France

The recent earthquakes in Venezuela have caused significant damage and disruption.  Reported as among the strongest earthquakes to strike the country in more than a century, the event has placed communities, infrastructure, and emergency response systems under extraordinary strain. Fortunately, several countries and international organizations have come together to provide aid and support. The insurance industry is also stepping in, with its role in the aftermath of any catastrophe ultimately being a practical one: to help capital reach damaged assets, restore operations where possible, and support recovery in a disciplined way. That said, the Venezuela earthquakes present a uniquely complex insurance and adjustment environment, particularly for multinational commercial insureds with operations, assets, or investments in the country.  While earthquake loss adjustment is typically complex, this case involves a catastrophe loss in a jurisdiction emerging from years of infrastructure deterioration, sanctions pressure, and a recent fragile political transition following the January 2026 operation involving Nicolás Maduro. For insurers and reinsurers, the result is a difficult intersection of catastrophe response, global program architecture, local regulation, and geopolitical risk. A large economic loss does not necessarily mean a large insured loss One of the first challenges is separating economic loss from insured loss. In many earthquake events, particularly in countries with low residential insurance penetration, the insured losses are likely to be heavily concentrated in large-scale commercial property, including industrial assets, energy and infrastructure, hotels, ports, financial institutions, and telecommunications facilities. Those losses may represent a relatively small portion of total national damage, but they may be highly complex on a claim-by-claim basis. For a multinational placement, relevant considerations may include: Which entity owned or leased the asset? Which policy responds? Was the risk insured locally, through a fronted local policy, through a global master program, through a captive, or through some combination of all of the above? What potential challenges exists, given the interplay between a local admitted policy under Venezuela law and a master-policy that is likely governed under foreign law? Is there DIC/DIL coverage? Are limits, deductibles, sublimits, waiting periods, occurrence definitions, and sanctions clauses aligned across the program?  The answers to these questions warrant early consideration, because they will likely shape what follows. The local policy may be only one piece of the program For multinational commercial risks, Venezuelan situs property will often involve a local admitted policy with excess protection, reinsurance, or master-policy support sitting elsewhere.  That structure is common in global property programs, but it becomes more difficult in a politically sensitive and sanctions-impacted environment. A local policy may be necessary for compliance with Venezuelan insurance law.  A master policy may sit in London, the United States, Europe, Bermuda, or another international market. Reinsurers may be several steps removed from the original insured, but still exposed to the same factual loss. The insured may also have a captive or internal risk-financing layer. In a routine loss, those structures can be managed through established claims protocols. In a catastrophe, though, they can become pressure points. The local insurer may need to adjust the claim on the ground. The master-policy insurer may need to evaluate difference-in-conditions or difference-in-limits exposure. Reinsurers will likely require timely notice and reserve information. Brokers will be coordinating across several jurisdictions. And each participant may be subject to different regulations and reporting obligations. The claim should therefore begin with a program map. Before the adjustment turns to scope or quantum, the parties should identify the insured entities, all relevant covered locations, policy layers and attachment points, local and master interactions, reinsurance placements, and payment pathways. Access and evidence will be difficult Earthquake losses are evidence-intensive. Engineers need to distinguish earthquake-caused structural damage from pre-existing issues, deferred maintenance, construction and design deficiencies, and ordinary wear and tear.  In Venezuela, that inquiry may be especially difficult. Many commercial structures may have been affected by years of underinvestment, limited maintenance, and prior unrepaired damage, all of which makes causation and scope analysis more complicated. The question will be what was already present, what must be repaired to restore the damaged property, and what work reflects code compliance, betterment, or long-deferred capital improvement. Aftershocks could add another layer. A building that is safe to inspect on one day may become unsafe the next. Emergency shoring, demolition, debris removal, temporary repairs, and government safety orders may alter the condition of the property before the insurer’s experts can inspect. In some cases, physical evidence may be destroyed and it may be beyond the control of the stakeholders involved. Valuation may be harder than coverage Even where coverage can be confirmed, valuation may also prove difficult.  Replacement cost assumes that damaged property can be repaired or replaced in a reasonably functioning market. But post-earthquake Venezuela may present short-supplied or hyperinflated materials, currency barriers, limited availability of qualified contractors, damaged transportation routes, and sanctions-related constraints on vendors, banks, or state-linked counterparties. Those factors can materially affect repair cost, repair duration, and business interruption measurement. They can also create disputes over whether claimed costs are reasonable, whether they reflect post-loss demand surge, whether they include upgrades or code-driven improvements, and whether the insured can actually reinstate the property as claimed. For multinational companies, there may also be a tension between loss restoration and global capital planning. A company re-entering or expanding in Venezuela after recent political developments may view earthquake repairs as part of a broader reinvestment strategy. That is commercially understandable, but it can create insurance issues. Property insurance indemnifies covered loss but does not typically fund modernization, expansion, or strategic repositioning. The adjustment needs to separate covered repair from elective improvements. Sanctions compliance is a central, not peripheral, part of the claim In Venezuela, sanctions compliance may become a material element of claim payment issuance.  The relevant parties in a claim may include not only the named insured, but also affiliates, landlords, joint venture partners, state-owned entities, and other local loss payees. A payment that appears commercially routine may raise sanctions concerns depending on who receives it, who controls the recipient, which banks are involved, and whether U.S., UK, EU, or other sanctions regimes apply. For insurers, reinsurers, brokers, and adjusters with U.S., UK, EU, or international market connections, that means claim handling should include robust sanctions screening and careful documentation of legal authority for any transaction involving restricted parties or jurisdictions. Aggregation and reinsurance issues may move quickly The reinsurance implications may also be significant, even if the total insured loss is not globally market-moving. Earthquake sequences raise aggregation questions. Are the initial shocks and aftershocks one occurrence or multiple occurrences? Does the policy contain an hours clause? Do separate commercial locations aggregate under a single catastrophe deductible? Are facultative placements implicated? And are local insurers retaining meaningful exposure or passing much of the risk into international markets? Those issues should also be addressed early. Reinsurers will want prompt information on affected accounts, likely ranges, policy limits, deductibles, coverage issues, and whether the losses are expected to pierce catastrophe layers. Cedants will need to preserve recoveries while also managing the practical difficulty of developing reliable reserves in a fluid environment. Conclusion The Venezuela earthquakes present a complex insurance event for multinational commercial risks with Venezuelan exposure. They will test whether global insurance programs can operate effectively where the physical damage is local, the capital is international, the law is multi-jurisdictional, and the politics remain unsettled. Loss adjustment will require coordinated guidance across Venezuelan local requirements, global program structures, sanctions regimes, reinsurance relationships, and the commercial realities on the ground. Although the loss may have been caused by earthquake, the adjustment will be shaped by much more than seismic damage. By: Brandon L. Sipple and Marcos Remete

Standing Ovation, entreprise spécialisée dans la production de protéines par fermentation de précision, annonce un tour de financement en Série B de 34,2 millions de dollars (30 millions d’euros), dont 28,5 millions de dollars en equity (25 M€). Celui-ci est mené conjointement par le fonds Ecotechnologies 2, géré pour le compte de l’Etat par Bpifrance dans le cadre de France 2030, et Crédit Mutuel Innovation, autour des investisseurs historiques – Astanor, le Groupe Bel, Seventure Partners, GoodStartUp et Big Idea Ventures – auxquels sont venus s’ajouter Danone Ventures, Angelor, Newtree et Noshaq. Cette augmentation de capital est complétée par un financement non-dilutif de 5,7 millions de dollars (5 M€) apporté par Bpifrance ainsi que par un pool bancaire de premier rang. Les montants ainsi levés, qui font suite à une série A de 16 M€, permettront de financer la montée en puissance commerciale des protéines de Standing Ovation aux Etats-Unis et, à partir de fin 2027, en Europe et en Asie. Les conseils juridiques de l’opération : Walter Billet Avocats a conseillé Standing Ovation, avec une équipe composée de Fabien Billet, associé, et Miguel Goncalves. Les investisseurs ont été accompagnés par Chammas & Marcheteau (Lola Chammas, associée, Arys Serdjanian et Flore Maxence Le Blanc), Fieldfisher (Denis Barat, associé) et Marignan Partners (Benjamin Prévost et Jordan Jablonka, associés)

Paris, le 22 mai 2026 Walter Billet Avocats a accompagné la branche cédante de la famille Luftman dans le cadre de la cession d'un tiers du capital de Riviera Villages au Groupe Ladouceur, qui en devient majoritaire. Riviera Villages exploite trois hôtels de plein-air emblématiques du golfe de Saint-Tropez : les Prairies de la Mer (Grimaud), Kon Tiki et Toison d’Or (Ramatuelle). Cette opération sponsorless, financée par un pool bancaire et l’investisseur mezzanine Kartesia, marque une étape structurante dans le développement du Groupe Ladouceur, qui réunit désormais les deux marques exclusives Riviera Villages et Collection Rivages sous une gouvernance unifiée, représentant un ensemble de dix villages 4 et 5 étoiles.   Les conseils de l’opération : Walter Billet Avocats a conseillé les cédants sur le volet juridique, avec une équipe composée de Fabien Billet et Christophe Cussaguet, associés. D&A Corporate Finance a également accompagné les cédants dans cette transaction, avec Jean-Marc Dayan, managing partner, Alban Boitel, managing director, Pierre Darras et Manon Devanneaux. Degroux Brugère a représenté les acquéreurs en corporate et fiscal, avec Jérémie Swiecznik et Nicolas Ballet, associés.   À PROPOS DE WALTER BILLET AVOCATS Depuis sa création, en janvier 2015, Walter Billet Avocats se positionne comme un partenaire de croissance des entreprises et des fonds d’investissement, en leur fournissant une expertise et un accompagnement sur-mesure dans les domaines du droit des sociétés (M&A, Private Equity), des technologies innovantes (en particulier informatique et Internet) et en propriété intellectuelle. Avec un département corporate positionné sur l’ensemble des problématiques juridiques de haut-de-bilan, le cabinet répond aux besoins des entreprises de toutes tailles – des start-ups aux PME et ETI – et de leurs actionnaires financiers, désireux de structurer des tours de financement, des LBO, des opérations de croissance externe ou des rapprochements. En IT-IP, le cabinet accompagne, en conseil comme en contentieux, ses clients du monde de l’informatique et de tous secteurs d’activité, grâce à son savoir-faire lié aux problématiques des technologies innovantes (droit des contrats, Internet, conformité RGPD…) et à la gestion des portefeuilles de marques.

February 11, 2026 Accomplished partners deepen the firm’s energy and infrastructure expertise in Europe and globally, bringing decades of experience advising on sophisticated private equity, M&A, and finance transactions and complex regulatory matters. Represents a significant milestone in the growth and development of the firm’s Paris office, reinforcing the firm’s leadership in private capital across Europe and globally. Latham & Watkins is pleased to announce the addition of four market-leading lawyers to the firm’s Paris office. The highly regarded team is led by private equity and M&A partner **Benjamin de Blegiers**, with finance partner **Daniel Zerbib**, public law and regulatory partner **Gauthier Martin**, and **Alexandre Namoun**, whose practice focuses on private equity and M&A. Together, they bring a wealth of experience in handling complex private equity, M&A, and finance transactions, as well as intricate public contracts, projects, and regulatory matters, with a particular focus on the energy and infrastructure sector. “We are excited to welcome this superb team to our firm. We are constantly looking to add exceptional talent to enhance our capabilities, and the arrival of this outstanding group adds formidable experience to our platform,” said Rich Trobman, Chair and Managing Partner of Latham & Watkins. “With their ambition, commitment to excellence, and industry-leading expertise, they will be of tremendous service to our clients and a perfect fit for our strategic growth plans in Europe and globally.” The team has an impressive market reputation for their expertise and track record in advising on cutting-edge transactions and complex regulatory matters in the energy and infrastructure sector, as well as the defense, telecoms, and transportation industries. Blegiers and Namoun advise corporates, private equity funds, pension funds, asset managers, and other private capital investors; Zerbib specializes in banking and finance transactions, with a focus on infrastructure finance (both greenfield and brownfield); while Martin’s practice spans all fields of public law and incudes counseling clients on complex public contracts, regulated sectors, and related strategic disputes. “We are thrilled to welcome Benjamin, Daniel, Gauthier, and Alexandre to the firm,” said Thomas Margenet-Baudry, Office Managing Partner of Latham & Watkins in Paris. “We are a leading force in the French market, with an unmatched, integrated private capital offering spanning private equity, M&A, leveraged finance, capital markets, restructuring, among other areas, supported by top-tier capabilities in critical areas such as tax, antitrust, and litigation. Their decision to join Latham is a testament to the firm’s long-term growth strategy and our many accomplishments in Paris and across Europe where we have established a dominant market position. As we celebrate our 25th anniversary in France this year, their arrival marks another significant milestone in the continued growth and success of our Paris practice.” Pierre-Louis Cléro, Deputy Office Managing Partner of Latham & Watkins in Paris, stated, "The addition of this excellent team enhances our strong momentum in private equity and M&A, where we consistently advise on the highest profile and most significant transactions in France, Europe, and globally. The stellar reputations and extensive networks of Benjamin, Daniel, Gauthier, and Alexandre complement our transactional practices, further strengthening our ability to deliver innovative advice on our clients' most strategic private capital transactions." “We have long been a leader in the energy and infrastructure sector — one of the most active and important global industries and a key engine of growth — and we see significant opportunities to further build our practice in Europe and globally. It’s exciting to add such highly regarded team to the practice; their talents, knowledge, judgment, and expertise enhance our ability to serve our clients in transformative ways,” said Justin Stolte, Global Chair of the firm’s Energy & Infrastructure Industry Group. "We are delighted to join Latham in Paris at a time of strong momentum in the French private equity market. The firm’s global reach, collaborative culture, and market-leading capabilities provide an exceptional opportunity for our team and clients,” said Blegiers. “We look forward to working closely with our new colleagues across practices and geographies to further develop Latham’s energy and infrastructure private capital offering.” The group will join Latham & Watkins from Clifford Chance. Blegiers holds a DESS in Business and Tax Law from Paris Panthéon-Assas and graduated from the Paris Institute of Business Law. Zerbib earned his Maitrise in Business & Tax Law, as well as a DEA in Business Law from Paris-Panthéon Assas University, and a DESS in Banking and Finance from Paris V René Descartes University; Martin received his degree from Sciences Po Lyon and a MA in Business Public Law from Paris I Panthéon-Sorbonne University; Namoun graduated from ESCP Business School and earned a degree in Business & Corporate Law from University of Paris I Panthéon-Sorbonne.