Elsie Shi

Practice Areas

Elsie Shi’s practice encompasses the entirety of a broad and dynamic scope of relevant matters, including: insurance M&A; establishment of “green-field” insurance operations in China; formation of insurance joint ventures; online insurance; making complex reinsurance arrangements; insurance policies wording review and revisions; regulatory compliance; data security and personal information compliance as well as advising insurance and reinsurance companies in managing on-shore insurance funds.

Work Highlights

1. Allianz SE in establishing Allianz (China) Insurance Holding Co., Ltd., the first wholly foreign-owned insurance group company in China, and obtaining approval for business commencement from CBIRC; providing day-to-day legal advice for its China operations

2. Chubb Group in purchasing shares of Huatai Insurance Group from almost 20 different shareholders, making Huatai the first foreign-controlled insurance and financial services holding company, being the second largest acquisition in the insurance sector in China

3.Chubb China in the sale of its business portfolio to Huatai P&C

4. ERGO Insurance Group in increasing its stake from 50% to 65% in its joint venture life insurance company in China

5. Allianz (China) Insurance Holdings Co., Ltd. in applying for the establishment of Allianz Insurance Asset Management Co., Ltd, the first indirectly wholly foreign-owned insurance asset management company in China, and obtaining approvals for preparation establishment and business commencement

6. Allianz in acquiring 49% equity interest in Allianz China Life Insurance Co., Ltd, making it the first wholly foreign-owned life insurance company converted from a joint venture

7. A European insurance company negotiating the corporate governance issues, the joint venture agreement, the articles of association and etc. with the new joint venture partner concerning its property and casualty joint venture in China

8. HSBC in acquiring 100% equity interest in an insurance brokerage company in China, the first successful full ownership acquisition by foreign investor in almost a decade

9. Willis Towers Watson in the China aspects of the sale of its global reinsurance brokerage business to Arthur J. Gallagher & Co.

10. AXA XL China in converting its direct insurance license into a reinsurance license, and provided day-to-day legal advice for its China operations

11. Shenzhen Bolin Asset Management Co., Ltd. and other domestic investors in acquiring all the equity interest held by HNA group in Shin Kong HNA-Life Insurance Company

12. Tsinghua Tong Fang Company in acquiring a 50% equity interest in AEGON-CNOOC Life Insurance Company held by China National Offshore Oil Investment & Holding Corporation, negotiating the joint venture with Aegon International B.V., and obtaining approval from CBIRC

13. ERGO Insurance Group and Shandong State-owned Assets Investment Holding Co., Ltd. in establishing a joint venture life insurance company in China

14. A European multinational insurance group in the post-investment management of its property and casualty joint venture in China

15. ACE Group in handling the PRC legal matters for its global merger with Chubb

16. XL Capital Group in handling the PRC legal matters for its merger with Catlin Group and for the merger of XL Capital Group with AXA

17. Towers Watson in handling the PRC legal matters for its global merger with Willis

18. Citigroup in the sale of its 20% interest in China Guangfa Bank to China Life, being the second largest acquisition in the banking sector in China

19. Marsh & McLennan Companies, Inc. in acquiring HSBC Broker’s business in China; providing day-to-day legal services to Marsh (China) Insurance Brokers

20. Mercer Consulting Co. in acquiring a stake in a local insurance brokerage company; providing day-to-day legal advice to Mercer Insurance Brokerage Company

21. A Singapore company engaged in health data analysis and management in acquiring insurance intermediaries in Shanghai and Beijing

22. Primary Group in acquiring an insurance brokerage company and its affiliates; providing day-to-day legal advice

23. Liberty Mutual Insurance Company in obtaining its China license, forming a P&C insurance company in China and its proposed sale of its equity interest of its wholly-owned P&C insurance company in China, Liberty Mutual Insurance Company, to a domestic private company

24. Lloyd’s of London in establishing its wholly-owned reinsurance company in Shanghai, converting its China reinsurance license into a direct insurance license

25. HSBC in establishing its life insurance operation and obtaining Stage II approval for its life insurance joint venture in China

26. John Hancock Financial Services Inc. in negotiating its life insurance joint venture in China and obtaining its China license

27. Reinsurance Group of America in obtaining its China license

28. Hannover Rück SE in obtaining its China reinsurance license, establishing its first branch in China, and establishing a comprehensive reinsurance operation

29. Citi Insurance of Citigroup in negotiating its life joint venture in Shanghai and obtaining its life insurance license in China

30. Fidelity Guaranty & Life in the acquisition of the company by Anbang Insurance Group

31. Apax Partners LLP, a major European private equity, in preparing and bidding for a minority stake of an existing life insurance company in China

32. Legal and General Group Plc in negotiations with China Construction Bank concerning forming a joint venture life insurance company in China through acquiring a major stake in an existing life insurer

33. Lockton Companies International Limited in obtaining an insurance brokerage license

34. Och-Ziff Capital Management Group in its investment in a major insurance agency in China

35. China Life Insurance Company Limited to complete an insurance fund debt investment project

36. Taikang Insurance Group Inc. in compliance review of insurance products

37. Genworth Financials Inc. in negotiating reinsurance for specific insurance products with PICC Property and Casualty Company Limited

38. A direct sales company of a major European insurance group in establishing new distribution channels in China

39. Kyobo Life in developing its business strategy in China and establishing its China representative office

40. United Health in applying for approvals and setting up representative offices in China

41. HansMerkur Health Insurance in establishing a representative office in China

42. Samsung Life in formulating its China strategy and its online insurance business models in China

Languages Spoken

Mandarin, English

Experience

Elsie Shi advises companies including world-renowned insurance companies, providing a full range of legal consulting services for their investment and operation in China. Elsie Shi has an in-depth understanding of the details of the insurance regulator and other Chinese laws and regulations, enabling her to provide practical legal advice to clients at different stages of investment and operation based on the needs of her clients.

Since joining the JT&N Insurance team in 2007, Elsie Shi has provided Chinese legal services from establishment, M&A, operations, strategic cooperation, investment to compliance for the world's top insurance companies and groups such as Allianz, Chubb, ERGO, AEGON, AXA, AIG, AIA, Pramerica Fosun, HSBC Life, Groupama, Liberty Mutual, Swiss Re, Munich Re, SCOR SE, RGA, Mercer, Marsh, Guy Carpenter, Genworth Financial, ParterRe, Pacific Life Re, Primary, Swiss Life, Willis Towers Watson. Elsie Shi also advised Tongfang and other non-insurance companies on their mergers and acquisitions of insurance companies.

In addition to working in the insurance area, Elsie Shi has also advised financial and other non-financial corporations such as CPP Group and Citigroup in the areas of M&A and investment.