Insurance/reinsurance in Bermuda

Appleby

At Appleby, the Bermuda insurance and reinsurance practice derives its stellar reputation from its extensive experience in the establishment of complex structured ISL products as well as the business operations and regulatory compliance of major life insurance and life assurance companies. It is noted in particular for its capabilities in the reinsurance sphere, where it shows knowledge of catastrophe bonds, SPIs, sidecars and other insurance-linked securities. The group features Tim Faries, who has a strong track record in M&A, public listings, capital raising as well as the establishment and licencing of alternative risk financing vehicles and captive insurance companies, and John Wasty, who regularly represents reinsurers, insurers, insureds, captives and brokers in arbitration, litigation and mediation processes. Other names to note are Brad Adderley (‘very responsive and incredibly knowledgeable about the Bermuda insurance space‘), Alan Bossin , senior associate Josephine Noddings and counsel Matthew Carr.

Practice head(s):

Tim Faries; John Wasty

Testimonials

Expert level knowledge about operating an insurance company in Bermuda. The team is always incredibly supportive no matter what the topic.’

I primarily worked with Brad Adderley, who has always been very responsive and incredibly knowledgeable about the Bermuda insurance space.’

Key clients

Integral ILS Ltd.

Chaucer Insurance Company DAC Bermuda

Ivy Re Limited

Stable Group Ltd.

Ascot

Global Atlantic Financial Group Limited

Transverse Insurance Group

Etelequote Ltd.

Northstar Group (Bermuda) Limited

Vantage Group

Argo Group

Convex Group Limited

Ares Management LLC

Allianz

Work highlights

  • Acted for Global Atlantic Financial Group Limited in connection with the formation and successful regulatory licensing of Ivy Re Limited, a Class E insurer under the Bermuda Insurance Act 1978 and related regulations.
  • Acted as Bermuda counsel to Etelequote Limited in connection with the sale of its operating subsidiaries to Primerica, Inc., a well-established provider of financial services to middle-income families throughout the US and Canada.
  • Acted as counsel to the Vantage Group in connection with its formation of Vantage Risk Ltd. as a Bermuda exempted company and registration as a Class 4 insurer under the Insurance Act 1978 (Insurance Act).

Conyers

Conyers‘ insurance and reinsurance practice, which is spearheaded by Charles Collis , is singled out for its ‘strong knowledge of the Bermuda insurance/reinsurance regulatory environment’. The department also handles the Bermuda law aspects of the formation and licensing of new general business insurers, life insurers and reinsurers and assists a variety of established insurers and reinsurers with capital raising, M&A and listing requirements. Elsewhere within the department, Sophia Greaves  takes the lead on many life insurance matters, Jacqueline King concentrates on the licensing and regulation of commercial insurance companies and large commercial transactions, Alexandra Macdonald (who is a ‘sharp lawyer with deep knowledge of the Bermuda regulatory regime’) primarily advises on the formation and regulation of captive insurers and special purpose insurers, while the ‘particularly knowledgeableChiara Nannini  is instructed on a wide variety of regulatory and transactional matters in the insurance space. Chris Garrod  is also active in the insurance arena.

Practice head(s):

Charles Collis

Testimonials

Depth of experience, superior knowledge of the Bermuda market.’

With his depth of knowledge and experience, Charles Collis is supreme. Jacqueline King is an excellent addition to the partnership team and provides pragmatic advice and exceptional service.’

They have one of largest insurance practices in Bermuda, with Tier 1 clients. Their size allows transactions to get the attention they need.’

Very responsible and hands-on. Their responses are thoughtful and commercial.’

The team displayed an intimate knowledge of the regulatory landscape in Bermuda, and practical advice on how to implement solutions to meet our needs. Chiara Nannini was particularly knowledgeable.’

Strong knowledge of the Bermuda insurance/reinsurance regulatory environment.’

Alexandra Macdonald is a sharp lawyer with deep knowledge of the Bermuda regulatory regime. Her collegial and collaborative approach is an asset in getting deals over the line.’

The partners are engaged in our business at every level. They understand our organisation and can serve in any role whether it be counsellor, adviser, sounding board, and even just a good listener. Sophia Greaves and Charlie Collis in particular have spent the time to know who we are as a company so that their advice is not just legally sound, but often the “right move” for our firm.’

Key clients

Allied World Company

Argo Re

Athene Holdings Limited

Axis Specialty

Chubb Group

Enstar Group

Everest Re

Harrington Re

Randall & Quilter

Work highlights

  • Acted for Conduit Holdings Limited on the incorporation and licensing of its subsidiary Class 4 insurer and its initial public offering and listing on the Main Market of the London Stock Exchange.
  • Represented Sirius International Insurance Group, Ltd. in its $788m merger with Third Point Reinsurance Ltd., creating a $3.3bn company renamed SiriusPoint Ltd.
  • Advising Watford Holdings Ltd. on its pending acquisition by Arch Capital Group Ltd.

ASW Law Limited

Sitting within the firm’s wider corporate group, ASW Law Limited’s insurance and reinsurance coverage is underpinned by frequent involvement in high-value M&A. The corporate department is led by Neil Horner , whose workload – alongside transactional work – also features matters concerning the formation of insurers of all classes, from captives to large commercial insurers, in addition to complex regulatory and compliance issues, including licensing work. Kim Willey  and Hanno Tolhurst are also active in the space, along with insolvency group head Kehinde George  , who focuses on cross-border liquidations and schemes of arrangement in the insurance sector.

Practice head(s):

Neil Horner

Testimonials

Neil Horner and Hanno Tolhurst are extremely knowledgeable about insurance and M&A.’

Key clients

Apollo Global Management, Inc.

Aon plc and Willis Towers Watson

Covea Corporation – Partner Re

KPMG as liquidators of VL Assurance Ltd

Randall & Quilter Investment Holdings Ltd.

ILS Capital Management Ltd. and its Bermuda based reinsurer, Prospero Re Ltd.

Pelican Investors

Covea Corporation

Work highlights

  • Advising Apollo Global Management, Inc. on all Bermuda legal aspects of its proposed $11bn acquisition of Athene Holding Ltd., a Bermuda exempted company and leading provider of annuities products and retirement services.
  • Advised Aon and Willis Towers Watson on Bermuda regulatory approvals in relation to the acquisition by Willis of Aon.
  • Advised Covea Corporatio on the proposed $9.2bn acquisition of Partner Re by Covea Corporation, including the structuring of the acquisition and reach-out to regulators to discuss the proposed transaction.

Carey Olsen Bermuda Limited

Fielding ‘experts in Bermuda corporate and regulatory law’, Carey Olsen Bermuda Limited advises a variety of insurers, intermediaries, risk managers and owners on a multitude of issues arising from the Bermuda insurance industry. In particular, it stands out for its involvement in high-profile transactions concerning new insurance companies, M&A activity, debt restructurings and licensing and regulatory requirements of commercial insurers, which are all among the key areas of focus for Mary Ward , whose ‘breadth of knowledge and experience within the Bermuda marketplace is exceptional’. Also leading the department is the ‘easy to work with, practical, savvy and brightGavin Woods , who also has a track record in alternative risk financings and derivatives transactions. Senior associate Michelle Falcucci  provides crucial support to the main partners.

Practice head(s):

Mary Ward; Gavin Woods

Other key lawyers:

Michelle Falcucci 

Testimonials

A hands-on, consistent, and practical approach to corporate and regulatory matters.’

Mary Ward’s breadth of knowledge and experience within the Bermuda marketplace is exceptional.’

A great firm, responsive and deep knowledge in insurance/reinsurance.

Gavin Woods is a rare find of a corporate lawyer: easy to work with, practical, savvy and bright.’

Knowledgeable and very responsive, experts in Bermuda corporate and regulatory law.’

Mary Ward and the team are experts in Bermuda corporate and regulatory law, and have strong relationships with the relevant regulators.’

Mary Ward is a very calm and capable lawyer. She and her team are responsive and provide good value for money. She is very knowledgeable.’

Key clients

Ark Insurance Holdings Ltd

Arch Capital Group Ltd

Third Point Reinsurance Ltd

FGL Holdings

Chard Re Investment Management Ltd

Alpha Growth PLC

Cedar Hamilton Limited / Nuclear Electric Insurance Company

OneGlobal Broking Bermuda Ltd

W. R. Berkeley Corporation

Work highlights

  • Advised Arch Capital Group Ltd on all Bermuda law aspects of its merger with Watford Holdings, including all of the Bermuda regulatory filings and its defence of its offer from interloper Enstar Group.
  • Advised Alpha Growth PLC on its acquisition of a majority stake in Providence Life Assurance Company (Bermuda) Ltd. (a Bermuda Class 3 insurer).
  • Advised Cedar Hamilton Limited, a subsidiary of Nuclear Electric Insurance Limited on becoming a Class 3 insurer licensed by the Bermuda Monetary Authority.

Kennedys

Praised as ‘extremely knowledgeable, commercial and proactive’, Kennedys primarily conducts contentious matters on behalf of a range of insurers, reinsurers, captive insurance companies and insureds, with a particular emphasis on complex multi-jurisdictional disputes and arbitration proceedings. Mark Chudleigh , in particular, focuses on international insurance arbitrations and complex insurance claims. At the corporate end, Nick Miles  provides key assistance to insurance clients on the myriad of regulatory and corporate matters, including the licensing of entities registered under the Insurance Act 1978, M&A, continuances and discontinuances, and public and private offerings of securities.

Practice head(s):

Mark Chudleigh; Nick Miles

Other key lawyers:

Nicolas Champ; Laura Williamson

Testimonials

‘Kennedy has been an instrumental partner to my Captive and insurance/Reinsurance structure focused on Bermuda Capacity. They have added value both in the structuring, additional vendor introductions and lawyer to lawyer interactions.’

‘A fantastic team to work with both in terms of hands on experience, credibility with the insurance and reinsurance market and approachability as a client. The most critical aspect has been the ability of them both to understand that there is a commercial focus to the transactions that I need retained when making suggestions. ’

Nick Miles and team are extremely knowledgeable, commercial and proactive. They have been invaluable in supporting us with a complex transaction.’

Key clients

Swiss Reinsurance Company

Chubb Insurance

SiriusPoint Reinsurance Company

BUPA

Aeolus Re Ltd

Allied World Insurance Company

AIG

Markel Bermuda Ltd

Securis ILS

Legal & General Re

Work highlights

  • Assisting Sony Corp’s Bermuda captive with a reorganisation of its statutory capital and surplus structure to fulfil strategic group objectives.
  • Acting for a leading Bermuda insurance-linked securities (ILS) fund manager in the first dispute to come before the Bermuda courts concerning the operation of “alternative” reinsurance arrangements.
  • Obtained an anti-suit injunction on behalf of a Bermuda insurer to prevent US court proceedings being brought in violation of a US arbitration clause with the court producing a lengthy written decision setting out the modern position on the law relating to anti-suit injunctions.

Walkers

The multidisciplinary insurance and reinsurance team at Walkers primarily handles matters relating to limited-purpose insurance and captive insurance entities, insurance-linked securities, insurtech, and general business commercial insurance. The group’s coverage spans the entire insurance risk cycle, from formation and licensing work to regulatory and compliance issues and claims and disputes. Practice co-head Sarah Demerling is singled out as ‘knowledgeable, connected and available, providing commercial solutions to complex matters’, displaying particular strength in the regulatory issues that affect insurers and reinsurers. Demerling leads the team alongside Peter Dunlop (who is ‘well connected in the industry’), whose practice focuses on complex insurance disputes. Regulatory expert and senior associate Melanie Fullerton is another standout name.

Practice head(s):

Peter Dunlop; Sarah Demerling

Other key lawyers:

Melanie Fullerton

Testimonials

‘Legal and commercial knowledge, practical/easy to digest commercial advice.’

‘Sarah Demerling is knowledgeable, connected and available, providing commercial solutions to complex matters. Peter Dunlop is well connected in the industry and has his pulse on regulatory and commercials and displays an ability to provide commercial advice to complicated matters.’

The most important part of any firm are the people with their knowledge and ability to understand the nuances for the Bermuda marketplace. Sarah was excellent to work with getting our ILS Fund ready to go and Melanie has been excellent to work with regarding Bermuda regulatory advice. Both also take the time to explain their advice and allay any stresses and uncertainties.’

Would highly recommend Peter Dunlop. He gets to the point, is commercial in approach and delivers.’

Walkers response time and the product is phenomenal. They’ve created a team of experts on various subject matters which is key for businesses starting and in operation on the island.’

Both Peter Dunlop and Melanie Fullerton are stand-out lawyers, and legal representatives in the industry on island. They have an unwavering commitment, and own the work/projects as if it was 100% their stake. They are always available for questions and they process our needs almost immediately.’

Key clients

Swiss Re

Fleming Reinsurance Ltd.

Our Kettle Inc.

Vantage Risk Limited

Aspen (Kendall Re Ltd)

Arcadian Risk Capital Limited

Lancashire Holdings Limited

Credit Suisse Insurance Linked Strategies

Onex

Work highlights

  • Advised Our Kettle Inc on an insurtech sandbox licence, representing a new source of reinsurance business for Bermuda reinsurers.
  • Advised Vantage Risk Ltd on its inaugural $225m cat bond, including acting as listing sponsor.