The Singapore-based corporate insurance team of Norton Rose has advised UK insurance run-off specialist Omni Whittington on its first acquisition in Asia.

Corporate finance and insurance partner Chris Moore led the firm's team acting on Omni's acquisition of Singapore insurer Reliance National Asia Re Pte Ltd, the local operations of the soon-to-be liquidated US insurance group Reliance Insurance Company.

Stamford Law Corporation advised Omni on Singapore law issues while Coudert Brothers LLP advised Reliance Insurance Company in the acquisition which completed on 1 July.

Omni's intention to administer the run-off of Reliance National Asia by way of solvent schemes of arrangement - subject to a proposal put forward by Omni to the Monetary Authority of Singapore - will be a first of its kind for the Singapore insurance market and in South-East Asia.

Moore said: "The acquisition is part of the Omni Group's commitment to providing exit solutions for companies in run-off. Solvent scheme run-offs have been very successful in the UK and the US and this transaction will hopefully pioneer the use of this model for run-offs in Asia in the future."