Reed Smith advises Green Crescent Insurance

Global law firm Reed Smith has represented leading health and life insurance provider, Green Crescent Insurance Company (GCIC), in a strategic alliance with AXA. The alliance involves insurance of the subscription of convertible loan notes by AXA and Kanoo Group which will convert into AED100 million worth of shares in GCIC. The team, led by Arash Amai (partner) and assisted by Maher Al Mannaee (partner) and Sarah Shennib (associate), also looked into all matters related to the extraordinary general assembly of the company and authority approvals. The investment allows GCIC to continue to expand its UAE health insurance business by doubling its paid-up capital to AED200 million upon conversion.