Sidley Austin has advised China Reinsurance Group (China Re) on its $950 million acquisition of Chaucer Insurance, a unit of Hanover Insurance Group that underwrites risks at insurance market Lloyd’s, with Debevoise & Plimpton advising the seller. 

According to Reuters, China Reinsurance will fund the deal to buy Chaucer with $865 million in cash and $85 million in dividends from the unit. In a statement, Hanover said that sale of Chaucer would reduce its catastrophe and tail risk exposure and improve long-term operating return-on-equity potential.

The Sidley team was led by London-based partner Martin Membery and Beijing-based partner Henry Ding. The Debevoise team was led by London-based partner Jeremy Hill. 

The transaction is expected to close late this year or in the first quarter of next year, subject to the approvals from the general meeting of China Re and domestic and foreign regulators. 

盛德国际律师事务所和美国德普律师事务所助力中再集团拟以9.5亿美元收购英国桥社保险公司

中再集团与美国汉奥威保险集团签署股权购买协议，拟以9.5亿美元收购美国汉奥威保险集团旗下以全球特种险直保和再保险业务为主的英国桥社保险公司100%股权。盛德国际律师事务所在此次交易中担任中再集团的法律顾问。

另据路透社报道，这笔交易为卖方汉奥威保险集团带来了约9.5亿美元的总收益，其中包括中再集团支付的8.65亿美元的现金对价，以及英国桥社今年第二季度收到的8500万美元的签约前股息。汉奥威集团在声明中表示，出售桥社将削减其灾害和尾部风险敞口，提高其长期运营股东权益报酬率潜力。

盛德国际律师事务所负责此次交易的合伙人为伦敦办公室的Martin Membery和北京办公室的Henry Ding，美国德普律师事务所负责此次交易的合伙人为伦敦办公室的Jeremy Hill。

该交易有待中再集团股东大会和中国银保监会等境内监管机构的批准，以及包括英国审慎监管局等海外监管机构的批准，预计完成时间为今年年底或明年一季度。

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