Global law firm Clyde & Co has advised long-standing client Chubb on its strategic cooperation agreement with PICC Property & Casualty Company of China.
Clyde & Co was Lead Counsel to Chubb, drafting and negotiating the agreements between it and PICC, which involved creating an arrangement covering over 200 countries.
The agreement allows Chubb to support PICC's customers and other Chinese-affiliated companies around the world in line with the Chinese government's drive to promote the country's "Going Out" and "One Belt One Road" initiatives.
The Clyde & Co team which advised on the commercial agreements was led by corporate insurance Partner Andrew Holderness and Legal Director William Hogarth (both in London), and Partner Michael Cripps in Shanghai.
Andrew Holderness, Global Head of Corporate Insurance at Clyde & Co, says: “We are proud to have advised Chubb on this significant co-operation agreement. The demand for general insurance is increasing as Chinese companies increasingly look outside of China for growth opportunities in line with the government’s “one belt one road” initiative.”
PICC P&C is China's largest property and casualty insurance company, with total assets of approximately USD72.2 billion and gross written premiums of approximately USD47.3 billion reported in 2016. PICC's commercial customers include some of China's largest enterprises, many of which have complex operations in multiple foreign jurisdictions.
Clyde & Co’s insurance team consists of over 250 partners and more than 1000 legal professionals worldwide, operating across the firm’s 49 offices. Its global corporate insurance team is the largest specialist group of its kind and consists of corporate and commercial lawyers in key insurance centres worldwide, including London, New York, Paris, Dubai, Hong Kong, Shanghai, Singapore, and Sydney.