Simpson Thacher recently represented The Dai-ichi Life Insurance Company, Limited (“Dai-ichi Life”) in connection with its offering of an aggregate of 184.9 million shares of common stock, which included an international offering to institutional investors pursuant to Rule 144A and Regulation S. The offering raised approximately ¥264 billion, which Dai-ichi Life plans to use to fund, in part, its approximately $5.7 billion cash acquisition of Protective Life Corporation, a U.S. life insurance group.
Established in 1902 as Japan’s first mutual life insurance company, Dai-ichi Life is the second-largest private sector life insurer in Japan, as measured by total assets and premium income, and had approximately 8 million policyholders as of March 31, 2014.
The Simpson Thacher team that worked on the transaction included Alan Cannon, David Snowden, and Jonathan Stradling (Capital Markets); and Robert Holo and Adam Wells (Tax).
