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  1. Insurance: insolvency and restructuring
  2. Leading individuals

Leading individuals

At Clifford Chance, David Steinberg and Philip Hertz specialise in restructuring and insolvency matters. Steinberg advised Grant Thornton as liquidators of the Pacific and General Insurance Company on the repatriation to the UK estate of the fund established for its US policyholders. Hertz advised Scottish Lion Insurance Company in relation to its appeal to the Inner House of Court of Sessions in relation to the requirements for sanctioning a solvent scheme.

2011 was a strong year for Freshfields Bruckhaus Deringer LLP in restructuring and run-off work. The team handled a number of high-profile and substantial life insurance transfers and pan-European group restructures. Neil Golding, Robert Stirling and Matthew Cosans are recommended.

The highly regarded team at Hogan Lovells International LLP acts in ‘complex and cutting-edge matters’. Recent work includes the restructuring of a with-profits fund for a major life assurance company in a complex scheme of arrangement, and the team also saw an increased number of Part VII transfers. Joe Bannister and Alexander Wood are recommended. Robin Spencer retired from the firm in 2011.

The team at Clyde & Co LLP advised on a large number of solvent schemes of arrangement and Part VII transfers in 2011. Andy Tromans and Ravi Masaon acted for Swiss Re on one of the largest transfers under Part VII, with a value of £6bn. Geraldine Quirk assisted the Euler Hermes Group in a major restructuring project involving eight insurers across eight jurisdictions. Paul Bugden acted for the Standard Steamship Owners’ Protection and Indemnity Association in a substantial Solvency II reduction, including Part VII transfers valued at $600m.

Edwards Wildman Palmer LLP’s team acts with ‘patience, tact and diplomacy’. Practice head Jonathan Yorke joined from Barlow Lyde & Gilbert LLP, and has a strong reputation in the area, recently acting on a high-value scheme of arrangement for Minster Insurance Company Limited and six related companies. Mark Everiss specialises in insolvent companies that are in run off. David Kendall provides ‘prompt clear and practical advice’, and of counsel Peter Fidler is also recommended. Damian Connolly joined from Debevoise & Plimpton LLP. Clients include PwC, Swiss Re, Munich Re and Enstar.

At Herbert Smith LLP, Laurence Elliott has been advising the Financial Services Compensation Scheme on the restructuring of Welcome Financial Services, in connection with its PPI mis-selling liabilities. Other key clients include Grant Thornton, RSA and PwC.

Mayer Brown International LLP’s team is ‘responsive and client focused’. Devi Shah, an ‘exceptional lawyer who is technically strong and commercially savvy’, acted for the Australian liquidator of New Cap in an appeal in relation to the power of the English Courts to recognise an Australian judgement against a Lloyd’s syndicate in run-off. Ian McKenna is highly recommended.

Norton Rose LLP has been busy in a number of high-profile restructuring matters, including cross-border matters. Maria Ross acted for AXA UK in two Part VII transfers as part of restructuring arrangements following on from the sale of its life and pensions businesses to Resolution. Other clients include ACE, QBE and RBS. Ashley Prebble, Hamish Anderson and David Whear are also recommended.

RPC’s distressed situations team prides itself on providing novel and technical solutions to insurers. Vivien Tyrell is highly regarded, and is noted for her ‘detailed knowledge and practical advice’. She recently advised the London outwards reinsurers of Western Pacific Insurance Company, which became insolvent as a result of the Christchurch earthquake. Clients include HDI-Gerling, Odyssey Re and Argo.

At Sidley Austin LLP, Nigel Montgomery advised four participants in a carefully crafted solvent scheme of arrangement, the CUAL Scheme, including Allianz Global Corporate & Speculate and Allianz IARD. The team was also active in assisting international clients in relation to Solvency II requirements on non-equivalent third country insurers in the UK. Martin Membery is recommended, and Nancy Corbett transferred to the London office from New York.

Pinsent Masons LLP has a focus on friendly societies and mutuals, which are seeing significant changes and restructuring. Bruno Geiringer recently advised Co-operative Financial Services, and has strong expertise in life company restructurings. Richard Williams acted for Grant Thornton on the pre-packaged administration of the Francis Townsend group.

At Berwin Leighton Paisner LLP, David Leibowitz is acting for PwC as liquidators of Digital Satellite Warranty Company, in a matter which is set to proceed to the Supreme Court. Andrew Rose is also a key figure in the team. Other clients include Deloitte and KPMG.

Tim Goodger is recommended at Elborne Mitchell, and has particular expertise in insurance insolvency matters and reinsurance undertakings.

Holman Fenwick Willan LLP advised the provisional liquidators of The South of England Protection and Indemnity Association, a regulated Bermudan marine insurer. The team also acted for Jubilee Group on its restructuring.

Nick Janmohamed heads the team at Speechly Bircham LLP, which has been active for insurers and reinsurers on restructuring matters, and is experienced in business transfer schemes. Janmohamed is advising Ecclesiastical Insurance Office plc on the terms of a solvent scheme of arrangement in New Zealand, which will be one the first schemes of arrangement implemented in New Zealand.

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