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Debevoise & Plimpton LLP

919 THIRD AVENUE, NEW YORK, NY 10022, USA
Tel:
Work +1 212 909 6000
Fax:
Fax +1 212 909 6836
Email:
Web:
www.debevoise.com

Thomas Kelly

Tel:
Work 212 909 6907
Email:
Debevoise & Plimpton LLP

Work Department

Financial Institutions, Insurance, Mergers & Acquisitions, Corporate Governance, Insurance Capital


United States: Industry focus

Insurance: non-contentious

Within: Insurance: non-contentious

Debevoise & Plimpton LLP is 'well known and highly thought of' for its insurance sector expertise in connection with M&A transactions, financings and capital markets matters, as well as tax and regulatory advice. Major recent highlights for the team have seen John Vasily and David Grosgold advise AXA on its $15.3bn acquisition of Bermuda-based insurer XL Group, while also acting for AIG on its $5.56bn purchase of Validus Group. Thomas Kelly led for Global Atlantic Financial Group on the reinsurance of $9bn worth of fixed annuities and reserves of Talcott Resolution, The Hartford’s run-off life and annuity businesses, following its sale to a group of investors. Nicholas Potter advised Morgan Stanley & Co on its role as financial advisor to Assurant in relation to its $2.5bn acquisition of The Warranty Group. Alexander Cochran and Marilyn Lion, who act for clients such as Wilton Re and The Carlyle Group, are up-and-coming partners in the insurance transactions space. All mentioned partners are based in New York.

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Legal Developments by:
Debevoise & Plimpton LLP

  • Anomalies of insurance law

    Although the courts are often at pains to point out that insurance law is merely a subset of general contract law and should be applied without any concession or discrimination simply because the subject matter is insurance, there are, in fact, several aspects that are peculiar to insurance. An understanding of these anomalies will assist in penetrating the sometimes arcane depths of insurance law. They include:
    - Debevoise & Plimpton LLP

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  • CommuniquĂ© on Equity Crowdfunding Is Officially Published

    By way of background, in January 2019, the Capital Markets Board (“ CMB ”) had issued an announcement on its website on the Draft CommuniquĂ© on Equity Crowdfunding [1] . The CMB has now officially published the CommuniquĂ© on Crowdfunding No. III-35/A (“ CommuniquĂ© ”), on October 3, 2019. The CommuniquĂ© entered into force as of October 3, 2019.
  • Beneficial Ownership Concept new interpretation from the Russian federal tax service

    The recent interpretative letter issued by the Russian Federal Tax Services (“FTS”) on 08th August 2019, has provided further guidance as to the application of the Beneficial Ownership Concept, further to the letter initially provided on the 12th of April 2018 which adopted a strict approach of the concept. 
  • Cyprus and Netherlands Double Tax Treaty Update

    Cyprus has concluded the negotiations for the avoidance of double taxation with the Netherlands. The double tax treaty was agreed at technocratic level in Hague. It is expected to be signed by the end of 2019 or early in 2020.
  • Vacancy - Senior Corporate Lawyer

    The Senior Corporate Lawyer, who will be reporting to Partners, will be working with both the firm’s legal team as well as the financial services team. The successful candidate will be requested to show initiative, take on certain responsibilities within the firm, work in a multinational environment and will immediately be given the opportunity to further advance their career within the law firm.
  • CJEU RULED ON THE APPLICATION OF THE BENEFICIAL OWNERSHIP CONCEPT

    The judgment of the Court of Justice of the European Union (CJEU) on February 26, 2019, in the “Danish Beneficial Ownership Cases”, can be perceived as a landmark on the interpretation of the Beneficial Ownership concept under the Interest and Royalties Directive (IRD) and the Parent-Subsidiary Directive (PSD).
  • Court of Justice rules on source of income for Derivative Residence applications

    On 2 October 2019, the Court of Justice delivered its judgment in Bajratari v Secretary of State for the Home Department (Directive 2004/38/EC) Case C-93/18 which concerns Chen applications and the source of funds for self-sufficiency. 
  • End of the ‘centre of life test’ in Surinder Singh cases?

    In the recent case of  ZA (Reg 9. EEA Regs; abuse of rights) Afghanistan   [2019] UKUT 281 (IAC ), the Upper Tribunal found that there is no basis in EU law for the centre of life test, as set out in Regulation 9(3)(a) of the Immigration (European Economic Area) Regulations 2016 (the “Regulations”). It further found that it is not to be applied when Judges assess  Surinder Singh  cases that appear before them.
  • ITALIAN RULES ON JOINT VENTURES IN PUBLIC PROCUREMENT AND CONCESSIONS

    Italian rules on jointventures concerning public procurement and concession contracts are set out inlight of the European legal framework provided for in Directive 2014/23/EU and 2014/24/EU of the European Parliament and of the Council. The European rules aim to ensurethe best use of public money so that EU citizens benefit from strategicinvestments and services at fair prices. In this context, public procurementand concessions represent key instruments that need to be regulated and standardisedin order to ensure free movement of goods, freedom of establishment and freedomto provide services.
  • Terms of employment as a sole representative

    In this article we examine the working arrangements of sole representatives, looking at the terms and conditions of employment that the Home Office will expect a sole representative to have in order to qualify as a representative of an overseas business.  
  • Can Sole Representatives Be Shareholders?

    The Immigration Rules require that an applicant for a  sole representative visa  is not “a  majority shareholder in the overseas business”.