Hong Kong team advises on notable transaction in the insurance sector.

Zurich’s General Insurance business (Zurich) in Hong Kong has announced that it has entered into an agreement to acquire Kono Insurance Limited (Kono Insurance), an authorised general business insurer in Hong Kong. Kono Insurance is a multi-line general business insurance player, underwriting most classes of general business insurance, with a particular focus on construction and engineering related insurance.

Latham & Watkins advised Kono Insurance's shareholders in the sale of the entire issued share capital to Zurich. The acquisition will enable Zurich to build upon the strength of its existing proposition offering in Hong Kong by adding Kono Insurance’s expertise in construction and engineering related insurance. Kono Insurance will become a wholly owned subsidiary of Zurich, subject to regulatory approval.

Cathy Yeung, a partner in Latham & Watkins’ Hong Kong office and Chair of the firm’s Greater China Practice, commented: “We are delighted to have been involved in this transaction which assisted the shareholders of Kono Insurance in their exit strategies. The transaction plays to our strengths in the financial institutions sector and our extensive experience in Hong Kong.”

“We are proud to have worked with our client on this prominent matter in the financial industry, bringing our more than 20 years of experience in Hong Kong, M&A expertise and deep financial services knowledge to bear on the transaction,” added Yeung.

The Latham & Watkins team was led by partners Cathy Yeung and William Woo, with associates Dickson Ng and Gary Loh.