China Reinsurance (Group) Corporation (China Re) has entered into a definitive agreement to acquire Chaucer from The Hanover Insurance Group, Inc. (NYSE:THG) for US$865 million. This transaction will enable China Re to thrive and prosper and will enhance the company’s international presence and capabilities in serving the belt and road initiative in the global marketplace. Sidley represented China Re in the transaction.
China Re is the only state-owned reinsurance group established by the Ministry of Finance of the People’s Republic of China and Central Huijin Investment Co., Ltd. China Re ranked first in Asia and eighth globally in terms of reinsurance premiums. China Re maintains a leading position in China’s reinsurance market, and has a vast client base with long-term business relationships with most insurance companies in China.
The Sidley team was led by partners Henry Ding and Martin Membery. The transaction team included members from Hong Kong, Beijing, London and the U.S. offices.