Insurance/reinsurance in Bermuda

Appleby

Appleby’s insurance and reinsurance team has a notable track record in assisting clients with the establishment of structured ISL products and the operation and regulatory compliance of life insurance and life assurance companies. The department is highly regarded locally for its non-contentious capabilities, which range from advising on catastrophe bonds and other insurance-linked securities to the structuring, establishment and winding down of entities. Assisted by counsel Matthew Carr, Brad Adderley advised AkinovA on the completion and regulatory aspects of a novel parametric cyber risk transfer, carried out electronically with full regulatory oversight from the Bermuda Monetary Authority (BMA). Reinforcing the group's advisory and transactional practice is its strong contentious expertise, which is led by experienced litigator John Wasty, who has extensive experience acting in high-value arbitration, litigation and mediation matters for a variety of reinsurers, insurers, insureds, captives and brokers. Well known for handling insurance company capital raisings, M&A and public listings, Bermuda managing partner Tim Faries leads the team, which also includes Alan Bossin and senior associate Josephine Noddings.

Practice head(s):

Tim Faries; John Wasty

Testimonials

‘Strong knowledge of the Bermuda regulatory system, the regulator, and the market.’

Key clients

AkinovA

AXIS Capital

Credit Suisse

First Coast Re II Pte. Ltd

Galileo Re Ltd.

Horseshoe Insurance Services Holdings Ltd.

HSBC

Ivy

Matterhorn Re Ltd.

MetroCat Re Ltd.

Odin Re Ltd.

Prosperity Life Assurance Limited

Relm

Work highlights

  • Acted as Bermuda counsel to AkinovA on all matters leading up to the completion of a first of its kind parametric cyber risk transfer.
  • Acted for Global Atlantic Financial Group Limited on the formation and successful regulatory licensing of Ivy Re Limited, a Class E insurer under the Bermuda Insurance Act 1978 and related regulations.
  • Acted for HSBC in a £7bn longevity swap and reinsurance transaction – the second largest on record.

Conyers

The Conyers insurance team is ‘very knowledgeable about all aspects of the Bermuda insurance and reinsurance markets, including regulatory issues, market practice and corporate governance’. The group deals with formation, licensing and capital raising issues for new insurers, life insurers and reinsurers, as well as capital raisings, M&A activity and listing requirements for Bermudan insurers and reinsurers. The team is headed up by Charles Collis, who recently acted for Athene Holding Ltd on a $1.6bn transaction with Apollo Global Management Inc, which required an amendment to the company’s byelaws to eliminate a multi-class common share structure. Within the team, Chris Garrod, Sophia Greaves and associate Jacqueline King are names to note; elsewhere, corporate specialist Alexandra Macdonald and Jennifer Panchaud, who are both active in the insurance and reinsurance space, were promoted to director in early 2020.

Practice head(s):

Charles Collis

Testimonials

‘The Conyers team we worked with was superb. They were extremely knowledgeable and very responsive and helpful during a very complicated transaction.’

‘I worked with partner Sophia Greaves. She is just terrific – extremely experienced and just at the top of her game.’

‘The Conyers insurance team are very knowledgeable about all aspects of the Bermuda insurance and reinsurance markets, including regulatory issues, market practice and corporate governance. They have great contacts within the BMA and given the size of their practice are current with new developments.’

‘The team are very responsive to requests and pro-active in handling issues. Their very broad range of clients means that they can provide advice on current thinking both from the regulators and Government as well as what they are seeing in the market. The advice they give is very practical and commercial.’

Key clients

Allied World Assurance Company

Argo Re

Axis Specialty

Chubb group

Enstar Group

Everest Re

Fidelis Insurance

Harrington Re

Randall & Quilter

Somerset Re

Work highlights

  • Advised GreyCastle Holdings Ltd. and its shareholders on its $475m sale to Monument Re Limited.
  • Provided Bermuda advice to International General Insurance Holdings Ltd. on its $200m business combination agreement with Tiberius Acquisition Corp.
  • Advised Sagicor Financial Corporation Limited on its $440m acquisition by Alignvest Acquisition II Corporation.

ASW Law Limited

Praised for its M&A capabilities in the insurance sector, ASW Law Limited also handles a range of insurance-linked securities transactions, insurance disputes, and incorporation and licensing matters. The group recently assisted with the establishment of a large number of captive reinsurers and handled a variety of regulatory mandates; it also advises international and domestic insurance companies, private equity firms and financial advisers, and is instructed by leading UK and US law firms in the insurance and reinsurance sectors. Key names to note include corporate head Neil Horner, senior counsels Kim Willey and Rebecca Vernon, and counsel Hanno Tolhurst. Litigation practice head Jan Woloniecki also has notable experience in this space.

Practice head(s):

Neil Horner; Jan Woloniecki

Key clients

Covéa Mutual Insurance Group Company

American International Group, Inc.

Markel Corporation

Catalina Holdings (Bermuda) Ltd

The Prudential Insurance Company of America

Fidelity National Financial, Inc.

Alimco Re Ltd.

Daiichi Sankyo Reinsurance Limited

Mozart Insurance Ltd.

Nixer Comp Reinsurance Ltd.

Nayms Ecosystems Limited

Work highlights

  • Advised Covéa Mutual Insurance Group Company on all Bermuda legal aspects of the proposed acquisition by Covéa Mutual Insurance Group Company of the Partner Re group from EXOR.
  • Advising Aon and Willis Towers Watson on all Bermuda legal aspects of their proposed merger.
  • Advised The Prudential Insurance Company of America on all Bermuda legal aspects of a captive longevity reinsurance transaction with HSBC Bank (UK) Pension Scheme to transfer longevity risk associated with £7bn of pensioner liabilities, the second-largest longevity risk transfer globally to date.

Kennedys

Alongside its robust non-contentious insurance expertise, Kennedys’ team possesses a notable track record in contentious insurance matters, including acting in high-value disputes and representing insurers in complex arbitration proceedings. Providing ‘in-depth and focused advice’ to a range of insurers, reinsurers and captive insurance companies, the department also has experience in assisting clients with insurance regulatory issues. Managing partner Mark Chudleigh focuses on insurance litigation, while the corporate insurance practice is headed up by Nick Miles, who has extensive ‘breadth and depth of experience in the reinsurance space’. Alex Potts QC departed in 2020 to Conyers in Cayman.

Practice head(s):

Mark Chudleigh; Nick Miles

Other key lawyers:

Nicolas Champ

Testimonials

‘The practice has experts with a long tenure on international insurance and reinsurance law. Their experience in Bermuda and abroad allows them to solve even the most complex issues. Finally, the team is always ready and available to help. The level of engagement of the top level of the practice is amazing.’

‘Nick Miles, Partner – Nick stands out for his knowledge about insurance and reinsurance in Bermuda. He has a great capacity to structure complex transactions and frame them in a simple way for everyone to understand. He is always available, has quick turnarounds for any questions and is on top of all engagements.’

‘Nicolas Champ, Senior Associate – Nicolas is extremely experienced in Bermuda and provides great insights for insurance and reinsurance. He is very proactive.’

‘Kennedys Bermuda are highly responsive and focused on our particular reinsurance product offerings, provide in-depth and focused advice.’

‘Nick Miles is our key relationship partner at Kennedys – in addition to organizing subject matter experts on matters aside from reinsurance, he provides advice on our reinsurance arrangements. Nick’s breadth and depth of experience in the reinsurance space is highly valued by our team. Nick has advised on many complex reinsurance wordings – he identifies issues and provides solutions.’

Key clients

Allied World Insurance Company

Chubb Insurance

AXA XL

Travelers Insurance Companies

CFC Underwriting

Nexus Underwriting

AIG

Dual Corporate Risks

Third Point Reinsurance Company

Randall & Quilter Investment Holdings

Work highlights

  • Acted as Bermuda counsel to Chubb in relation to a dispute with Ford Motor Company.
  • Acted as Bermuda counsel for a Bermuda Long-Term insurer in connection with a $300m life reinsurance transaction and related private offer of shares by way of increase in statutory capital and surplus.
  • Representing the Covea Group in connection with two related proceedings in the Bermuda courts involving litigation between Covea and Bermuda insurance broker, Priosma.

Carey Olsen Bermuda Limited

Carey Olsen Bermuda Limited advises large international insurers and prominent domestic insurance companies on a variety of corporate and regulatory matters in the insurance and reinsurance sector. Mary Ward has extensive experience in establishing commercial reinsurers and assisting with regulatory requirements, and is particularly adept at handling insurance M&A transactions. Another name to note is Gavin Woods, who has additional expertise in alternative risk financings and derivatives transactions. The team also advises on the licensing of various insurance companies including captives, special purpose insurers and commercial carriers.

Practice head(s):

Mary Ward; Gavin Woods

Testimonials

‘Our main interaction has been with Gavin Woods, however he appears to have a strong team behind him and Carey Olsen as a whole has proven able to advise in depth on multiple aspects of a major corporate restructuring project.’

‘Gavin Woods has advised us on a major corporate restructuring project over the last 12 months or so. His advice has been extremely helpful, clear, and pragmatic. Also extremely responsive which has helped enormously with a challenging project.’

‘Mary Ward is my go to lawyer in Bermuda. Her experience, judgement and responsiveness are top rate.’

Key clients

Hiscox Ltd

Monument Re

Watford Holdings Ltd.

DARAG Bermuda Ltd.

Helix Underwriting Partners

Work highlights

  • Advised Hiscox Ltd on its cashbox placing of ordinary shares, raising gross proceeds of £375m; one of the first examples of issuers raising cash proceeds on the London Stock Exchange.
  • Advised Monument on all Bermuda related matters in connection with its purchase of GreyCastle Holdings Ltd. and its subsidiaries, which include GreyCastle Life Reinsurance (SAC) Ltd. and GreyCastle Services Ltd. all of which are Bermuda companies.
  • Advised DARAG Bermuda Ltd. on its application to be licensed as a Class 3A insurer.

Walkers

Peter Dunlop and Sarah Demerling jointly lead Walkers’ multidisciplinary insurance and reinsurance team, which advises clients on a mix of contentious and non-contentious matters. With recent expansion at the associate level, the team is particularly active in the establishment of insurance-linked securities funds and captive insurers. The department also advises commercial insurance and reinsurance companies and ILS entities on a variety of issues ranging from formation, licensing, regulation and coverage mandates to insurance disputes, which is a key area of growth for the group.

Practice head(s):

Peter Dunlop; Sarah Demerling

Key clients

CITGO Petroleum Corporation

Helix Investment Management SLP

Alexis Enterprises Limited

CNA Hardy

Gemini Trust Company

Fleming Re Holdings LLC

Kinesis Holdings I Limited

The Hertz Corporation

Canada Clean Fuels

ChainThat Limited

Work highlights

  • Acted as Bermuda counsel to Gemini on its application to the Bermuda Monetary Authority to launch Nakamoto, Ltd – the world’s first captive insurance company to insure crypto custody.
  • Advised CITGO, the major US-based petroleum refiner, in insolvency proceedings related to PDV Insurance Company Ltd., the Bermuda-domiciled captive insurer of CITGO’s parent company, Petroleos de Venezuela S.A.
  • Acted as Bermuda counsel for Kinesis, the collateralised reinsurance arm of Bermuda reinsurance group Lancashire Group, in relation to the 2020 subscription of Lancashire/Kinesis’s Bermuda reinsurance sidecar.