Walkers acts as Bermuda and BVI counsel to New World Development's Acquisition of FTLife Insurance

Walkers is pleased to announce that it acted as both Bermuda and BVI counsel to New World Development's ("NWD") recent acquisition of FTLife Insurance from the JD Group.

NWD, through its subsidiary NWS Holdings, paid HK$21.5 billion (US$2.75 billion) for FTLife. The deal is one of the top five insurance M&As ever in Hong Kong.

FTLife serves individual and institutional clients with a range of financial protection and wealth management products. In 2017, it was the 12th-largest individual life insurer in Hong Kong by premiums and had a 1.4% market share. It has about 2,800 financial consultants and staff.

Walkers' Bermuda and Hong Kong offices advised on this transaction and was instructed by Sullivan & Cromwell. The Bermuda team was led by partner Jonathan Betts with support from senior counsel Paul Nystrom and Rachel Nightingale and the Hong Kong team was led by partners Rupen Shah and Jo Lit.