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  1. Insurance: insolvency and restructuring
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Clifford Chance’s recent non-contentious insurance work has been driven by instructions relating to internal reorganisations, governance structures and capital efficiency, prompted by the approaching implementation of Solvency II. Its ‘international reach is invaluable’. Philip Hertz and David Steinberg, who is ‘very knowledgeable and pleasant to deal with’, specialise in insurance reconstruction and insolvency.

Freshfields Bruckhaus Deringer LLP’s ‘top-class’ insurance practice displays ‘strong market knowledge’, and has remained busy with restructuring, insolvency and related run-off work. Robert Stirling and Ian Poynton are recommended, as is Neil Golding, who is part of a team advising HIH on the scheme of arrangement implemented to run off the UK group. The firm is also advising JPMorgan regarding the Minster scheme of arrangement.

The highly regarded trio of Robin Spencer, Joe Bannister and Alexander Wood at Hogan Lovells International LLP continues to attract key mandates from clients such as Phoenix Group, Prudential, OIC Run-off and AEGON. The group’s wealth of experience includes restructuring a with-profits business in the UK through a scheme of arrangement.

Barlow Lyde & Gilbert LLP maintains a strong reputation in this field, despite Ian Mason’s departure to Baker & McKenzie LLP in 2010. Practice head Jon Yorke led advice to Minster on its scheme of arrangement, one of the largest solvent schemes to be sanctioned to date. Other clients include Ageas, Apetrop, Partner Re, and RSA Reinsurance Ireland.

Clyde & Co LLP’s Geraldine Quirk is ‘an expert on solvent schemes and Part VII transfers’, and ‘the most knowledgeable lawyer in the City in these areas’. The team advised City General on aspects of acquiring the general insurance business of Generali Assurances Générales. Paul Bugden, David Coupe and senior associate Ravi Masaon are recommended.

Herbert Smith LLP’s highly knowledgeable team works to ‘excellent response times’. Christopher Foster and Laurence Elliott, who ‘are persistent and thorough’, led the team in advising the FSCS on the restructuring of Welcome Financial Services.

Mayer Brown International LLP’s global presence underpins its practice in London. The team, which is co-headed by Devi Shah and Ian McKenna, is advising the Australian liquidator of New Cap Reinsurance on an application under section 426 of the Insolvency Act. Other clients include QBE Reinsurance, PwC and Société Générale.

Reynolds Porter Chamberlain LLP delivers ‘consistently excellent service’ to clients, which include KPMG, Riverstone and Gen Re. The insolvency and restructuring team continues to receive mandates on Part VII schemes and other insurance restructuring, an area of expertise for Vivien Tyrell. The team represented a major creditor in its multimillion-pound claim relating to the Minster solvent scheme. It also advised PwC, as provisional liquidators of United Standard Insurance, regarding a group reorganisation.

Sidley Austin LLP’s Nigel Montgomery, Martin Membery and Matthew Griffith are recommended, and continue to attract substantial instructions from clients seeking their ‘well-thought-out, excellent advice’. The team advised Allianz (France), Allianz IARD, Delvag Luftversicherungs-AG and Nurnberger Allgemeine Versicherungs-AG on four solvent schemes of arrangement.

Berwin Leighton Paisner LLP continued to advise PwC on the liquidation of insurance broker Whiteley Insurance Consultants (WIC), which affected over 80,000 policyholders. David Leibowitz and Andrew Rose are key figures in the team, and senior associate Marc Trottier is also recommended.

Edwards Angell Palmer & Dodge UK LLP continues to see a number of instructions arising from the Lehman Re insolvency. Mark Everiss has a strong reputation in the run-off market, particularly on contentious matters, attracting clients such as Enstar, Catalina and Riverstone. Of counsel Peter Fidler is also recommended.

Norton Rose LLP’s insurance insolvency and restructuring team has a focus on cross-border international work. The London team advised R K Carvill on disposing of its brokerage subsidiaries in run-off to Randall & Quilter. New clients include the Carvill Group and Royal London, joining existing clients such as ACE, AIG and XL. James Bateson, Ashley Prebble and Hamish Anderson are recommended.

Pinsent Masons LLP advised RBSI on restructuring part of its UK corporate group structure in preparation for Solvency II, and QBE Insurance on restructuring part of its UK business. Recent client wins include Cooperative Financial Services, Just Retirement and Unum. Bruno Geiringer is recommended.

Peter Sharp is the key figure in Dewey & LeBoeuf LLP’s London insolvency and restructuring team, which acts on cross-border mandates.

Elborne Mitchell’s Tim Goodger ‘knows his stuff’, and has developed a strong reputation for insolvencies of insurance and reinsurance undertakings. The team has established its reputation for working on run-offs.

Holman Fenwick Willan LLP’s Kapil Dhir advised ARIG Insurance on the winding-up of ARIG UK and release of capital. Other clients include ACE and Chubb.

Speechly Bircham LLP has strength in depth, and a solid track record advising on business transfer schemes and schemes of arrangement. The ‘highly expert’ Nick Janmohamed heads the team, which is ‘very client focused’ and ‘prepared to give a commercial perspective, and to be pragmatic’.

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