Allen & Overy has advised ACR Capital Holdings, the owner of Singapore’s largest reinsurance firm, on its estimated $1 billion sale to two Chinese state-owned investment corporations, both of which were represented by Clyde & Co.

ACR Capital is the holding company of Asia Capital Reinsurance Group, which has operations in China, Japan and the Middle East. The buyers are Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings.

The deal is the latest in a string by deep-pocketed Chinese investors hunting for foreign insurance companies outside their home market, according to Reuters, and is said to be the largest in the Southeast Asian financial sector in 2016.

The A&O team was led by Singapore partner Chris Moore, while the Clyde & Co team was led by partner Ian Stewart. Other firms that acted for ACR in this transaction included Kadir Andri & Partners (Malaysian counsel), ASAR Legal (Bahraini counsel), Kim & Chang (Korean counsel), Lee & Li (Taiwanese counsel) and Trilegal (Indian counsel).