Issue 1 2019

Acquisition International - Issue 1 2019 5 News : from around the world Tezos Foundation Strengthens its Governance and Management Team with New Hires After the successful launch of the main net last year, the Tezos Foundation is continually focused on how it can best support the further development of its third generation blockchain protocol and its ecosystem. With the appointment of two senior executives, the Foundation is taking an important step forward by strengthening its internal expertise and capabilities. We look forward to having Ulrich Sauter, Eelco Fiole and Lily Liu working with the Foundation and bringing crucial governance, financial and industry specific experience,” says Ryan Jesperson, President of the Tezos Foundation. Ulrich Sauter has more than 20 years of professional experience in the financial and legal industry. Before joining Zurich based law firm Naegeli & Partners Attorneys at Law Ltd. as counsel, he worked as general counsel and member of the executive committee for Leonteq. His international work experience and his focus on governance and compliance will bring valuable insight to the Tezos Foundation. Eelco Fiole is co-founder and sole managing partner of Alpha Governance Partners, an international risk-governance focused fiduciary services firm. With 25 years in the financial services industry, he gained almost a decade of fiduciary COO- and CFO- experience in alternative investments, wealth management and blockchain and will help to further develop the Tezos Foundation’s strategy around governance and risk diversification. Fiole is an Adjunct Professor in Finance Ethics at the University of Lausanne. He states: “Observing the increasing maturity and institutionalisation in the blockchain space, Tezos is excellently positioned to be a leading model for robust governance, supporting cutting-edge technological development and protocol adoption globally”. Lily Liu has joined as advisor to the board of the Tezos Foundation already in November last year. Lily has an extensive background in private equity and in the blockchain space. She is co-founder of blockchain startup Earn. com, acquired by Coinbase in 2018, and will work closely with the Tezos foundation board and advise on ecosystem development and strategy. Tezos is a self-amending smart contract blockchain protocol that successfully launched in the summer of 2018. It has a strong global community that is growing rapidly. The Swiss based Tezos Foundation supports the long-term success of the Tezos protocol and ecosystem. By funding initiatives from scientists, researchers, developers, entrepreneurs and enthusiasts, the Foundation encourages decentralised development and robust participation. The Tezos Foundation is expanding its leadership team. Attorney at Law Ulrich Sauter, an experienced expert for financial products, fintech, corporate governance and compliance, has been appointed as General Counsel of the Tezos Foundation. Additionally, Eelco Fiole, investment executive and adjunct professor for finance ethics, has joined as Chief Financial Officer. Blockchain and tech entrepreneur Lily Liu has joined as an advisor to the board of the Foundation. With their combined experience and expertise, they boost the capabilities of the Tezos Foundation. The acquisition of Chaucer Group (“Chaucer”) is a significant move for China Re which delivers on its “One Core, Three Breakthroughs and Five Cross- overs” Strategy launched in 2016 and marks a milestone in the expansion of its global footprint. Chaucer is headquartered in London and is a top quartile player in the Lloyd’s market. It is also a quality global (re)insurer with strong specialty risk capabilities and an excellent track record. China Re entered into a Share Purchase Agreement with The Hanover Insurance Group, Inc. in September 2018 to purchase 100% of Chaucer’s share capital. The acquisition is expected to benefit China Re from synergies with its existing entities and Chaucer in terms of business platforms, products and technical know-hows. China Re also aims to strengthen its core reinsurance business, enhance its global market position and better serve the Belt & Road Initiative. China Re plans to transfer Syndicate 2088 into Chaucer’s Managing Agency, subject to regulatory approval. Mr. Yuan Linjiang, Chairman of China Re, said: “This is an exciting time for China Re. We are very pleased to have gained the regulatory approvals to complete the acquisition of Chaucer Holdings Limited. This deal fits China Re’s strategic positioning of ‘reinsurance as the core business’ and the pursuit of international development in our ‘One Core, Three Breakthroughs and Five Cross-overs’ corporate strategy. We expect to take advantage of Chaucer’s business platforms across the world to maximize the opportunities for mutually beneficial growth.” Mr. He Chunlei, Vice Chairman and President of China Re, commented: “Chaucer is an outstanding performer in the Lloyd’s market run by a well-respected management team with business access to more than 200 countries and regions across the world. The acquisition of Chaucer will expand China Re’s global reach and raise our profile in the international markets.” “This is an auspicious day for Chaucer, our clients and for China Re as this significantly enhances the strength of our market offering and creates new global opportunities to explore, including those from the Belt and Road initiative,” said John Fowle, Chief Executive Officer at Chaucer. “The completion of this transaction marks a significant milestone in our history and we are ready to accelerate our business development and growth with the support of China Re.” Aon Securities acted as the financial advisor and Sidley Austin LLP provided legal advice to China Re in this transaction. China Re Completes Acquisition of Chaucer Holdings Ltd.