Underpinned by a strong regulatory understanding of the market and able to draw upon experts across the firm’s full-service offering, including as it relates to M&A, capital markets and investment funds, the multidisciplinary team at Allen & Overy Luxembourg provides ‘pragmatic advice’ to insurers, reinsurers, brokers and banks across a wide range and volume of significant mandates in the sector. Team head Paul Péporté recently worked alongside lawyers in the corporate team to provide the regulatory advice to Allianz on the transfer of insurance portfolios it manages to Foyer Group, a Luxembourg-based insurance company. Pierre Schleimer is also recommended.
Insurance in Luxembourg
Allen & Overy Luxembourg
Practice head(s):
Paul Péporté
Other key lawyers:
Pierre Schleimer; Helena Finn
Testimonials
‘The team is responsive, diverse and intelligent.’
‘They have a great understanding of the client’s business and provide pragmatic advice that is tailored exactly to the client’s needs.’
Work highlights
- Advised Allianz on the transfer of insurance portfolios managed by Allianz Insurance Luxembourg and Allianz Life Luxembourg to Foyer Group.
Arendt & Medernach
One of the few firms in the market with a standalone offering in the sector and able to leverage a 'very strong relationship with the regulator', Arendt & Medernach 'not only knows the law and regulations, but also, knows how these are applied'. Consequently, the team is well-placed to provide discrete regulatory advice, as well as to advise on M&A in the sector, the roll out of new products and assisting insurance companies establish in Luxembourg as their European hub (particularly attractive in a post Brexit world). 'Highly respected by the supervisory authorities', team head Pierre-Michaël de Waersegger has 'a very high technical level in insurance law' and is central to most of the significant mandates handled by the team, including in the context of national and cross-border regulatory investigations. Recently promoted to partner, Emmanuelle Mousel also 'understands how the regulatory regime works', and alongside Christian Point is another key member of the team.
Practice head(s):
Pierre-Michaël de Waersegger
Other key lawyers:
Christian Point; Emmanuelle Mousel
Testimonials
‘The firm has very good knowledge on local market practices and more importantly an excellent relationship with the regulator. The team is able to provide trusted advice on short notice based on precedents already tested with the regulator.’
‘The firm has a strong regulatory insurance team, which not only knows the law and regulations, but also, knows how these are applied. The firm’s ability to know what would or would not be acceptable to the regulator makes it the “go to” law firm for regulatory advice.’
‘Pierre-Michael de Waersegger has a very high technical level in insurance law and is highly respected by the supervisory authorities.’
‘Pierre-Michaël de Waersegger and Emmanuelle Mousel give clear, and pragmatic advice. They understand how the regulatory regime works, and provide the advice needed.’
Key clients
AIG Europe and the wider AIG group
BarentsRe
CNA Hardy
Crédit Agricole Life Insurance
Credit Suisse
Edmond de Rothschild Assurances et Conseils
Edmond de Rothschild Europe
ERGO Life
Foyer Assurance
Foyer Santé/Foyer Global Health
FWU Life Insurance Lux
Hyperion Group
iptiQ EMEA P&C
iptiQ Life
Liberty Mutual Insurance Europe and the wider Liberty group
Liberty Mutual Specialty Market
Lloyds Insurance Company
Lombard International Assurance
MunichRe
RSA Luxembourg and the wider RSA group
SKP Re and the wider SKP group
Swiss Re Europe
Swiss Re International
The Britannia Steam Ship Insurance Association Europe
Tokio Marine Europe and the wider Tokio Marine group
TransRe Europe
Wealins
West of England
Work highlights
- Advising S-Kreditpartner GmbH (“SKP”) in establishing a reinsurance company in Luxembourg (“SKP Re S.A.”), dedicated to reinsuring the risks deriving from the payment protection insurance policies (“PPI”) subscribed by the SKP group in relation to their loan portfolio.
- Advising Assicurazioni Generali S.p.A (“AGI”), Italy’s largest and amongst the world’s top ten largest insurance companies, in the context of the additional acquisition by AGI of all the outstanding shares of Società Cattolica di Assicurazioni Soc. Coop, which itself controls 100% of CATTRE S.A.
Pinsent Masons
Formerly part of Wildgen, the insurance team at Pinsent Masons remains one of the premier practices in the country and is afforded added bandwidth to more effectively advise on cross-border mandates by virtue of its new platform’s international network. Key to the success of the practice is counsel Silvia Bracaloni, whose work in private practice, as well as in-house, have ensured that she has gained ‘large experience in the Luxembourg insurance industry’ and is able to provide ‘detailed analyses’ as it relates to insurance regulation, insurance distribution, life and non-life insurance product design, insurance-related claims and litigation. Michel Bulach heads the team.
Practice head(s):
Michel Bulach
Other key lawyers:
Giuseppe Cafiero; Silvia Bracaloni
Testimonials
‘The team is responsive and provides very precise advice.’
‘Knowledge in insurance, in particular life insurance in a cross-border context.’
‘Silvia Bracaloni is considered a top gun of insurance topics in Luxembourg, if not the best one.’
Work highlights
Clifford Chance
Clifford Chance is effectively able to draw upon experts within the finance, corporate and litigation teams, in particular, with significant regulatory know-how and strong track records in the space, both domestically and internationally (where the office is able to effectively leverage its large international network). Corporate and capital markets co-head Christian Kremer has a strong grounding in the sector and as well as often handling M&A in the space, has regularly provided advice to several insurance groups with a presence in the UK on the impact of Brexit on their business operations, both in the UK and in Luxembourg. Counsel Udo Prinz ‘has excellent regulatory insurance knowledge and is creative in finding solutions’.
Practice head(s):
Christian Kremer
Other key lawyers:
Albert Moro; Udo Prinz
Testimonials
‘Udo Prinz has excellent regulatory insurance knowledge and is creative in finding solutions.’
Key clients
Premia
FIA, Inc. (global trade organization for the futures, options and centrally cleared derivatives markets)
Bundesverband deutscher Banken e.V. / Association of German Banks
International InsurTech (Insurance Brokerage) Group
Nordic Bank
Work highlights
- Advised Premia in relation to the acquisition of an indirect participation in a Luxembourg reinsurance undertaking and advised and assisted them on the change of control notification and approval process with the Luxembourg insurance regulator.
- Advised InsurTech Group and its top parent company in relation to the Luxembourg regulatory notification and approval processes with the Luxembourg insurance regulator CAA in connection with the shareholding structure changes triggered by several funding rounds on the top parent holding company level.
- Advising a Luxembourg insurance group on the acquisition of a London headquartered life insurance company with a presence in Luxembourg, including, amongst others, advising and assisting on due diligence, antitrust and change of control filings.
CMS
Co-headed by Vivian Walry and Benjamin Bada, CMS provides a range of standalone regulatory advice to clients in the sector, as well as advising on the rolling out of new products, establishment of business operations in Luxembourg, as well as on insurance-related M&A. As well as acting for established entities including Allianz and Aon, the team also regularly advises insurtech startups as they seek to scale up their businesses.
Practice head(s):
Vivian Walry; Benjamin Bada
Key clients
Allianz
Aon
Zurich
Chubb
AXA
AIG
Liberty Mutual Insurance Europe SE
Bupa
Work highlights
Luther S.A.
The arrival in June 2022 of Karine Vilret from Wildgen has kickstarted Luther S.A.
's offering in the insurance space, in light of her advisory, regulatory and contentious expertise, gleaned over many years advising life, non-life and reinsurance entities in the market.
Practice head(s):
Karine Vilret
Other key lawyers:
Nicolas Melmer
Key clients
Bâloise Groupe Luxembourg
La Mondiale Europartner Luxembourg S.A.
SWISS Life France
SUEZ RE
SOCIETE GENERALE ASSURANCES
ICM LIFE SA
HELVETIA ASSURANCES S.A.
AXA Assurances Luxembourg S.A.
PICTET & CIE (EUROPE) S.A.
Allianz Life Luxembourg
CUBE INFRASTRUCTURE MANAGERS
Work highlights
- Represented Bâloise Vie Luxembourg in numerous disputes, including successfully defending it in a long-running class action involving 31 Luxembourgish and Belgian applicants.
MOLITOR Avocats à la Cour SARL
The 'responsive' team at MOLITOR Avocats à la Cour SARL
has 'outstanding expertise in the insurance sector', in both the life and non-life segments of the market and provides 'very commercial and proactive advice' to both insurers and policyholders regarding litigation, including on coverage issues. Team head Michel Molitor
'combines great legal skills with pragmatic and efficient assistance'.
Practice head(s):
Michel Molitor
Other key lawyers:
Jacques Wolter; François Cautaerts; Sophie Lamothe; Ariane Wourwoukas
Testimonials
‘The whole insurance team is very efficient and has an outstanding expertise in the insurance sector (both life and non-life).’
‘The responsive team provides very commercial and proactive advice.’
‘Their explanation of the legal issues from the governing law perspective is very clear and they have a clear litigation strategy.’
‘Michel Molitor is a big name in insurance on the Luxembourg market and combines great legal skills with pragmatic and efficient assistance!’