Howden M&A Forum Thailand 2026: Where risk transfer becomes structural to deal execution

Transaction insurance is no longer ancillary to M&A transactions. It is fast becoming a key enabler of M&A, enhancing deal certainty and enabling parties to proactively manage transactional risks.

That was the defining message at Howden’s inaugural M&A Forum in Bangkok this week — an event dedicated exclusively to the strategic role of insurance in M&A transactions.

Bringing together M&A decision-makers and advisers, including private equity investors, corporates, leading law firms, financial advisers, tax advisers and international underwriters, the M&A Forum marked a clear inflection point in how risk transfer solutions are being integrated into Thai and cross-border deals.

Opening the forum, Jittiwut Sasibutra, Chief Executive Officer of Howden Maxi, framed the discussion around the next phase of Thailand’s deal market — one defined by greater complexity, heightened scrutiny and more disciplined capital deployment.

“Thailand’s M&A market is entering a more sophisticated phase. Insurance is no longer introduced late in a transaction as a defensive measure. It is increasingly evaluated at the structuring stage — shaping negotiations, improving bid competitiveness and enabling cleaner exits.”

W&I Insurance Establishing its Position on Deals

The message from Lombard Asia, Baker McKenzie and Linklaters was unambiguous: W&I insurance is now influencing deal architecture from the outset and not just  post-signing protection.

W&I policy considerations are shaping SPA drafting. Diligence is being scoped with underwriting in mind. Negotiation of risk allocation provisions is heavily guided by insurance coverage parameters. In competitive processes, sellers are hardwiring insurance into the process early on, while bidders are entering auctions with a clear insurance strategy whether or not the process has W&I insurance baked in.

Underwriters from VALE Insurance Partners and Euclid Transactional confirmed that capacity for Thai transactions remains robust, with outcomes hinging on preparation, clarity of disclosure and disciplined broker coordination.

Claims experience across Asia has also matured. The emphasis has shifted from “will insurers pay?” to “how claims are documented, substantiated and managed.” As transaction insurance becomes institutionalised in the region, process and precision matter more than ever.

Precision Risk Solutions Beyond W&I

The forum moved beyond W&I to examine how insurance is being deployed to resolve known tax, litigation and contingent risks, being part of an M&A transaction or on a standalone basis.

Speakers from KPMG, Tilleke & Gibbins and Chandler Mori Hamada outlined how bespoke insurance structures are increasingly used to ring-fence identified issues, allowing pricing discussions and other commercial negotiations to progress with a quantified downside.

Structured risk transfer is being effectively used to bridge valuation gaps and protect balance sheets, particularly in regulated and cross-border deals where certainty comes at a premium.

Lee Xianwei, Head of M&A, Howden Asia, said the evolution in Thailand reflects a broader regional shift.
“Across Asia, transaction insurance has moved from a niche solution to a core execution tool. As cross-border and regulated transactions increase, precision risk transfer is becoming integral to delivering deal certainty and protecting capital. Thailand is now firmly part of that trajectory.”

The scale and seniority of attendance underscored the accelerating integration of transaction insurance into Thailand’s deal ecosystem.
By convening this dedicated M&A risk forum, Howden is reinforcing its role at the forefront of Thailand’s transaction risk market.

With deep regional expertise, established insurer relationships and growing local execution capability, the firm is advising sponsors and corporates on how to structure, negotiate and place insurance solutions that materially enhance deal certainty.

As competition intensifies and transactions become more complex, strategic insurance deployment will be a key differentiator in achieving successful outcomes. Howden is well positioned to drive this progression in Thailand.