Rising Stars

Insurance/reinsurance in Bermuda

Appleby

The specialised insurance and reinsurance practice at Appleby offers counsel on a wide array of insurance vehicles, with expertise in significant capital raisings, hybrid transactions, insurtech implementation, and new registrations. Characterised by its willingness to ‘be innovative and push the boundaries of what’s possible’, Brad Adderley leads the practice, handling insurance matters with a focus on ILS, alternative and collateralised reinsurance investment transactions. Alan Bossin specialises in insurance sector M&A, including capital raisings, securitisations, longevity issues and risk transference transactions, while Tim Faries excels in public and private insurance company capital raisings and public listings. The team also includes Matthew Carr, who advises on captives and catastrophe bonds for special purpose insurers, and commercial insurers, and Gary Harris, who specialises in M&A and risk transfer transactions.

Responsables de la pratique:

Brad Adderley


Autres avocats clés:

Alan Bossin; Tim Faries; Matthew Carr; Gary Harris; Josephine Noddings


Les références

‘Appleby is the foremost legal firm in Bermuda, bar none. If you have a large or high-profile deal there is no better place to go, and no safer place to go.’

‘Brad Adderley is my most competent, proactive, and trusted counsellor. He knows the insurance industry inside and out and is always willing to be innovative and push the boundaries of what’s possible. I recommend him wholeheartedly and without reservation.’

‘Gary Harris is an exceptional partner. He is hardworking and is unbelievably responsive and thoughtful. His advice is always pragmatic and useful, and most importantly, he does not waste my time. One of the best I have ever worked with, could not recommend more highly.’

Principaux clients

Kuvare Holdings


African Risk Capacity Ltd


AUB Group Limited


Phoenix Re Limited


Meanwhile Services (Bermuda) Limited


Nascent Re Ltd.


Arbol


HRS Management, LLC


Argus


Principaux dossiers


  • Acted as Bermuda counsel on the establishment of Meanwhile Services (Bermuda) Limited.
  • Acted as Bermuda counsel to HRS Management, LLC on the formation, registration and investment into a new class E reinsurer, AeBe ISA Ltd.
  • Acting for AUB Group which has entered into an agreement with sellers Odyssey Investment Partners to acquire 100% of Tysers for A$880m.

Conyers

The insurance team at Conyers utilises its ‘outstanding command of Bermuda regulation’ to sustain its position in the Bermudian market, advising a large client base of commercial insurers and reinsurers, special purpose insurers and captive insurers. Practice head Charles Collis has specialist expertise in corporate and regulatory matters, with over 30 years’ experience advising clients on IPO, regulatory, licensing and capital raising activities. Seasoned legal director Sophia Greaves is noted for her knowledge of the life insurance sector, and has experience in advising on regulatory transactions for both local and exempt companies. Other key contacts at the firm include Alexandra Macdonald, who is an expert in advising on the establishment and regulation of captive insurers; Jacqueline King, a specialist in the licensing and regulation of commercial insurance companies, and Chris Garrod, who has expertise in fintech and insurtech mandates.

Responsables de la pratique:

Charles Collis


Autres avocats clés:

Jacqueline King; Alexandra Macdonald; Sophia Greaves; Chris Garrod; Chiara Nannini; Sarah Lusher


Les références

‘The team has an outstanding command of Bermuda regulation, both in practice and interpretation as is always on the forefront of market evolution.’

‘Chiara Nannini and Jacqueline King deliver excellent advice related to the BMA, governance, and deal structuring.’

‘Conyers has an excellent insurance and reinsurance legal team with particularly strong capabilities in the insurance-linked securities space.’

Principaux clients

Conduit Reinsurance Limited


Assured Guaranty Ltd


Talcott


Enstar Group Limited


RiverStone International Limited


Harrington Re Ltd.


Premia Reinsurance Ltd


Martello Re Limited


Resolution Re Ltd


Sirius Reinsurance Company Limited


Principaux dossiers


  • Acted as Bermuda counsel to J.P. Morgan to provide funding to Swiss Re via a multi-year stop-loss transaction.
  • Advised Somerset on its business combination with Aquarian Holdings LLC.
  • Advised Coalition and BDT on the formation and licensing of Ferian Re Ltd., as a Class 3B insurer in Bermuda which launched with approximately $300m of third-party capital.

Walkers

The re/insurance and ILS team at Walkers is continually expanding its presence in the Bermuda market, actively collaborating on a wide spectrum of both contentious and non-contentious issues. Peter Dunlop, who possesses extensive knowledge of underwriting issues, insurance disputes, and regulatory affairs, co-leads the practice alongside Sarah Demerling, who specialises in the formation, licensing and regulatory compliance of insurance companies and intermediaries; she also excels in M&A and alternative risk financing transactions. Adding to the team’s expertise is Melanie Fullerton, who has valuable experience in BMA insurance applications, and Natalie Neto, who heads up the fintech division, plays a pivotal role in facilitating the establishment and licensing of entities in the insurtech sector.

Responsables de la pratique:

Sarah Demerling; Peter Dunlop


Autres avocats clés:

Melanie Fullerton; Natalie Neto


Les références

‘Our experience with the Walker’s team has been nothing but exceptionally positive. They are knowledgeable and has been very proactive and attentive at all times in our communications as well as the communications with our clients.’

‘The Walkers team are knowledgeable and easy to work with. They are adept at navigating regulatory submissions and discussions which allows for a smooth application process.’

‘Peter Dunlop is always very responsive to requests. When meeting to discuss those requests, he always demonstrates an extremely strong knowledge of the subject matter at hand and has a strong commercial solution.’

Principaux clients

Aquarian Holdings


Athene Holdings Ltd.


Credit Suisse Insurance Linked Strategies


Credit Suisse Life (Bermuda) Limited


Harley-Davidson


Inigo Lloyd’s Syndicate 1301


Lancashire


McGill and Partners


Munich Re


Our Kettle Inc.


SCOR


Swiss Re


Yorkshire & Clydesdale Bank


Vantage


Principaux dossiers


  • Represented the trustee of Yorkshire and Clydesdale Bank Pension Scheme in a longevity swap transaction with Pacific Life Re International Limited and Zurich Assurance Ltd to manage longevity risk in relation to c.£1.6bn of pensioner liabilities.
  • Represented BDT Capital Partners, LLC as it led the investment into Ferian Re, an independent Bermuda Class 3B reinsurer and subsidiary of Coalition.

ASW Law Limited

ASW Law Limited‘s insurance and reinsurance practice provides expert guidance on high-value M&A transactions and also has a wealth of experience in incorporations, licensing issues, regulatory compliance, enforcement matters and insurance transactions. Spearheaded by Neil Horner, the practice assists major insurers with multi-billion-dollar deals and new company formations. Kehinde George specialises in corporate restructuring and insolvency work, actively participating in complex insurance sector mandates involving schemes of arrangement and distressed insurance companies. Hanno Tolhurst has extensive expertise in handling significant cross-border insurance and reinsurance cases, while Kim Willey serves as a trusted counsel for insurance regulatory matters. The team is further reinforced by the expertise of senior counsel Nikhil Lawton-Misra and senior associate Sangheetaa Phary.

Responsables de la pratique:

Neil Horner


Autres avocats clés:

Kehinde George; Hanno Tolhurst; Kim Willey; Nikhil Lawton-Misra; Sangeetaa Phary


Les références

‘Very knowledgeable about the regulatory regime and market in Bermuda and good relations with the BMA. Experienced in M&A and other insurance/reinsurance transactions and extremely responsive in producing advice in short turnaround time.’

‘Neil Horner – many years of experience in the industry so can suggest solutions from experience as well as how the BMA may approach things. Hanno Tolhurst – very responsive and will suggest commercial solutions rather than just quoting the law.’

‘Independence, standards of client service, responsiveness.’

Principaux clients

Argo Group International Holdings, Ltd.


BF&M Limited


Agam Capital Management LLC and 26North Partners LP


The Travelers Companies, Inc., Capital Z Partners & Further Global Capital Management


Nippon Life Insurance Company


Sagicor Financial Company Ltd.


Covéa Cooperations


Brookfield Reinsurance Ltd.


Legal & General Group PLC


Compre Group


Principaux dossiers


  • Advising speciality insurance underwriter, Argo Group, on all Bermuda legal aspects and the Bermuda regulatory process for its acquisition by Brookfield Reinsurance, in an all-cash transaction valued at approximately $1.1bn.
  • Advising BF&M Limited, a key local Bermuda insurance group that is publicly listed on the Bermuda Stock Exchange, on all Bermuda legal aspects of its strategic review, including the potential sale of the company.
  • Advised Agam Capital Management LLC on the incorporation and licensing of Agam Bermuda ISAC Ltd., the first incorporated segregated accounts company to be licensed in Bermuda as a long-term Class E insurer.

Carey Olsen Bermuda Limited

Carey Olsen Bermuda Limited is highly regarded for its 'knowledgeable, responsive, and commercial' advice, offering comprehensive guidance on all facets of the Bermuda insurance industry, with a specific emphasis on company formations, licensing issues and regulatory compliance for insurance companies and intermediaries across various classes and categories. At the helm of the team, Gavin Woods specialises in insurance transactions and regulatory matters with a wealth of experience in insurance company licensings, alternative risk financings, and debt and equity financings. Further key names include Michelle Falcucci, who is a specialist in the licensing and regulation of insurance companies and intermediaries; Max Tetlow, who excels in advising private listed and overseas entities; and Alexander Collis, whose expertise extends to incorporations, M&A, reorganisations and restructurings.

Responsables de la pratique:

Gavin Woods


Autres avocats clés:

Michelle Falucci; Max Tetlow; Alexander Collis


Les références

‘Very proactive, know the Bermuda insurance market and regulation, and responsive.’

‘Gavin Woods is excellent and one of our “go-to” senior lawyers in Bermuda.’

‘The most important thing to know is that the Carey Olsen Bermuda insurance/reinsurance team hits all of the following in their advice: knowledgeable, responsive, and commercial.’

Principaux clients

RenaissanceRe


Bermuda Captive Network


Chard Re Investment Management Ltd


Hiscox Ltd.


SiriusPoint


Principaux dossiers


  • Advised RenaissanceRe Holdings Ltd. on its £3bn acquisition of American International Group Inc.’s treaty reinsurance business.
  • Advised Hiscox Ltd. on its £250m investment grade bond/note issuance.
  • Advised a US life insurance company on establishing a presence in Bermuda, including the incorporation and licensing of a Bermuda captive insurer (Class 2) and a Bermuda life reinsurance company (Class E).

Kennedys

The team at Kennedys adeptly manages a comprehensive spectrum of both contentious and non-contentious matters, representing insurers, reinsurers, captive insurance companies and their insured clients. Mark Chudleigh co-leads the practice alongside Nick Miles, who is recognised as a ‘stellar regulatory lawyer‘ whose expertise spans public company mergers and economic substance regulations. Laura Williamson adds further depth to the team with her proficiency in handling professional liability claims, director’s liability matters, complex insurance arbitrations, and multi-jurisdictional cases. Other notable contacts within the firm also encompass special counsel Erik Penz, who acts in contentious insurance matters; senior associate Nicolas Champ, who is a specialist in corporate insurance; and associates David Thom and Alexandra Miller.

Responsables de la pratique:

Mark Chudleigh; Nick Miles


Autres avocats clés:

Laura Williamson; Erik Penz; Nicolas Champ; David Thom; Alexandra Miller


Les références

‘The Bermuda team provided invaluable local knowledge and broader advice on a technical claims problem with an impressive level of communication and understanding of my needs.’

‘I have worked with Erik Penz and Mark Chudleigh. Each possesses the requisite knowledge, experience and litigation skills necessary to provide strategic, common sense and sound legal advice.’

‘Nick Miles is a stellar regulatory lawyer.’

Principaux clients

Swiss Reinsurance Company


Chubb Insurance


SiriusPoint Insurance Bermuda


Aviva


Arch Reinsurance Ltd.


Allied World Insurance Company


AIG


Markel Bermuda Ltd


Securis ILS Management


National Westminster Bank plc


Principaux dossiers


  • Acting as Bermuda Counsel to long-term insurer CICA LIFE, LTD. on all aspects of a long-term business transfer scheme to transfer its entire life book to an affiliate insurer in Puerto Rico.
  • Acting as Bermuda representatives for Travelers in connection with all claims notified under Travelers’ Bermuda programmes for “punitive wrap” insurance coverage.
  • Serving as Bermuda Counsel to Arch Reinsurance in connection with the acquisition of a minority interest in Helix Underwriting Ltd., a Bermuda insurance agent.