b'Mergers & Acquisitions | Property-Casualty Sector | AsiaIn August 2020, ICICI Lombard General InsuranceSouth Korea(ICICI) and Bharti AXA General Insurance (BhartiIn May 2020, Hana Financial Group (Hana AXA) announced a transaction that will createFinancial) acquired a 70% stake in The-K Non-Life Indias third-largest general insurer. ICICI and BhartiInsurance from the Korean Teachers Union for $63 AXA will combine their insurance businessesmillion. Hana Financial is one of Koreas largest through a share swap deal in which shareholders offinancial conglomerates, and The-K Non-Life Bharti AXA will receive two shares of ICICI LombardInsurance is an auto insurance specialist. The invest-for every 115 shares of Bharti AXA. The transactionment marks one of Hana Financials few acquisitions is intended to consolidate ICICI Lombards positionin the non-banking sector. as a leading non-life insurer and leverage Bharti AXAs distribution platform. AustraliaIn November 2020, HDFC ERGO GeneralIn December 2020, Westpac Banking Corp. Insurance announced the completion of its merger(Westpac) announced that it would sell Westpac with HDFC ERGO Health Insurance followingGeneral Insurance and Westpac General Insurance approval by the National Company Law TribunalServices to German-based global insurer Allianz SE and final approval from the Insurance Regulatory(Allianz) for AUD$725 million. As part of the and Development Authority. HDFC ERGO Generaltransaction, Westpac will also sign an exclusive Insurance is a 51/49 JV between the Housing20-year agreement with Allianz to distribute a range Development Finance Corporation, an Indianof Allianzs general insurance products to Westpacs housing finance institution, and ERGO Group, thecustomers. The bancassurance agreement expands primary insurance entity of the German Munich Reupon an existing partnership in which Westpac has Group. The merger is intended to make HDFCoffered its customers Allianz products including ERGO General Insurance a one-stop-shop forauto, travel and boat insurance. The transaction is general and health insurance offerings. subject to regulatory approvals and expected to Indonesia complete in the second half of 2021. gIn September 2020, Indonesian micro-insurance insurtech firm PT PasarPolis Indonesia (PasarPolis) raised $54 million in a Series B financing round. Investors in the companys Series B Preferred Shares included LeapFrog Investments Ltd., a global impact investor that invests in capital, people and knowledge in purpose-driven busi-nesses to help them grow, be profitable and have a real social impact. PasarPolis leverages technology to provide a better insurance consumer experience and is using the capital raised to invest in AI tech-nology for product development and to expand its operations in Indonesia, Thailand and Vietnam. This transaction was ranked as one of the top 10 insurtech transactions globally in 2020. MAYER BROWN 13'