Insurance deals down 40% in Asia Pacific says Clyde & Co
There has been a drop in insurance industry M&A activity worldwide according to analysis by global law firm Clyde & Co.
There were 170 deals in the first six months of 2017 compared to 186 in the preceding period with deals in Asia Pacific down almost 40% to 22 (from 36), mainly due to monetary controls in China.
European insurance M&A has been heavily impacted by Brexit with deals down 28% in the first half of 2017 while the Americas increased its deals to 86 from 81. The Middle East and Africa region also increased from just 2 to 8 deals.
The outlook is more positive with Chinese regulatory challenges expected to ease along with other political and economic uncertainties also set to stabilize.
“While insurers continue to consider all the tools at their disposal in the quest for growth, there is good reason to expect that more M&A will get over the line in the coming six months,” commented Andrew Holderness, global head of Clyde & Co’s corporate insurance group.
International firm gets go-ahead for Hong Kong expansion
Morgan Lewis has been given approval to launch an association with Hong Kong firm Luk & Partners.
The Law Society of Hong Kong’s approval means that the firm will have a stronger presence in the region, which now includes 70 lawyers in China collaborating with 90 in Singapore, Tokyo and Kazakhstan.
“This exciting development also continues our substantial commitment to Asia that has been unfolding over the past three years, as we have expanded our offices in Beijing and Tokyo and have opened our doors in Singapore and Shanghai,” said firm chair Jami McKeon.
Complaints against NZ lawyers fall
There were 2.3% fewer complaints against lawyers in New Zealand during the year to 30th June 2017.
The New Zealand Law Society
’s Lawyers Complaints Service’s provisional data shows that 93.7% of complaints were against practicing lawyers and that 68% of all complaints were against men, 32% against women.
Of the 1419 complaints received, it was decided to take no action in 1101; 116 were referred to and resolved by negotiation, conciliation or mediation; 15 were withdrawn or settled; orders were made by lawyers standards committee in 189 cases; and 516 were still outstanding as of 30th June 2017.