Raja, Darryl & Loh (“RDL”) acted as Malaysian counsel to Zurich Insurance Group (“Zurich”) in connection with its acquisition of the global travel insurance business of American International Group, Inc. (“AIG”), including AIG Travel Assist Malaysia Sdn Bhd (“AIG Travel Assist”).
The total transaction value was approximately USD 600 million(1)(2). AIG Travel Assist, a key service provider to AIG Malaysia Insurance Berhad, forms part of this strategic acquisition.
Working alongside Zurich’s global legal advisors, Skadden, Arps, Slate, Meagher & Flom LLP, and Clyde & Co LLP, the RDL team provided counsel on various local aspects of the transaction such as advising on legal and regulatory compliance, outsourcing and reinsurance arrangements, transitional services agreement, the transfer of employees, and providing guidance on anti-competition issues to ensure a smooth transition and integration with Zurich’s operations in Malaysia.
The transaction was successfully completed on 2 December 2024.
The RDL team on this transaction was led by Partner, Tai Chu Wei, and supported by Associate, Devraj Nagarajan.
(1) https://insuranceasia.com/insurance/news/zurich-buys-aig-travel-insurance-600m
(2) https://theedgemalaysia.com/node/736413