Recently, China Banking and Insurance Regulatory Commission approved Chubb to acquire a total of 35.9% shares held by 11 shareholders of Huatai Insurance Group. After the transaction is expected to be completed, Chubb's shareholding ratio in Huatai will increase from 47.3% to 83.2%. Since 2019, many transactions of Chubb's acquisition of Huatai shares have been approved by China Banking and Insurance Regulatory Commission, and the approval of this transaction is another significant progress for Chubb to increase its holdings of Huatai shares.
Chubb is the largest listed property insurance company in the world, and Huatai is a comprehensive financial and insurance group integrating property insurance, life insurance, asset management and fund management. Chubb's series of transactions to increase Huatai shares is one of the largest acquisition transactions in China's insurance industry so far, and Huatai will also become the primary financial and insurance group in China to change from domestic capital to foreign capital holding. JT&N provided Chubb with all-around legal services in the above transactions. The service team was led by senior partners George YU and Elsie SHI, with the participation of Ruo LIU, Chang LUAN, Jiayi GU and Wen ZHANG.
Since China further expanded its financial industry opening to the outside world in 2018, JT&N is honored to have the opportunity to assist many world-renowned financial and insurance groups to accomplish a number of major projects to further open the insurance industry to the outside world. In addition to the above-mentioned project of helping Chubb increase its shareholding in Huatai, JT&N also assisted Allianz Group to set up the first wholly foreign-owned insurance group and the first wholly foreign-owned insurance asset management company in China, assisted Allianz Group to realize wholly foreign-owned life insurance companies through mergers and acquisitions, assisted HSBC Group to realize wholly foreign-owned insurance brokerage companies through mergers and acquisitions, and assisted AXA XL to transform its property insurance license in China into a professional reinsurance license.
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