Global law firm Reed Smith has represented its client, leading health and life insurance provider, Green Crescent Insurance Company PJSC (ADX:GCIC), in a strategic alliance with AXA – one of the largest and the leading insurers in the region. The alliance involves the subscription for convertible loan notes by AXA and Kanoo Group which will convert into AED 100 million worth of shares in GCIC. Reed Smith’s Abu Dhabi Corporate team, led by Arash Amai (partner), assisted by Maher Al Mannaee (partner) and Sarah Shennib (associate), assisted GCIC in the issuance of the convertible notes to AXA and Kanoo Group, including all matters related to the extraordinary general assembly of the company and authority approvals. The investment will double GCIC’s paid-up capital to AED 200 million upon conversion, allowing GCIC to continue to grow its UAE health insurance business and to optimise its product offering in the life insurance sector.
Nathan Kennedy, Managing Director of Green Crescent Insurance Company, commented:
“Arash has been a valuable member of the team in advising the board and helping to getting this transaction over the line. He and the rest of the Reed Smith team are extremely responsive and knowledgeable, and have been an asset in guiding us through this important transaction. We anticipate solid growth in written premiums and insurance margins as a result.”
Arash Amai, Partner at Reed Smith, added:
“The formation of this strategic alliance and the investment via the convertible note instrument represents an important milestone for GCIC. It creates an exciting opportunity for GCIC to build on its product offering the life insurance sector and reinforce its foothold in the health sector. For the Reed Smith team, it has been an opportunity to work very closely with our client on such a significant transaction.”
Norton Rose Fulbright advised AXA.
ENDS
Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 25 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Jeyda Star (Senior PR & Communications Manager EME) on +44 (0)20 3116 2571.
About Green Crescent
Green Crescent Insurance Company was founded in 2008 as a public joint stock company. Currently operating in the UAE, the company provides tailor-made health and life insurance solutions to groups and corporate clients in the region. Putting “Your Health First”, Green Crescent offers a commitment to providing clients quality healthcare on a global basis by using product innovations, technology, and a network of leading healthcare providers. Contractual agreements with United Healthcare and HTH Worldwide [two of the most highly regarded healthcare providers in the United States, and leading administrative firms in the UAE] translate into convenient, reliable, and comprehensive solutions for customers.