Global law firm Norton Rose Fulbright has advised China Taiping and Taiping Reinsurance on their partnership with Ageas, an international insurance provider.
Ageas has agreed to subscribe for 25% in the share capital of Taiping Reinsurance, a subsidiary of China Taiping, strengthening its existing partnership and business relationship by building on its previous investments in other life and asset management subsidiaries of China Taiping. China Taiping is a company listed on the Hong Kong Stock Exchange, primarily engaged in the underwriting of property/casualty insurance and reinsurance in Asia. Taiping Reinsurance is a company providing non-life and life reinsurance.
The Norton Rose Fulbright team led negotiations on the documentation relating to the subscription and shareholders’ rights, advising on regulatory approval requirements, legal due diligence issues and compliance with the Hong Kong Listing Rules.
Psyche Tai, head of Hong Kong and partner who led on the deal, commented:
“We are delighted to have advised China Taiping, our longstanding client, on their collaboration with Ageas, which is expected to benefit their internationalisation strategies via the reinsurance business in the European and Asian markets. The subscription will also strengthen the capital base of Taiping Reinsurance, facilitating the growth of its business in the future.”
The team also included partners Etelka Bogardi and Anna Tipping, with support from counsel Rachel Chan and associates Tiffany Cheung and Ryan Ho.
In 2015, Norton Rose Fulbright advised China Taiping Insurance Holding Company Limited, on its top-up placing and subscription of shares, raising approximately HK$13.48 billion before expenses. This was one of the largest insurance sector placements in 2015 across Asia (excluding Japan) and the second largest share placement in Hong Kong in 2015.