Magic circle duo land lead roles on China insurance deal
Slaughter & May is acting opposite Freshfields Bruckhaus Deringer on Swiss Re's US$493m acquisition of 4.9% stake in China's third biggest life insurance company. The deal, which closes today, is part of a wider initiative by Swiss Re to tap China's burgeoning life insurance market, which is thought to rank number five in the world.
November 24, 2013 at 10:51 PM
2 minute read
Slaughter & May is acting opposite Freshfields Bruckhaus Deringer on Swiss Re's US$493m acquisition of 4.9% stake in China's third biggest life insurance company.
The deal, which closes today, is part of a wider initiative by Swiss Re to tap China's burgeoning life insurance market, which is thought to rank number five in the world.
Swiss Re acquired the stake directly from Zurich insurance company, purchasing 152.9m H shares listed on the Hong Kong Stock Exchange and representing 4.9% of the total issued share capital of New China Life, which also includes A shares listed in Shanghai.
John Dacey, Swiss Re's Group Chief Strategy Officer, said that despite its China's insurance market being so large it still remained largely untapped.
"China is the fifth largest life insurance market in the world, but its penetration is still relatively low," he said.
"Investing in New China Life enables us to tap into this growth potential."
Slaughter and May advised Swiss Re on the deal, focusing on risk transfer, risk retention financing and asset management, with a team led by Hong Kong M&A partner Neil Hyman.
Freshfields acted for Zurich, with a group led by corporate partner Melissa Thomas, based in Shanghai. New China Life itself wasn't directly involved in the deal.
Headquartered in Beijing, New China Life is a Chinese insurer, providing life and health products.
It launched a dual IPO in Hong Kong and Shanghai in 2011, raising approximately $1.9bn.
Slaughter and May also advised Swiss Re on its agreement with Pacific Century Group to invest up to US$425 million in FWD Group.
Related: King & Wood Mallesons senior partner to chair HK insurance group
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