Eversheds Sutherland has advised China Taiping Insurance (UK) Co Ltd (CTI), a subsidiary of the Fortune Global 500 China Taiping Insurance Group, on a complex insurance business transfer scheme which utilised a saving provision introduced by the UK Government prior to Brexit.
The transfer comprised the assignment of China Taiping’s EU insurance business to a leading international insurance and reinsurance group, DARAG.
This provision allows so-called Part VII transfers that were begun prior to Brexit to be completed, subject to all elements of the transfer being concluded before the end of December 2022.
The Eversheds Sutherland team was led by insurance Partners Martin Mankabady and Adriana Cotter and comprised Partner Paula Gaddum (Insurance & Reinsurance) and Senior Associates Henry Dean (Financial Services) and Edward Moss (Insurance).
High Court approval for the business transfer was obtained on 28 November 2022, and took into account a number of factors including the impact of inflation and the war in Ukraine.
Martin Mankabady, Partner, Eversheds Sutherland, commented:
“We were delighted to support our long-standing and important client, China Taiping, on this transfer, which involved utilising a new and temporary legislative provision and represented unchartered territory. Considering the current economic and geo-political environment, we are proud to have delivered a deal which helps our client to focus on and invest in its UK activities whilst safeguarding the interests of policyholders.”
Adriana Cotter, Partner, Eversheds Sutherland, commented:
“We are thrilled to have delivered this highly strategic transition for China Taiping, one that will reinforce its foundations to support its ongoing growth and progress within its key markets.”
Weimin Zheng, Deputy General Manager, China Taiping, said:
“Eversheds Sutherland brought much welcomed clarity to an extremely complex process. The technical excellence they displayed, particularly in relation to the regulatory and transactional elements of the deal, was evident throughout. The team was diligent and professional in its approach and drew on deep sector knowledge and experience that was second to none.”