Dec 2023
Conyers acted as Bermuda legal counsel to Chubb Life Insurance Company Ltd., a Bermuda company registered as a Class E insurer under the Insurance Act 1978 of Bermuda acting through its Hong Kong Branch, in connection with its transfer of all of its long-term business in Hong Kong to Chubb Life Insurance Hong Kong Limited (“CLIHK”) (the “Transfer”). The Transfer was carried out in accordance with the statutory processes set out in section 25 of the Insurance Act 1978 and section 24 of the Insurance Ordinance (Chapter 41 of the Laws of Hong Kong), under which an application was made by petition to the Supreme Court of Bermuda and to the Court of First Instance of the High Court of Hong Kong, each for the sanction of each scheme setting out the terms of the Transfer.
CLIHK (formerly known as CIGNA Worldwide Life Insurance Company Limited) is an Authorised Insurer in Hong Kong and was originally a subsidiary of Cigna Corporation. The Transfer was effected subsequent to the acquisition by Chubb International Investments Limited (a subsidiary of Chubb Limited) of the entire issued share capital of CLIHK. Such acquisition formed part of the Chubb’s groups wider strategic acquisition of the life and non-life insurance companies housing Cigna group’s personal accident, supplemental health and life insurance business in the Asia-Pacific market. With the addition of CIGNA’s business, Asia-Pacific’s share of Chubb’s global portfolio will grow to approximately US$7 billion in premium from US$4 billion, representing about 18% of the total company premiums.
Conyers advised on all aspects of Bermuda law including but not limited to preparing and finalising the explanatory statement, policyholder mailings and transfer scheme and coordinating various applications, petitions and corporate approvals for the purposes of successfully closing the Transfer in both Bermuda and Hong Kong, applying to and receiving the Bermuda Monetary Authority’s consent for the Transfer, supporting Hong Kong counsel in connection with the Hong Kong transfer scheme and representation of Chubb Life Insurance Company Ltd. before the Supreme Court of Bermuda on its application for sanction of the Transfer.