Willkie represents Houston-based HCC Insurance Holdings, Inc., a world leading specialty insurer, in its deal to be acquired by Tokio Marine Holdings, Inc., Japan’s largest insurance group.
On June 10, Tokio Marine Holdings, Inc. and Willkie client HCC Insurance Holdings, Inc., a world leading specialty insurer, announced that they have entered into a definitive merger agreement under which Tokio Marine will acquire HCC for $7.5 billion. Pursuant to the terms of the transaction Tokio Marine will acquire all outstanding shares of HCC for $78.00 in cash per share, through Tokio Marine’s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. The acquisition, which combines HCC’s specialty expertise with Tokio Marine’s global resources, significantly enhances Tokio Marine’s operations in the United States and internationally.
Based in Houston, HCC underwrites more than 100 classes of specialty insurance products through three key underwriting segments: North American property & casualty; accident & health; and international (London market and specialty). Tokyo-based Tokio Marine is Japan’s largest insurer group, with a presence in approximately 40 countries.
The multidisciplinary Willkie deal team was led by partners Michael Groll and Rajab Abbassi and included partners Tariq Mundiya, Michael Katz and Christopher Peters, and associates Ted Powers, Andrew Prodromos, Andrew Shapiro, Meredith Levy, Amir Ghavi and Margaret McSpadden.