Allen & Overy LLP, which is equally strong undertaking life and non-life insurance mandates, is prominent in some of the largest UK and international M&A deals in the industry. The firm also has a stand out reputation advising clients on longevity swap and longevity risk transfer transactions; Kate McInerney is a key contact in this space. In addition, advice on regulatory issues (including on Solvency II matters) is another driver of activity. Philip Jarvis, who is the global head of the insurance practice, advises clients on insurance derivatives, outsourcing of insurance services and distribution agreements, among other matters. Parya Badie, Tom Grant and Daniel Fletcher are other key individuals.
Insurance: corporate and regulatory in London
Other key lawyers:
Kate McInerney; Parya Badie; Tom Grant; Daniel Fletcher
‘Remarkable ‘can do’ attitude and problem solving abilities. Honest about fees; no attempt at undue renegotiations.’
‘Philip has an excellent commercial understanding of key insurance matters, from a technical, commercial and regulatory perspective, in part due to his past experience in the insurance industry. He has a calm and thoughtful (rather cerebral) approach to problem solving, which was particularly helpful in coordinating our interactions with multiple regulators.‘
‘Motivated and proactive. The team was appropriately leanly staffed, which ensured the transaction was managed and progressed very efficiently.’
‘Philip Jarvis was heavily involved, in the detail and was readily available. His advice was thoughtful and pragmatic.‘
‘Deep knowledge of the transactional insurance space.’
‘Philip Jarvis brings a thoughtful and well-rounded point of view, weighing up the legal position against commercial imperatives and always seeking to enable us to strike the appropriate balance.’
‘Strong in corporate insurance work with a regulatory backdrop. Commercial and pragmatic approach. Good at listening to client requirements and adapting their approach as needed in terms of how we work together, resourcing, fees.’
MS&AD Insurance Group
Reinsurance Group of America
Sampo and Rand Merchant Investments
Lloyds Banking Group Pensions Trustees Limited
The Trustee of the UBS (UK) Pension and Life Assurance Scheme
- Represented The Prudential Assurance Company Limited in its appeal of the High Court’s decision to refuse to sanction a transfer under Part VII of the Financial Services and Markets Act 2000
- Advised Aviva on the €1.3bn disposal of its insurance businesses in Italy in three separate transactions.
- Advised The Trustee of the UBS (UK) Pension and Life Assurance Scheme on a £1.4bn longevity swap with The Canada Life Assurance Company.
Clifford Chance LLP is a go-to for many of the leading names in the insurance industry, with the firm having an enviable reputation in groundbreaking and complex M&A, group restructurings and reinsurance transactions. Also notable is that the firm has played a major role in the development of the UK as a key location for ILS, having acted on a number of transactions in this space. In addition, it is at the forefront of key initiatives that are a response to political, regulatory and market challenges. The London office is the focal point of the firm’s international insurance offering, with Katherine Coates acting as global practice head. She is ably supported by deputy global co-heads Ashley Prebble and Hilary Evenett. Clients also benefit from the expertise of Narind Singh and Cheng Li Yow.
Katherine Coates; Ashley Prebble; Hilary Evenett
Other key lawyers:
Narind Singh; Cheng Li Yow; Imogen Ainsworth
‘Strong all round skill in depth both corporate and insurance including the vagaries of Lloyd’s. Great problem solvers and people who make deals happen.’
‘High quality practice in London – excellent, market-leading advice, but also a client-focused approach to fees, willing to work with a value-based mindset. Their team is modern and diverse.’
‘Narind Singh is exceptional, with an outstanding ability to translate his market-leading experience and knowledge into concise, commercial advice. In negotiation he has the ability to remain friendly and personable, but extremely sharp and laser-focused on key commercials for his client.’
‘The Clifford Chance insurance corporate team are second to none. A wonderful group of intelligent, motivated, dedicated and expert professionals. The CC team (led by Ashley Prebble) are available at a moment’s notice. They constantly deliver a first class service. When you have Ashley advising, you sleep much better at night.’
‘I work primarily with Hilary Evenett and her team. Hilary’s knowledge of and experience with insurance transactional and regulatory matters are unmatched. She has the right instincts and her advice is always spot on. You feel you’re in good hands if you’re represented by her and her team.’
‘Our main contact was Narind Singh, who is technically excellent and very pragmatic.‘
‘Katherine Coates brings a wealth of experience to the role and exercises a high level of business judgement in unusual situations. Cheng Li Yow is a very capable and thoughtful up and coming partner in the practice.’
‘Cheng Li Yow – approachable, friendly. Katherine Coates – well connected, knowledgeable.‘
Admiral Group plc
Domestic & General Insurance PLC
Police Mutual Assurance Society Limited
The Prudential Insurance Company of America
Intact Financial Corporation
Liverpool Victoria Financial Services Limited (LV=)
The Society of Lloyd’s
Legal & General Assurance Society Limited
- Advised Liverpool Victoria Financial Services Limited on its £530m demutualisation and sale to Bain Capital.
- Advised Admiral on the sale of its price comparison businesses.
- Advised Inigo on its capital raise of approximately $800m and securing the approval of Lloyd’s to establish the underwriting platform.
Hogan Lovells International LLP covers the gamut of insurance work, with a particular strength in matters such as Part VII insurance business transfers, M&A, insurance business restructurings and finance transactions. On the regulatory front, the team is well-versed in economic and trade sanctions, as well as Brexit-related issues. The team is regularly instructed in high-profile mandates, as was evidenced when practice head Charles Rix advised Prudential on the £13bn domestication of its Hong Kong business. The group also includes Steven McEwan, who is an expert in pension de-risking transactions and reinsurance, and Tim Goggin, who specialises in Part VII transfers and M&A. Other names to note include Jamie Rogers, who advises clients on various regulatory and commercial issues, and Nicola Evans. Patrick Sarch joined from White & Case LLP.
Other key lawyers:
Steven McEwan; Tim Goggin; Jamie Rogers; Patrick Sarch; Nicola Evans; Jonathan Russell; Clare Douglas
‘Tim Goggins is the only person I really know but he is a subject matter expert and clearly on top of all the detail and can give decent strategic advice when he understands the commercial imperative.’
‘Our experience with Hogan Lovells has consistently been to provide the best legal advice in a professional manner. Their innovation comes from their deep knowledge and understanding of the legal matters they are challenged to address.’
‘Subject matter expertise, responsiveness, high quality advice.’
‘Steven McEwan is a key man for our company – he is technically excellent but also knows his client really well. He supports us on many work matters concurrently and makes us think we are his only client. He is also pragmatic.’
Assicurazioni Generali S.p.A.
Lloyds Banking Group/Scottish Widows
- Advised Monument Re Limited on its acquisition of GreyCastle Holdings Ltd,
- Advised Open Trustees, the Trustee of the Old British Steel Pension Scheme (OBSPS), on its £2b pension insurance buy-in with insurer, Pension Insurance Corporation plc.
- Advised Prudential on the merger of two of its with-profits funds, the Scottish Amicable Insurance Fund and its With-Profits Sub-Fund
Norton Rose Fulbright’s global reach is a key differentiator for its insurance team, with one of its recent work highlights involving over 50 jurisdictions. The team is led by James Bateson, whose workload includes advice to clients on M&A, joint ventures, distribution arrangements and Part VII transfers. Another name to note is Maria Ross, who is also highly skilled in handling Part VII transfers, as well as longevity reassurance transactions. On the regulatory side, Bob Haken has expertise in Solvency II issues. Noleen John (a former head of legal at AXA UK) is well-versed in insurance and life insurance regulations. David Whear, Matthew Foster and Nicholas Berry are also recommended.
Other key lawyers:
Maria Ross; David Whear; Bob Haken; Noleen John; Matthew Foster; Nicholas Berry; Simon Baker; Charlotte Rowlandson; Isabella Jones; Rosemary Finn
‘They are our group’s preferred lawyers for M&A.’
‘NRF’s corporate insurance practice stands out as a team with a genuinely deep understanding of, and plenty of experience doing deals in, the insurance sector. It is able to seamlessly draw on specialists from other departments with complementary skillsets.’
‘Partners and associates alike are very responsive. Matt Foster, in particular, makes clients feel like they are his top priority.‘
‘They are technically excellent, so you always know you’re in safe hands. Alongside this, they’re just very good people, easy to get along with and always with one eye on the longer term relationship. This means that they always take a very commercial approach.’
‘Nico Berry is extremely competent at what he does, but just as importantly he makes it clear that his priority is building a long term relationship, with an appropriate amount of time and resource committed on his side. Charlotte Rowlandson is a star in the making. She is absolutely superb at what she does, juggling numerous complex issues and stakeholders effortlessly.‘
‘Good knowledge of the market. Experienced.‘
‘Very deep industry knowledge. Very collegiate firm. Strong partners and associates.‘
‘David Whear is deeply experienced and has great judgement. He also has both deep industry knowledge and understanding of our business. He is also down to earth and likeable.’
Aquiline Capital Partners
- Advised Bain on its acquisition of Liverpool Victoria Financial Services Limited
- Advised Marsh & McLennan Companies Inc (MMC) on its sale of GCube Underwriting.
- Advised Carmine Papa of PKF Littlejohn, the independent expert appointed in connection with the Part 7 transfer of EEA business written at Lloyd’s to Lloyd’s Insurance Company S.A. in Belgium.
Slaughter and May has a first-rate reputation in big-ticket insurance transactions, with its work covering public and private M&A, debt and equity capital markets and cross-border retrocession/reinsurance deals. It also excels in Part VII (and other) transfers, pension de-risking and contentious work. Showcasing the firm's strong credentials in this space, its recent work included acting for RSA on its £7.2bn sale to Intact and Tryg. Elsewhere, it has been notably active in advising clients on matters arising from Covid-19 (such as its implications for business interruption policies), as well as Brexit-related issues. Practice head Jonathan Marks has a focus on corporate, governance and risk transfer matters. Also recommended are Craig Cleaver, Robert Chaplin and Nick Bonsall.
Other key lawyers:
Craig Cleaver; Robert Chaplin; Nick Bonsall; Nick Pacheco;
‘Great quality product, delivered with a smile, with quality you know you can trust.‘
‘The quality of work product produced by the team is exceptional, both leading edge legal analysis and drafting. They have a knack of making complex issues easy.‘
‘Craig Cleaver is extremely calm, considered and very bright.’
‘Slaughter and May has a strong insurance practice. They have strong all round capabilities to support insurance transactions and a developing expertise in longevity transfers. They have successfully taken first rate banking regulatory capabilities to build a strong insurance regulatory practice.’
‘Nick Bonsall is the best regulatory lawyer in the City and has a very broad expertise. Craig Cleaver is an all round excellent transactional lawyer. The firm is notable for having the best associates in the field.’
Global Risk Partners
Legal & General
- Advised Legal & General on the successful transfer of its mature savings business to ReAssure under Part VII of the Financial Services and Markets Act 2000.
- Advised Aviva, Direct Line and Zurich on potential business interruption claims arising as a result of the COVID-19 pandemic.
- Advised Blackstone’s Tactical Opportunities business on its investment in Ki, the first fully digital and algorithmically-driven Lloyd’s syndicate.
Willkie Farr & Gallagher (UK) LLP's London team works closely with practitioners in the US on inbound and outbound insurance M&A that flows in both directions. It also has notable expertise in insurance-linked structures with a nexus to jurisdictions such as Bermuda, the US, UK and Guernsey. Elsewhere, debt and equity capital markets transactions are also key pillars of the practice, and the team is particularly highlighted for its knowledge of complex insurance industry financing structures involving Solvency II and BMA regulatory capital requirements. Elsewhere, the firm stands out for its leading presence in the longevity risk transfer market. Practice head Joseph Ferraro has over 25 years of experience in the insurance industry. His team includes Andrew Tromans, whose varied workload includes advice on M&A, joint ventures, outsourcings, insurance policy wordings and FSA/EU regulatory matters. Nicholas Bugler is knowledgeable about the interface between reinsurance and capital markets. Jennifer Tait and Kirsty MacLean are also highly recommended.
Other key lawyers:
Nichlas Bugler; Andrew Tromans; Jennifer Tait; Kirsty MacLean
‘Pragmatic solutions to, at times, complex matters, communicated in a very clear and understandable fashion. The team that has supported us over a number of years is very responsive, supportive and extremely knowledgeable.’
‘Andy Tromans is my most trusted external legal adviser.’
‘Andy Tromans was superb and seemed even more motivated to get the right answer than us! Knowledgeable, professional and client focused. A joy to work with.‘
‘Their extensive experience, built up over many years working with re/insurance groups that have a presence in Bermuda/London/US is arguably unique and certainly peerless.‘
‘Very responsive and always commercial – keeps the bigger picture in mind above ego trips and point-scoring vs the other side.’
‘Broad experience base that covered all topics of corporate restructuring and capital raise. Listens to the client and discusses and adjusts documents where required, but on a collaborative basis that is really helpful.‘
‘Nick Bugler is a subject matter expert within the insurance industry and Lloyd’s and delivers quality advice to required timescales. His calm demeanour and thorough approach make him a pleasure to work with.‘
Fidelis Insurance Holding Limited
Conduit Holdings Limited
Herbie Re Limited
Willis Towers Watson Securities
Lancashire Holdings Limited
MS Amlin Asia
QIC Europe Limited
Syndicate Holding Corp
Ark Insurance Holdings Limited
Apollo Partners LLP
Stone Point Capital LLC
MetLife Tower Life Insurance Company
Sixth Street Partners
Nephila Syndicate Management Limited
- Advised Fidelis on capital raises aggregating $1.3 billion in the form of pre-emptive rights offerings, private equity placements and Tier 2 and 3 regulatory debt capital offerings.
- Advised Ark Insurance at Lloyd’s on one of the most notable scale up fund raisings in the Lloyd’s sector of 2020, involving $605m of equity capital.
- Advised London-listed Lancashire Insurance on the placing of new common shares to investors raising gross proceeds of approximately £277m.
Ashurst advises many of the largest life and general insurers and reinsurers on their most complex, strategically significant and business-critical issues. It also acts for other market participants, including financial services groups and private equity investors. Adam Levitt leads the team in London, which works with other offices across the network as part of a global insurance practice. The group's diverse work portfolio covers M&A and part VII insurance portfolio transfers, product development, distribution and alternative risk transfer arrangements, among other matters. Recent highlights included Levitt, James Perry, senior associate Jacob Gold and others acting for JC Flowers on an $800m joint investment alongside other investors in Inigo Limited, which is a new insurer in the Lloyd's of London market. Senior associate Akiko Morioka is another key individual.
Other key lawyers:
James Perry; Nick Wong; Akiko Morioka; Jacob Gold
‘This insurance team always delivers, you can place your trust in and rely on them. They cover the range of the market getting the most complex insurance related corporate and regulatory matters done. They are progressive, practical, commercial and technically excellent. They are impressive as a team and individually, and I have no hesitation is saying you want them by your side.’
‘Apart from the legal, corporate and transactional excellence, this is a team full of people who are a pleasure to work with. Adam Levitt is a leading light in the industry who never ceases to impress. Akiko Morioko is excellent.‘
‘Very strong on regulation and pragmatic about implementation.’
‘Adam Levitt is a stand out partner, both technically and as a project manager.’
‘The team are knowledgeable, dedicated and always available.‘
‘Adam Levitt is an expert in the UK insurance market.’
Lloyds Bank Plc
Punter Southall Group
- Advised Guardian on a synthetic reinsurance transaction to raise up to £25 million.
- Advising J.C. Flowers & Co LLC on its investment in Inigo Limited.
- Advising Barclays Bank PLC on the £7.2 billion takeover of RSA Insurance Group plc.
Clyde & Co LLP’s experienced team handles the gamut of corporate and commercial legal work for life and general insurers, as well as reinsurers and intermediaries. In addition to assisting clients with growing organically, it advises on M&A, acquisitions and disposals of legacy portfolios, product development and distribution, as well as alternative risk transfer arrangements. Ivor Edwards, who is the European head of the corporate insurance group, and his expertise includes M&A, joint ventures and insurtech startups. Another individual of note is Stephen Browning, who has more than 25 years of experience handling a mix of corporate, regulatory and finance matters for clients.
Other key lawyers:
Stephen Browning; Mark Williamson; Tom Tippett; Andrew Lucas
‘Ivor Edwards – partner. Deep knowledge of the London insurance market and always pragmatic.‘
‘The team is one of UK’s premier corporate insurance practices with depth of experience in both the Lloyd’s and wider London companies market.’
‘With a prior background of having worked in the insurance industry, Ivor Edwards is the consummate corporate insurance partner. He demonstrates both a superb understanding of client needs and requirements, as well as excellent transactional and regulatory knowledge that is amongst the best in the legal market.’
‘In-depth knowledge of the London insurance market and Lloyd’s, in particular.’
Jointly led by Paul Edmondson and Christopher Southorn, CMS' team provides a full range of services to many of the leading players in the insurance industry. It has a significant foothold in the life, annuity and pension risk transfer (PRT) markets, and it attracts mandates from clients such as Zurich, Aon and Pension Insurance Corporation. Edmondson heads up the insurance sector regulatory practice, while Southorn leads the insurance sector corporate team. James Parker and Thomas Lockley are key names for pension risk work. The group also includes Angela Greenough, who is knowledgeable about regulated insurance and financial services outsourcing, complex commercial arrangements and the operational aspects of financial services regulation. Helen Johnson is also a key individual. In mid-2020, Owen Ross joined from Skadden, Arps, Slate, Meagher & Flom (UK) LLP, which has bolstered the transactional offering. Mike Munro is now a consultant.
Paul Edmondson; Christopher Southorn
Other key lawyers:
Owen Ross; James Parker; Thom Lockley; Helen Johnson; Karagh Gilliatt; Laura McIntosh; Jenny Nanalal; Pippa Tasker; Rizwan Rahman; Sarah Brook; Mike Munro
‘Owen Ross is a very capable and practical partner – a rising star. He takes time to really know his clients and the way they work, and can work as an extra member of the client team.’
‘Highly commercial team with excellent knowledge of regulatory requirements in the UK and EU relating to insurance matters.‘
‘Highly commercial, very technical and always a few steps ahead.’
‘Chris Southorn – an excellent and practical M&A lawyer with wide experience Rizman Rahman – experience and hard-working lawyer with strong experience and insights.’
Pacific Life Re
Pension Insurance Corporation
Legal & General
- Advised Pacific Life Re on a £10bn longevity swap with Lloyds Banking Group pension schemes.
- Acting for MetLife Inc on the sale of MetLife Russia to Sovcombank, Russia’s third largest non-state bank.
- Acting for PIB Group on the acquisition of the Munich-based international reinsurance broker, Marx Re-insurance Brokers GmbH.
Debevoise & Plimpton LLP has a strong track record in complex cross-border M&A and it also excels in handling a full range of insurance regulatory issues for clients, as well as large and complex reinsurance and retrocession arrangements. Finance and capital markets transactions are other drivers of work for the the team, which acts for (re)insurers and private equity investors from the UK, US, EU, Bermuda and Asia Pacific. Clare Swirski is particularly well-versed in Brexit and Solvency II matters. She co-heads the practice with James Scoville, who is experienced in transactions involving insurance companies, as well as debt and equity capital markets transactions. Benjamin Lyon is another key individual.
James Scoville; Clare Swirski
Other key lawyers:
‘Excellent technical knowledge and relentless stamina. Involved in almost every Lloyd’s transaction in recent times.’
‘Ben Lyon – goes the extra mile and then just keeps going. Has an excellent working knowledge of the industry based on prior transactions. Clare Swirski – fantastic technical knowledge in financial services and regulation generally.‘
‘They have a very deep and experienced team who know the insurance market inside and out. There is no issue that they haven’t faced in the past that they can give appropriate advice on should any insurance issues arise.’
‘Ben Lyon and Clare Swarski were our two main contacts. True professionals, always available no matter the time of day or time changes and always prepared.‘
‘I could very much rely on their technical expertise, but would also note their flexibility and responsiveness as key qualities of the team, as well as a calmness under pressure. I also got on with all members of the team very well and found them very easy to work with, which was important in a relatively high pressurised environment working to tight deadlines.’
American International Group
Covéa Mutual Insurance Group
Ascot Group Limited
Prudential Financial Group
AmTrust Financial Services, Inc.
Compre Services (UK) Limited
Third Point Re
GreyCastle Holdings Ltd.
Asta Managing Agency Limited
New York Life Insurance Company
- Providing regulatory and international transactional advice to Covéa Group in its proposed $9bn acquisition of PartnerRe (later terminated).
- Providing legal, regulatory and Lloyd’s rules advice to AIG in respect of Lloyd’s Syndicate 2019 on its Tier1 Funds at Lloyd’s facility.
- Advised GreyCastle and its shareholders on the sale of GreyCastle to Monument Re.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP acted on insurance M&A deals with an aggregate value of £40bn in 2020, and in an ongoing matter, a cross-departmental team is advising Tryg on a £7.2bn all-cash offer (as part of a consortium with Intact Financial Corporation) to acquire RSA. Elsewhere, the firm has a first-rate reputation handling portfolio transfers which incorporate Part VII schemes. It is also well-known for its strengths in reinsurance matters, and acted on the longevity swaps connected with the BBC and UBS pension schemes. Geoffrey Maddock who heads up the practice, has a strong track record in corporate transactions and corporate governance matters. He is ably supported by Barnaby Hinnigan, who is an expert in insurance transfers and reinsurance arrangements, most notably involving multiple jurisdictions. Consultant Alison Matthews and of counsel Grant Murtagh are also notable individuals at the firm.
Other key lawyers:
Barnaby Hinnigan; Alison Matthews; Grant Murtagh
‘Geoff Maddock is very strong and has an encyclopaedic knowledge of the insurance industry.‘
‘HSF were appointed to replace a different firm; the difference and improvement in advice (rather than repetition of law) was significant. There was succinct discussion and clear guidance on the basis of the team’s experience.’
‘A team with depth. We have worked with this team on a number of occasions and found each member to be very knowledgable about their specialism and strategic in their thinking.’
‘Barnaby Hinnigan really invests the time and effort to understand our unique client needs and culture – he is an excellent relationship manager. He serves as a trusted adviser on a variety of matters and able to swiftly put us in touch with the right partner with relevant expertise to address our questions.’
‘Commercial advice and good understanding of how the London insurance market operates.’
‘Deeply knowledgable and commercial, the team does not sit on the fence – they take the time to understand the commercial red lines of the client and guide negotiations, helping to keep focus on the key issues and not niggle over legal nice to haves.’
‘Grant Murtagh is great – calm, thoughtful, both detailed and able to see the bigger picture and a pleasure to work with.‘
‘Our main contact was Grant Murtagh, who was superb and poised no matter what we threw at him.’
Association of British Insurers (ABI)
The Ardonagh Group
Canada Life Group (UK) Limited
Financial Guaranty Insurance Company
Marsh & McLennan
Pension Insurance Corporation
The Canada Life Assurance Company
Willis Towers Watson
- Advised Tryg on its £7.2bn offer for RSA as a part of a consortium with Intact Financial Corporation.
- Advised Canada Life on its £3bn reinsurance of longevity risk associated with the BBC’s Pension Scheme.
- Advised Willis Towers Watson on the sale of specialist insurance and (re)insurance broker Miller to Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund.
Pinsent Masons LLP
Pinsent Masons LLP provides full-service support to clients such as life and non-life insurers, brokers, intermediaries and other financial services clients. Hammad Akhtar, who co-heads the practice with financial regulatory expert David Heffron, is the global head of the corporate insurance practice, and has been instrumental in growing the firm's portfolio of complex and high-value transactions. His wide-ranging experience includes Part VII transfers, strategic M&A, domestic and cross-border reorganisations and longevity de-risking. In 2020, Akhtar, Matthew Brewer and others advised Assurant on its Brexit strategy and two significant proposed transfers of life and general business from the UK to the Netherlands. Other names to note include Hannah Brader, who led the advice to Royal London its recent acquisition of Wealth Wizards, and Madhu Jain.
Hammad Akhtar; David Heffron
Other key lawyers:
Hannah Brader; Iain Sawers; Madhu Jain; Matthew Brewer; Chrissy Findlay
‘Real strength in depth and expertise across all aspects of our sector. Very collaborative and can feel like an extension of our in-house team.’
‘Hammad Akhtar is outstanding. Unrivalled knowledge and expertise that he is able to present in a very user-friendly way. Gives absolute confidence. Keeps very close to the work and ensures high standards across the team.’
‘The team are excellent at really integrating with the business team and talking their language, they act as an extension of the internal legal team rather than as detached external advisers. They have been open to new ways of collaborating on training and upskilling the internal legal team.’
‘Breadth and depth of expertise, industry knowledge and the ability to come up with and work through innovative solutions. Hammad Akhtar, Matthew Brewer and Chrissy Findlay all stand out.’
‘The Pinsents team is in general very proactive and often a few steps ahead. They are very hardworking and approachable and I’ve not experienced any issues with regards to delivery of agreed milestones The advice they give is clear and explained at the right level of understanding.’
Foresters Friendly Society
Marsh & McLennan Group
Royal London Group
Standard Life Aberdeen
- Advising Royal London on a corporate insurance programme of projects to simplify its with-profits fund structure.
- Advised Assurant on its Brexit strategy and the implementation of two significant proposed transfers of life and general business from the UK to the Netherlands.
- Advising certain policy holders on the Court of Appeal case involving the Prudential and Rothesay.
RPC's insurance sector clients turn to the firm for advice on the entire ambit of complex transactional, commercial and regulatory issues. The practice is led by Matthew Griffith, whose recent work included acting for both insurers and brokers on Brexit-related restructurings. Also notable is that, in 2020, he led the advice to the shareholders of Thames Underwriting Limited on the sale of the business to the Ardonagh group. Elsewhere, the team advises clients on fundraising and strategic partnerships, as well as regulatory investigations, among other matters. James Mee is another key name in the group, which was bolstered by the arrival of William Hogarth from Clyde & Co LLP in September 2021.
Other key lawyers:
James Mee; William Hogarth; Jonathan Charwat
‘Pleasant and competent people.’
‘James Mee – very approachable, collaborative and resourceful.’
‘Responsive and provide commercially realistic advice.’
‘Jonathan Charwat is knowledgeable and very user friendly.’
‘Strong London insurance market understanding/experience.’
‘James Mee – practical, commercial and gets transactions over the line with minimal fuss.’
Beat Capital Partners
AXA Liabilities Managers (AXA LM)
Snap-on UK Holdings Limited
- Advising the shareholders of insurance investor Beat Capital Partners on its strategic partnership with Bain Capital Credit, a leading global credit specialist.
- Advising Mosaic Insurance on the establishment of a new underwriting business at Lloyd’s of London.
- Advised TigerRisk Partners on the establishment of the UK branch of its European subsidiary, TigerRisk Partners Europe.
Bryan Cave Leighton Paisner LLP advises both insurers and reinsurers on transactions, restructurings and regulatory issues. Geraldine Quirk is experienced in Part VII business transfers, both within the UK and further afield. She works with corporate partner Adam Bogdanor, whose expertise includes M&A and joint ventures.
Cooley (UK) LLP
Cooley (UK) LLP’s multidisciplinary practice is led by Mark Everiss, who is well-versed in insurance and reinsurance policy wording, coverage advice and dispute resolution. He also acts for clients operating in the insurtech space. Everiss is supported by senior counsel David Kendall, whose work includes advice on Brexit-related issues and insurance underwriting. Richard Hopley, who is experienced in the restructuring of insurance and reinsurance portfolios, is also recommended.
Other key lawyers:
Richard Hopley; David Kendall; Sam Tacey
The Lloyd’s Market Association (LMA)
Municipal Mutual Insurance (MMI)
The Mediterranean Insurance and Reinsurance Company Limited (Med Re)
- Advising the Lloyd’s Market Association (LMA) on the impact of Brexit on its members (all of the syndicates) and Lloyd’s and formulating ways of addressing the problems presented by the UK’s exit from the EU.
- Advising Rollings Butt, the administrators of Med Re, an insolvent reinsurance company, in relation to all insurance/reinsurance matters arising from the insolvency.
- Advised Municipal Mutual Insurance Ltd (MMI) on its ability to recover UK employers’ liability claims on its reinsurance programme covering the period 1950-1990, and the way in which it should seek to recover these claims.
DAC Beachcroft LLP
DAC Beachcroft LLP's team is very active in matters involving an interplay between insurance and technology, advising on cyber risk, data protection and insurtech. Group head Matthew Rutter advises insurers and brokers on regulatory compliance issues. Mark Neville, who focuses on transactions, is also recommended.
‘A very good understanding of our business, and what the levers are to success in our markets.’
‘They provide advice in a clear and precise way, laying out all the implications, without all the legal jargon. They are extremely professional but also friendly and approachable. They make you feel like you are their most important client!’
At Dentons, Martin Mankabady is the global head of the firm's insurance practice. His wide-ranging expertise includes M&A, restructurings, commercial matters and regulatory issues. Another name to note is Adriana Cotter, whose recent work included advice to clients on the implications of Brexit, and also on policy wording and Part VII transfers. Regulatory partner Katharine Harle is noted for her previous experience working as an in-house counsel for the Financial Services Authority.
Other key lawyers:
Adriana Cotter; Katharine Harle
‘I think that Martin Mankabady is a combination of a very personable and technical lawyer. Martin makes himself available regardless of workload and has a non-combative tone and nature on multi-party calls, which puts people at ease, and in my opinion, makes for a more collaborative and smooth process.’
‘Interpersonal, problem-solving and always driving any process forward in a positive manner.‘
‘Martin Mankabady is experienced, helpful and friendly, who always has the time to help. Adriana Cotter is understanding, articulate and dedicated to find solutions for clients, and always does so in a personable approach.’
‘A very responsive team that has expertise globally. Very useful in the world of insurance, where it is important to understand applicable regulations in every individual jurisdiction.‘
‘Martin Mankabady is extremely responsive and very commercial. A pleasure to work with.‘
‘Very responsive, hard working and give good clear advice.’
‘Dentons ensured that they were available and engaged with us round-the-clock.‘
‘A very proactive approach to solving insurance issues and working closely with contacts in the insurance brokerage market to achieve desirable outcomes for coverage.‘
John Lewis Finance
Mobius Life Limited
Vitality Life Limited
- Advised a client on its Brexit restructuring plans, including navigating different Brexit transitional regimes in a number of member states.
- Advised a client on a joint venture which is looking to provide a new offering to customers combined with other services and technologies.
- Advised a client on a complex restructuring involving numerous countries across three continents.
DLA Piper’s insurance practice covers a wide range of matters across insurance and reinsurance, with expertise in corporate, commercial and regulatory work. The firm’s recent work included M&A, restructurings, joint ventures, insurance portfolio transfers and regulatory compliance advice. Melanie James, who is a global co-chair of the firm’s insurance team, acts for clients such as AIG, Liberty and Aviva. She is also a former director of a Lloyds broker group. Pensions de-risking expert Amrit Mclean and regulatory expert Jane Childs (who was recruited from Mayer Brown International LLP in late 2020) are also recommended.
Other key lawyers:
Tim Baumgartner; Anthony Day; Amrit Mclean; Laura Marcelli; Jonathan Clarke; George Mortimer; Magdi Adab; Rebecca Hughes
‘Very dedicated insurance team that understands the industry and market practice, with lots of current and recent advisory activity.’
‘Clear and precise advice tailored to the needs of the customer.’
‘Engaged and able to discuss the commercial impact of potential outcomes.’
‘The DLA team assist us across a variety of areas and on the corporate and reg side they have been a huge help in our preparations for Brexit. They have provided pragmatic and commercial advice and always work to meet our deadlines.‘
‘Melanie James manages the overall relationship and George Mortimer has been taking charge of the specific regulatory advice. Both Mel and George are extremely responsive and commercial.‘
‘Excellent technical knowledge specific to UK and EU insurance regulatory issues; partners and associates very approachable and give pragmatic advice.’
Aviva Plc & Aviva Ventures
Brit Global Speciality
Carrick Speciality Holdings
Crawford & Company
Liverpool Victoria (LV)
Marco Capital Holdings Limited
Marsh & McLennan Company Inc
Munich Re (HSB/Munich Re)
Pelican Ventures LLC
Placing Platform Ltd
Rothesay Life Plc
Society of Lloyds
The Trustees of Royal Insurance Group Pension Scheme
- Advising Pelican Ventures and co-investor J C Flowers on related transactions with Lloyd’s insurers Argo International and Apollo Syndicate Management involving the establishment of a Lloyd’s platform.
- Advising Liberty on the reinsurance of its $420m US energy, construction and homebuilders liability legacy portfolios to Enstar.
- Advising Compre and Compre management on the sale by CBPE of its majority shareholding in Compre Group to Cinven and BCIM.
Eversheds Sutherland (International) LLP has expertise in regulatory and transactional work, with notable strengths in pension de-risking, insurtech and distribution structures. Hugo Laing, who heads up the practice, is particularly experienced in longevity transactions, portfolio transfers and restructurings. Paula Gaddum focuses on regulatory and commercial work, such as distribution and profit share agreements, as well as policy wording. Clients also benefit from the expertise of Paul Pugh, who handles corporate transactions and helped set up the £2bn not-for-profit flood reinsurance fund Flood Re.
Other key lawyers:
Paula Gaddum; Paul Pugh; Jonathan Cox-Brown; Richard Batchelor; Chris Ives; Kerry Boyle; Edward Moss; Henry Dean; Mark Latimour; Rosamund Wood; Harriet Sayer
‘This team works very effectively to provide seamless service to us from the various offices where their experts are located. When a new lawyer is brought into the team they are fully briefed internally before I meet them and they receive ongoing support from the lawyers who know us best.’
‘Hugo Laing is sharp, personable and to the point. He is very high quality and as fast as a whippet.’
‘In depth team with meaningful knowledge of their practice areas in insurance and regulation.’
‘Paula Gaddum as team leader is approachable, knowledgeable, and easy to communicate with. Kerry Boyle has real expertise in FCA and SRA regulation and is able to apply it in a commercially efficacious fashion.’
- Advised Aviva on the entry into its first framework funded reinsurance agreement with the Prudential Insurance Company of America (PICA).
- Advised Phoenix on the conversion of a pass-through longevity swap held with ReAssure into a c£800m buy-in with the trustee of the LV= Employee Pension Scheme and associated longevity reinsurance arrangements with Swiss Re.
- Advised Canada Life on the entry into two bulk annuity transactions, each valued at c. £100m.
HFW is highly skilled in corporate and regulatory matters, with notable expertise in the Lloyd's market, as well as the insurtech space. Team head Ashwani Kochhar has an excellent reputation in highly complex M&A and is noted for the strength of his Lloyd's practice. Also adept at M&A is Nick Hutton, whose other work covers joint ventures, restructurings and shareholder agreements. Former practice head Carol Anne Burton is now working in-house at Argenta.
Other key lawyers:
Nick Hutton; Will Reddie
‘Very strong team with subject matter expertise and responsive to our needs as a client. Have demonstrated flexibility in working with us on transactions.’
‘The team has strong knowledge of transactions and works well together with our team. Straightforward and flexible.’
‘The HFW corporate & regulatory insurance team has deep knowledge of the Lloyd’s and London insurance markets.’
‘Will Reddie made partner this year and is a rising star in this space.’
‘HFW has been dealing with our legal requirements for many years, so has considerable knowledge of our needs and quality experience in this area.’
‘Will Reddie and others add considerable value to us.’
‘Strong insurance team with deep knowledge of the insurance market, both UK and cross-border.’
‘Extremely knowledgeable (as well as personable) individuals who are proactive and positive in their approach. Stand out partners – Ashwani Kochhar and Will Reddie.’
Digital Partners, a Munich Re company
Occam Underwriting Ltd
K2 Insurance Services
Helodrium Limited and its network of international brokers
- Advised Markerstudy on its acquisition of the Co-operative Group Limited’s carrier, CIS General Insurance Limited.
- Advised Bain Capital Credit on its investment in Beat Capital Partners, which owned a group of insurance intermediaries at Lloyd’s.
- Advised Digital Partners, a Munich Re company, on its new home insurance partnership with John Lewis & Partners.
Latham & Watkins' insurance practice has made significant strides since the arrival of Victoria Sander from Linklaters LLP in 2019. Sanders has been active in the insurance space for 20 years, focusing on M&A, demutualisations, reinsurance and distribution arrangements. She works with Martin Saywell, whose experience includes public and private M&A, restructurings and private equity investments. Carl Fernandes is a name to note for regulatory advice. Another key individual is Beatrice Lo, who was promoted to partner in 2020. The firm acts for clients such as Aon, AXA and Royal London.
Other key lawyers:
Martin Saywell; Carl Fernandes; Beatrice Lo
‘Victoria’s knowledge is simply incredible and I feel much better-equipped to deal with the market knowing I have Victoria to rely on.’
Aviva Life and Pensions
Prudential Assurance Company
Domestic & General
British Columbia Investment Management Corporation
- Advising Rothesay Life Plc on an unprecedented challenge to the High Court’s refusal to sanction the transfer of around 370,000 annuity policies in August 2019 from The Prudential Assurance Company Limited (PAC) to Rothesay.
- Advising CPPIB, CDPQ and OTPP as cornerstone investors on the $3.2bn acquisition by a consortium of investors including Intact Financial Corporation and Tryg of RSA Insurance Group.
- Advising Towerbook Capital Partners on the £2.8bn acquisition by a consortium of investors including TowerBrook Capital Partners and Warburg Pincus of AA.
Mayer Brown International LLP attracted a strong flow of transatlantic M&A deals in 2020, notwithstanding market challenges. Elsewhere, the practice particularly distinguishes itself in insurance-linked securities work and cat bonds, having acted on five out of the only six PCC vehicles to date under the new UK regime, as well as every cat bond issuance. In addition, other areas of strength include transactional liability, restructurings and insurtech matters. Colin Scagell co-heads the practice with Devi Shah, who focuses on restructuring and insolvency matters.
Colin Scagell; Devi Shah
Other key lawyers:
Chris Chapman; Neil Macleod; Rebecca Bothamley; Christian Higham; Harriet Hainsworth
‘Very knowledgeable team – good advice that isn’t sugar coated.’
‘Colin Scagell is our go-to lawyer for insurance matters – especially when they cross over with capital markets work.’
‘There has virtually been no disruption in terms of the team’s availability/engagement in the past year during the pandemic, which has been fantastic and made us feel comfortable in pursuing the goal that had been set pre-Covid.’
‘Approachable, well-managed, responsive, keen to help, value for money.’
‘Colin Scagell – accessible, always keen to help out and take charge, responsive.’
Argenta Private Capital Limited
- Advised The Hartford Financial on the sale of Navigators Holdings (Europe) NV, the European insurance business, to Premia Holdings Ltd,
- Advising Beazley plc on its $300m accelerated bookbuild placing via a cash box.
- Acted for GC Securities, as sole structure agent and bookrunner on the issue of $300m notes by Sussex Capital UK PCC Limited
Sidley Austin LLP's team in London includes global insurance practice co-head Martin Membery, who has 25 years of experience handling complex insurance/reinsurance projects, M&A, joint ventures and distribution arrangements, among other matters. Membery is supported by Fatema Orjela, who has a strong track record undertaking a wide ambit of corporate work for European and US-based private equity sponsors, as well as their portfolio insurance companies and intermediaries. Counsel James Phythian-Adams is another active practitioner.
Other key lawyers:
Fatema Orjela; James Phythian-Adams
‘Takes a commercial viewpoint on transactions and focuses on key legal matters. Very knowledgeable about areas where we need help. Good to work with, and both flexible and makes it enjoyable. Takes a pragmatic approach where possible.’
‘Martin Membery (partner) – knowledgeable, worked together for many years. James Phythian-Adams – commercial, available at very flexible times and a pleasure to work with.’
‘The insurance team at Sidley Austin is exceptional. They are thought leaders, providing well considered, commercial and balanced advice on complex and multijurisdictional issues, and they support their clients from beginning to end.’
‘Martin Membery and and James Phythian-Adams are outstanding lawyers and individuals. They are two of the smartest, most experienced and most dedicated professionals in their field and are highly regarded across the industry.‘
TowerBrook Capital Partners
- Advising Munich Re on €3.8bn reinsurance swap transaction with NN Life.
- Advised GIC on $1bn investment in Convex Insurance Group.
- Advised MassMutual on the acquisition of Blackstone’s shareholding in Rothesay Life.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
Led by Robert Sterling, Skadden, Arps, Slate, Meagher & Flom (UK) LLP's multidisciplinary insurance team covers the full spectrum of corporate work for clients, including M&A, public and private financings, restructurings and portfolio transfers. On the regulatory side, its expertise includes authorisations, solvency issues and insurance products. The group is notably skilled in advising both US and UK-based clients on transatlantic issues.
Other key lawyers:
George Belcher; Feargal Ryan
‘Lean and very strong.‘
‘Rob Stirling is a seasoned practioner who can run and land the most complex of transactions.‘
Phoenix Group Holdings plc
American International Group (AIG)
Willis Towers Watson plc
- Advised Phoenix Group Holdings plc on the $4.1bn acquisition of ReAssure Group plc from Swiss Re.
- Advised American International Group on a syndicate launched through Lloyd’s of London.
- Advised Willis Towers Watson plc, a global advisory, broking and solutions company, on its $30bn acquisition by Aon plc.
Burges Salmon LLP’s team undertakes regulatory and corporate work for clients such as Royal London, MAPFRE and Lombard. It also advises on a range of commercial issues, such as outsourcings and the distribution of insurance products. Matthew Walker, who made partner in mid-2020, is an expert in the regulatory aspects of M&A, as well as warranty and indemnity policies. Tom Dunn is another key individual.
Other key lawyers:
‘The team is incredibly driven and knew exactly how to protect and maintain our interests as we navigated our way through difficult negotiations against an aggressive timetable.’
Ecclesiastical Insurance Group
Royal London Group
The Exeter Friendly Society Limited
Financial Services Compensation Scheme
The MAPFRE group (including MAPFRE Asistencia, Abraxas and InsureandGo in the UK)
Lombard International Group
- Acted for Exeter Friendly Society (trading as The Exeter) on all aspects of a second generation offshoring of IT processes and supporting administration systems to India.
- Ongoing advice to MAPFRE UK on a variety of insurance and regulatory matters, including agreements with distributors, claims handling, compliance with regulatory requirements and policy wordings.
- Advised InsureandGo on the impact of coronavirus on its client’s travel insurance policies.
Carter Perry Bailey LLP is a specialist insurance and reinsurance boutique, whose membership of the global network Insuralex makes it well-placed to advises overseas-based clients. The team is experienced in acting for clients from the Americas, Asia Pacific and Europe, and is noted for its focus on regulatory and transactional work. Managing partner Stephen Carter leads the group, which includes Helen Tilley and Bernadette Bailey.
Other key lawyers:
Bernadette Bailey; Helen Tilley; Hugh Bohling; Joseph Sutton; Anthony Rose; Samantha Zaozirny
‘A deep understanding of their clients’ market. Straightforward, commercial advice and always with the client’s best interests at heart.‘
‘While all the partners in the firm are experienced and provide great service, Stephen Carter is particularly quick at getting to the heart of the matter, provides no-nonsense advice (even if it isn’t what you might have wanted to hear) and displays commercial nous that is particularly valued by clients.’
‘Carter Perry Bailey has experts who understand a variety of industries and how they can assist the best way possible. For us, their competency on the legal aspects of reinsurance matters, punctuality in correspondence and attention to detail were the outstanding elements of our experience when engaging with them.’
G-Force Insurance Brokers
Patria Re (Mexico)
Litmus Analysis Limited
NDI Insurance Brokers
Lime Street Broking Group
NPA Insurance Company
- Advising a client on structures, regulatory compliance issues and the contractual arrangements for underwriting, management, administration and claims.
- Advising an insurance broker on contract wordings and compliance in relation to the broking business of a new insurance and its website offering.
- Advice to an insurer on the drafting of policies.
DWF is highly active in handling M&A for brokers and intermediaries; Mel Sims and Justin Edgar are among the key contacts in this space. On the regulatory side, clients turn to the firm for advice on the implementation of the Senior Managers and Certification Regime (SMCR), as well as other complex issues. Elsewhere, the firm has a strong specialism in advising insurers and brokers on financial crime issues; Richard Burger is a noted expert in this area, particularly in relation to the Bribery Act.
Richard Burger; Mel Sims
Other key lawyers:
Paddy Eaton; Justin Edgar; Raeesa Chowdhury
‘Excellent legal advisory service for small to medium sized insurance deals.’
‘I have been grateful for having Paddy Eaton and Raeesa Chowdhury work on various acquisitions opportunities with me since 2019. They are patient, knowledgeable and collaborative. They always work tirelessly to ensure that my team and I are provided with the highest standard of deliverables. They are dedicated professionals.’
‘Richard is highly regarded across the London and Lloyd’s insurance markets, where he is considered as preeminent in his field. Richard is incredibly smart, hard-working and dedicated. He is tenacious in securing the best outcome for his clients, and his regulatory expertise is second to none.’
‘Led by partners that are practical, commercially aware, sensitive to client budgets and focused on doing a great job efficiently.’
‘Richard Burger has great integrity and is singularly driven to do his absolute best for his clients. In a tight spot, he is one of the people I would call.‘
‘Richard Burger is one of the best regulatory investigation lawyers in the City. He cuts to the quick and manages his teams with a firm but decisive manner. He gets results and never fails to provide a very high quality service.’
‘Mel Sims: Very few transactional lawyers combine excellence with a thorough understanding of the insurance market and decades of experience buying and selling brokers and insurers.’
Randall & Quilter II Holdings Limited
PSC Insurance Group Limited
PSC UK Holdings Limited
Costero Holdings Limited
Turner Financial Services Limited
Direct Insurance Group Limited
- Advised Randall & Quilter on its acquisition of Inceptum Insurance Company Limited.
- Advised PSC Insurance Group Limited on its acquisitions of Abaco Insurance Brokers Limited and Trust Insurance Services Limited.
- Advised Costero Holdings Limited on its acquisition of 100% of the share capital of Mar Risk Services Limited and its subsidiary companies.
Shearman & Sterling LLP provides a wide range of corporate and regulatory services to insurance and reinsurance companies, and other key clients such as Riverstone and Blackstone. Barnabas Reynolds, who leads the firm’s financial services group, has a keen interest in insurance issues and has been notably active in Brexit-related matters. Thomas Donegan is another key individual.
Other key lawyers:
Blackstone Credit (formerly GSO)
Fairfax and IIFL Holdings
ICE Clear Europe
RiverStone Holdings Limited
- Advised Blackstone Credit and TwinFocus on its role as lender on a significant acquisition financing to enable Markerstudy to acquire Co-Op Insurance.
- Advised Fairfax on its share sale and purchase agreement with Gatland pursuant to which Fairfax has agreed to sell the entire issued share capital of RiverStone.
- Advised RiverStone Holdings Limited in connection with the regulatory aspects of its acquisition of the Neon Group from American Financial Group, Inc.
Sam Gray is the main contact at Stephenson Harwood, which has a particularly strong profile among insurance brokers. Gray advises clients on strategic acquisitions, as well as joint ventures and equity fundraising, among other matters. In addition, he is also knowledgeable about the interface between financial services and technology.
Arthur J. Gallagher & Co.
The Ardonagh Group Limited
Ethos Partner Holdings Limited
Stevens & Bolton LLP has expertise in both transactional and regulatory work, with a particular emphasis on insurtech and other technology-related insurance issues. Gary Parnell, who leads the practice, advises clients on matters where insurance and technology overlap, such as data protection, outsourcing, e-commerce and advertising. David Steinberg is experienced in restructurings and insolvencies of insurance companies.
Other key lawyers: