Clyde & Co announced today that Michael Cripps will join its global corporate insurance practice as a partner at the end of February.
He will be based in Shanghai and will be focussing on developing the corporate insurance practice in China.
Andrew Holderness, Global Head of the Corporate Insurance Group, said: “China’s total insurance premiums grew at a rate of 33% in 2010 according to the Chinese regulator, with assets now totalling approximately US$751 billion, and this growth is being driven by the country’s rapid economic development. International capital is being deployed into the insurance sector from more mature markets in Europe and the US, as well as from domestic companies who have come through the credit crunch in a position of strength.
“Insurance companies require considerable specialist expertise in their legal advice, and present a number of complex legal challenges around capitalisation, structure, regulation and distribution – and this is particularly true in China. We are delighted that Michael is joining us. He has a rare combination of in-depth insurance expertise and a profound understanding of the Chinese markets, and will be a key part of our ability to build our service offering.”
Michael Cripps added “The Chinese insurance market is incredibly exciting and we are building a first class team, with both local insight and a reputation for corporate insurance that is second to none. I look forward to helping to build the global practice both in China and across the region. “
Michael joins from Insurance Australia Group – Australia’s largest publicly-listed P&C insurer – in Sydney where he was Group General Counsel for five years. Prior to that, he was based in Shanghai for 13 years as a partner in Allens Arthur Robinson and Managing Director of Glenmore Trading and has lived and worked as a lawyer in China for over 13 years. Michael is fully bilingual and is an accredited English-Mandarin interpreter.
Michael’s appointment follows the arrival of corporate insurance partners Bob Ansehl (New York) and William Tsang (Hong Kong) last year and brings the total number of partners in the global Corporate Insurance team to 18.