Insurance
Our market-leading insurance team spans the key markets of the United States, Europe and Asia Pacific and comprises several lawyers who have spent time in industry with insurance regulators or as underwriters. Specialist product knowledge coupled with a well-rounded, in-depth view of the sector, allows us to provide our clients with nuanced and commercially relevant advice.
We are one of the leading authorities on the Lloyd's market, providing strategic counsel to market participants including managing agents and brokers as well as counterparties such as investment banks, reinsurers and insurers in respect of all aspects of the Lloyd's market. We are adept at providing solutions to complex issues through our understanding of the cultural differences between insurers and investment banks; the way they view and manage risk, the commercial issues they face and the regulatory environments in which they operate.
Our team combines regulatory, derivatives and structured finance, tax, pensions, litigation and M&A expertise enabling us to advise our clients on the full spectrum of insurance-related matters including regulatory capital and liquidity, strategic reinsurance, longevity risk transactions, transformer and reverse transformer structures, asset and liability management, securitization, M&A and regulatory investigations and litigation.
We routinely advise leading insurance and reinsurance clients on their strategic M&A transactions as well as structural reorganisations; including the divestment and purchase of life operations and policy portfolio transfers via schemes of arrangement. We are regularly involved in arrangements for the purchase of large books of life policies in run-off, including the regulatory and asset management aspects. The group has also advised on precedent-setting pension scheme liability transfer transactions.
Representative matters
- Barclays Bank UK Retirement Fund (UKRF) on its GBP7bn longevity transaction, with reinsurance provided by an insurance subsidiary of Prudential Financial, Inc. of the United States.
- Arthur J. Gallagher & Co in connection with the acquisition of Köberich Financial Lines GmbH & Co.
- Frankfurter Lebensversicherungs AG on the takeover of the insurance portfolio and assets under management of EUR 150m from Landeslebenshilfe VVaG.
- Direct Line on the sale of its brokered commercial insurance business to RSA Insurance, a wholly-owned subsidiary of Intact Financial Corporation.
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