companies in Singapore marks the creation of a local Southeast Asian savings and protection company.
This milestone marks the establishment of a well-capitalized financial holding company, ready to create change in the insurance industry in Singapore. ”
Current Singlife Chairman Ray Ferguson has been appointed Chairman of Aviva Singlife Holdings, while Singlife Group Chief Executive Officer Walter de Oude is appointed Vice Chairman of Aviva Singlife Holdings. The current CEO of Aviva Singapore, Nishit Majmudar, will be appointed CEO of Aviva Singlife once the Singapore courts approve the transfer plan.
Ray Ferguson, Chairman of Aviva Singlife Holdings said: “This milestone marks the establishment of a well-capitalized financial holding, ready to bring change to the insurance industry in Singapore. We look forward to leveraging the best that Singlife brings in technology and Aviva Singapore in advising on quality for the benefit of Singaporeans and the region. “
The completed transaction follows a historical issuance of SGD 550m Reg S Only 10.25NC5.25 Aviva Singlife Holdings Tier 2 Notes at 3.375% for pending investor demand, with the final order book exceeding S $ 3.5 billion, a coverage of more than 6.3x.
Nishit Majmudar, Chief Executive Officer of Aviva Singapore, said: “Aviva has a long history of building trust with people in Singapore and providing quality advice. With exceptional support from new investors and partners, and advanced mobile-first capabilities. Aviva Singlife, we will continue to build on our customer-centric approach and bring quality savings and protection products to Singapore and beyond. “
Standard Chartered Bank, Moelis & Company and JP 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.
Walter de Oude, Vice President of Aviva Singlife Holdings, said: “This agreement was made possible through deep collaboration and commitment among all of our partners to see a new generation of financial services emerge at a unique and challenging time. We hope to be an example for others. entities that are determined to bring positive changes to their industries, without being intimidated by circumstances. “
