Insurance & Reinsurance: Experience
M&A and Corporate Restructuring
- China Re on its acquisition of Chaucer Insurance.
- Achmea on the sale of Friends First Life Assurance DAC to Aviva
- Aegon on the sale of Aegon Ireland to Athora.
- LCCG/Oaktree on the purchase of Generali Pan Europe.
- XL Group on its $4.2bn acquisition of Catlin Group.
- UBS on the sale of UBS International Life to the Havilland Group.
- Aviva and AIB on the sale of Aviva Health to Irish Life.
- Cardinal Carlyle on its acquisition of AA Ireland.
- AIG on the acquisition of Laya Healthcare.
- Guardian Financial Services on the acquisition of Ark Life.
- The Hartford on the sale of Hartford Life to Columbia Insurance Company.
- Zurich on its acquisition of Blue Insurance.
- KPMG on the significant insurance aspects of the liquidation of IBRC.
- A consortium of co-investors on the Irish regulatory aspects of its acquisition of LeasePlan Corporation.
Reorganisations, Migrations & Transfers
- XL Group on the re-domiciliation of its ultimate holding company from Ireland to Bermuda.
- Bank of Ireland in connection with the intra-group merger of two of its banking entities in relation to their respective insurance distribution arrangements.
- Court-approved domestic amalgamations (a process we pioneered) for Golden Arches, Ace and Motorola’s Irish captive insurer and reinsurer (the first domestic amalgamation carried out when the process became available under the Companies Act 2014).
- Creation of SEs (European companies) for Aviva, XL and Partner Re.
- Portfolio transfers for Aviva, HSBC, Zurich, ACE, PMI , Newwater, HSBC and numerous captive insurers.
- Cross-border mergers for XL, Partner Re, Chartis and Zurich.
- Chartis/AIG Group on the ground breaking transfer by scheme of arrangement of the Bermuda branch business of Chartis Excess to another Chartis insurer established in Bermuda.
- We have advised a significant number of UK insurers on establishing or expanding operations in Ireland to address Brexit including XL, Bupa, Arch, Standard Life, North of England Club and The Standard Club as well as Irish insurers on their Brexit contingency planning. The advice includes addressing a number of Court approved processes (portfolio transfer and cross border merger). Additional regulatory and insurance law advice involves the authorisation process, corporate structure, outsourcing considerations, capital requirements and solutions for continued access to the UK market.
- Numerous insurers and reinsurers on Solvency II-related work including group supervision, outsourcing, subordinated loan/debt arrangements, capital contributions, eligible own funds, ancillary own fund applications, changes to conditions of authorisation and enforcement.
- Several insurers on putting in place Solvency II-compliant reinsurance (collateral) arrangements with non-EEA counterparties.
Regulatory and Enforcement
- A number of major insurers on settlement of complex multi-million euro financial services administrative sanctions enforcement actions arising from various regulatory breaches including in the areas of anti-money laundering, corporate governance, cyber-attack, data protection, reserving practices and solvency compliance.
- A number of life and non-life insurers on the successful settlement of Equal Status Act cases. We also provide mediation for insurance related disputes and advice on litigation regarding insurance coverage and claims, in particular, for professional indemnity insurers.
- We have also provided advice relating to policy disputes, including captive insurer/reinsurer disputes, insurer and customer disputes, Madoff-related litigation and acting for insurers defending insured tort claims and pursuing subrogated claims. We have also acted for insurers in successfully pursuing High Court appeals of Financial Service Ombudsman decisions.
Product, Distribution and Advisory Work
- A large number of insurers and intermediaries in relation product distribution in preparation of the Insurance Distribution Directive.
- A major insurer / assurer on white-label distribution arrangements with a number of parties, including a major bank distributor and a global insurer on pension buy-in arrangements with pension scheme trustees in Ireland.