Clifford Chance

Clifford Chance advises IFC on US$550 million pan-Asian reinsurance venture

Hong Kong: Leading international law firm Clifford Chance has advised International Finance Corporation (IFC) on its subscription for 14.9% of the issued share capital of Peak Reinsurance Holdings at an aggregate subscription price of US$81,950,000. The firm also advised IFC on regulatory issues pertaining to the licensing requirements of the Insurance Authority of Hong Kong.

The remaining 85.1% of Peak Reinsurance is indirectly owned by Fosun International Limited, a company listed on the Hong Kong Stock Exchange, which subscribed $468 million for its shares as part of the transaction.

IFC is a member of the World Bank Group and is the largest global development institution focused exclusively on the private sector.

The deal was led by partner Simon Cooke and assisted by senior associates Christina Hui, Raymond Ng and Satbir Walia. Regulatory advice was provided by partner Mark Shipman and senior associate Raymond Fung.