Allbright Provides Legal Services for CPIC and Allianz SE’s Healthcare Joint Venture
2014-03-2710490On Feb 20th 2014, the China Insurance Regulatory Commission (“CIRC”) provided initial approval to China Pacific Insurance (Group) Co., Ltd. (“CPIC”) (601601.SH，02601.HK) and Allianz SE to establish a joint venture engaged in the health insurance industry.
CPIC is the third largest insurance corporation in China and it owns several subsidiaries that specialize in property and life insurance, asset management, and endowment insurance. Allianz SE is the largest insurance corporation in Europe and the largest insurance and asset management group in the world. On Jan 22nd 2013, CPIC and Allianz SE successfully reached an investment agreement to establish a joint–venture to provide commercial health insurance. This planned joint venture is a part of CPIC and Allianz SE’s larger collaborative business strategy. The two companies will cooperate and share their resources with respect to branding, marketing channels and professional operations. The joint venture is planned to be a comprehensive service provider of commercial health insurance to middle- and high-end individual consumers and high-value enterprises.
The AllBright legal team advising on the transaction included partners Judith Yang, Qiwei Ding, William Yang, and associate Cissy Chen. The team provided services including representing CPIC in its negotiations with Allianz SE, drafting and revising the term sheet, investment agreement, and bilingual articles of association, issuing legal opinions regarding the transaction, and providing professional advisory opinions in accordance with the Insurance Law and CIRC regulations.
