Patrick Peng

Full Profile

Patrick advises companies and family offices on a broad spectrum of corporate and commercial matters, including company formation, shareholder and investment agreements, share sale transactions, employment contracts, distribution agreements and other key commercial agreements. He also supports clients entering regulated financial sectors by securing the necessary licences and developing robust compliance frameworks and programs.

Before joining Clyde & Co in November 2025, Patrick served as the General Counsel (Acting) of the Hong Kong Insurance Authority, where he played an instrumental role in building the regulator from the ground up.  His expertise spans life and non-life insurance, reinsurance, corporate governance, licensing, market conduct, and policy development.  

Patrick’s background is further rounded out by his prior experience as a corporate lawyer at leading U.S. law firms, advising global and domestic insurers, reinsurers, agencies and brokers across the full business lifecycle – from market entry and regulatory licensing to distribution arrangements, governance, mergers and acquisitions, portfolio transfers and a wide range of other corporate and commercial transactions. He is known for providing innovative solutions in guiding clients through complex regulatory, transactional, and compliance challenges.

In addition to his legal practice, Patrick contributes to industry and talent development as a part-time lecturer at The Hang Seng University of Hong Kong, Vice President of the Guangdong-Hong Kong-Macao Greater Bay Area Actuarial and Insurance Industry Academy, and Director of The Hong Kong Insurance Law Association.

Experience

Regulatory Framework Development

• Drafted the laws, regulations and guidelines underpinning major regulatory regimes, including fast-track authorization for digital insurers, group-wide supervision (GWS), captives, ILS, risk-based capital (RBC), and company re-domiciliation.  
• Advised on corporate governance frameworks, internal controls, and compliance manuals for (re)insurers and insurance intermediaries.

Authorization & Licensing

• Advised the regulator on assessing and approving new authorizations for life and non-life (re)insurers, captives, special purpose insurers for insurance-linked securities (ILS), P&I clubs, and fast-track digital insurers.
• Assisted insurers in obtaining authorization to conduct life insurance business in or from Hong Kong, including advising on business plans and establishing initial operations.
• Advised on licensing applications for insurance brokers, agents and managing general agents (MGAs), including business plans, internal controls and corporate governance.

Product Development

• Supported life insurers in product design, policy wording, and review of marketing materials.
• Assisted insurers in securing Securities and Futures Commission (SFC) authorization for investment-linked assurance schemes (ILAS).

Distribution Channels

• Acted for insurers in negotiating and acquiring bancassurance channels.
• Drafted agency, broker, and referral agreements with insurance intermediaries.
• Advised insurers, reinsurers, and insurance intermediaries on cross-border (re)insurance matters.

Digital Transformation

• Assisted insurers on material outsourcing arrangements and regulatory notification requirements.
• Drafted outsourcing agreements for IT services, claims management, and other functions. 
• Assisted the regulator in assessing insurers’ outsourcing proposals.

Reinsurance & Alternative Risk Transfer

• Drafted and reviewed reinsurance contracts and advised on asset and capital requirements and collateral arrangements. 
• Drafted the laws and guidelines establishing Hong Kong’s ILS regime.
• Advised the regulator on reinsurance sidecars and protected cell company structures. 
• Advised the regulator in assessing catastrophe bond issuances by special purpose insurers.

Portfolio Transfers

• Advised non-life (re)insurers on portfolio acquisitions and regulatory approvals.
• Assisted the regulator in assessing portfolio transfers among non-life (re)insurers.
• Represented the regulator in Court proceedings for schemes of transfer of life business.

Mergers & Acquisitions

• Advised on several M&A transactions and group reorganizations involving insurers, reinsurers, and insurance intermediaries.
• Advised on private equity investments in insurers and related regulatory approvals. 
• Represented conglomerates in acquiring life insurers in Hong Kong, Macau and Bermuda.
• Advised Hong Kong-listed companies on strategic acquisitions across banking, biopharmaceuticals, mining, logistics, and retail sectors.

Capital Markets

• Advised issuers and underwriters across the insurance, banking, energy, retail, and microfinance sectors on Hong Kong IPOs and global offerings.
• Advised issuers and underwriters on debt offerings, including corporate and sovereign bond issuances.