Carey Olsen Bermuda Limited expertly handles both contentious and non-contentious insurance-related mandates. This offering includes corporate, finance, and regulatory advice on the formation and licensing of insurers, transactional matters, and restructuring and winding-up proceedings. The team’s client base includes large (re)insurance companies, private equity firms, pension funds, and investment managers, as well as financial institutions and alternative capital providers. Corporate partner Gavin Woods chairs the department, while managing partner Michael Hanson and Keith Robinson lead the insurance-related disputes work. Senior counsel Michael Frith is experienced in the transactional and regulatory needs of insurance structures, and corporate and finance counsel Alexander Collis often assists with incorporations, M&A, and reorganisations and restructurings. Counsel Michelle Falcucci and Max Tetlow are also notable names in the department.
Insurance/reinsurance in Bermuda
Carey Olsen Bermuda Limited
Praxisleiter:
Gavin Woods
Weitere Kernanwälte:
Michelle Falucci; Michael Frith; Max Tetlow; Alexander Collis; Oliver MacKay; Matthew Grigg; Michael Hanson; Keith Robinson; Kyle Masters
Referenzen
‘The team is extremely responsive, very knowledgeable on local law, regulation and practice and strives to be as pragmatic as possible. The team has taken time to understand our business and is a pleasure to deal with. What sets the CO team apart from other firms on the island is their consistent responsiveness and willingness to engage.’
‘Pre-eminent litigation firm in Bermuda. Full service – from advisory corporate work to top flight litigation.’
‘Mike Hanson is Mr Bermuda. He knows everyone on the island, and their weaknesses. First class litigator.’
Kernmandanten
White Rock Insurance
Aon
GIC Private
Easton Re
Ramble Re
Hamilton Insurance Group
Fidelity National Title Insurance Company
BF&M Limited
Highlight-Mandate
- Acting for Aon subsidiary, White Rock Insurance, which was involved in a multi-billion-dollar fraud related to letters of credit used to collateralise reinsurance transactions.
- Advised Hamilton Insurance Group, Ltd., an insurance group regulated by the Bermuda Monetary Authority, on its initial public offering on the New York Stock Exchange.
- Advised BF&M Limited, an insurance company listed on the Bermuda Stock Exchange, on its strategic partnership with Equilibria Capital Management Limited, relating to the acquisition by BF&M of Equilibria’s c.30% stake in Argus Group Holdings Limited.
Conyers
Conyers boasts ‘deep knowledge of Bermuda insurance and reinsurance’ law regarding transactional and regulatory matters, handling matters for large commercial insurance companies and groups, as well as captives and special purpose insurers. The practice has also supported the Bermuda Monetary Authority with drafting new insurance laws and regulations. Sophia Greaves sits at the helm of the department, having taken over from former practice head Charles Collis, who still remains an active member of the practice. Corporate lawyer Jacqueline King specialises in the licensing and ongoing regulation of commercial insurance companies, while Alexandra Macdonald is skilled in the eligible capital applications, public offerings, and restructurings of commercial (re)insurers. Katie Martin is another key member of the team with growing experience in corporate insurance mandates.
Praxisleiter:
Sophia Greaves
Weitere Kernanwälte:
Charles Collis; Jacqueline King; Alexandra Macdonald; Katie Martin; Sarah Lusher; Chris Garrod; Chiara Nannini
Referenzen
‘Deep knowledge of Bermuda insurance and reinsurance regulatory and corporate law with a good understanding of the Bermuda Monetary Authority.’
‘Chiara Nannini leads a great team with deep knowledge of Bermuda insurance regulatory and corporate law.’
‘I like that Conyers develops a large number of the partners internally from pupils. It means to me that their retention rate is better than some of the other law firms. This is important as it indicates that partners at Conyers have considerable experience of the Bermuda market and it also means that reliance isn’t only on 1 or 2 good partners.’
Kernmandanten
Dai-ichi Life Insurance Company, Limited
Arch Capital Group, Ltd.
Everest (Reinsurance) Bermuda Ltd.
Sagicor Financial Company Limited.
Partner Re Group
Enstar Group Limited
AXIS Capital Group
Fortitude Reinsurance Company Ltd.
Compre Group Holdings Limited
Allied World Assurance Company Ltd.
Appleby
The ‘phenomenal’ insurance and reinsurance practice at Appleby is well-equipped to hand the establishment, regulatory compliance, and business operations of (re)insurance businesses, managers, and brokers. The practice is also experienced in insurance-related mergers, capital raising, and alternative risk transfer structures. Practice head and managing partner Brad Adderley is praised as ‘the best in the world at Bermuda reinsurance law’, and he boasts expertise in ILS, alternative, and collateralised reinsurance investment transactions. John Wasty heads up the contentious insurance group and frequently acts for (re)insurers, the insured, captives, and brokers. Alan Bossin is another key name of note in the M&A, corporate finance, and private equity arenas regarding insurance-related mandates. Regulatory and transactional work are strengths of Matthew Carr, while counsel Josephine Noddings expertly handles corporate law elements of insurance matters. In May 2024, counsel Cathryn Minors joined the team from Walkers, while Gary Harris left the team.
Praxisleiter:
Brad Adderley
Weitere Kernanwälte:
John Wasty; Alan Bossin; Tim Faries; Matthew Carr; Josephine Noddings; Cathryn Minors
Referenzen
‘Great insurance industry and regulatory landscape knowledge.’
‘Brad Adderley and Josephine Noddings are recommended.’
‘I have worked with the team at Appleby in all aspects of establishing a new Bermuda reinsurance platform in the life and annuity sector, seeking registration and licensing, as well as engaging in reinsurance transactions. Their comprehensive approach to serving my team is exceptional and efficient for me.’
Kernmandanten
Stable
Prismic Life
National Life Group
Global Atlantic Financial Group Limited
KKR
Aegon
Blackstone
Resolution Life
Global Atlantic Financial Group Limited
Ivy
BMS
BT Pension Scheme Trustees Limited
Foundation Re IV Ltd.
Howden Group Holdings Limited
Warwick Re Limited
Artex Capital Solutions
Ocelot Re Ltd.
Highlight-Mandate
- Advised Stable, a technology-based commodity price risk management solutions provider, on its launch of a Bermuda domiciled Class 3A insurer, helping to expand its scope further into parametric insurance.
- Advised Prudential Financial, Inc. and Warburg Pincus LLC, on the launch of Prismic Life Reinsurance, Ltd., a licensed Class E Bermuda-based life and annuity reinsurance company.
- Acted as Bermuda counsel to the Aegon group in connection with its re-domiciliation of Aegon N.V. to Bermuda.
ASW Law Limited
ASW Law Limited frequently handles corporate finance transactions for (re)insurance companies, and licensing and regulatory mandates in the insurance space are also areas of expertise for the group. Neil Horner is a key member of the department with expertise in high-value insurance-related transactions, as is UK-qualified lawyer Hanno Tolhurst. Canadian-qualified Kim Willey provides regulatory and compliance advice to commercial insurance companies, and Kehinde George is also an active member of the practice.
Weitere Kernanwälte:
Neil Horner; Kehinde George; Hanno Tolhurst; Kim Willey
Kernmandanten
American International Group, Inc
Argo Group International Holdings, Ltd
Aviva plc
26North Capital Partners
Agam Capital Management
Nippon Life Insurance Company
Ambac Financial Group, Inc
The Arbitrum Foundation
Hudson Structured Capital Management Limited
Advantage Capital Holdings LLC
Markel Bermuda Limited
Deloitte Limited
Creditors of Custodian Life Limited
Highlight-Mandate
- Advised AIG on all Bermuda legal aspects of its USD3.3bn sale of Validus Re to RenaissanceRe, including the Bermuda legal aspects of the sale and purchase agreement and all required Bermuda regularly approvals.
- Acted for 26 North partners LP in the incorporation and licensing of a new Class E insurer, AeCe ISA Ltd, an incorporated segregated account of Agam Bermuda ISAC Limited.
- Advising Nippon on its proposed acquisition of a 20% stay in Corebridge Financial, Inc.
Kennedys
Kennedys boasts ‘deep knowledge and experience in the field’ of insurance and reinsurance, and its client base includes (re)insurers, captive insurance companies, and their insured clients. Mark Chudleigh leads the contentious insurance offering, which encompasses coverage claims, litigation, and arbitration considering the laws of New York, Bermuda, and England and Wales, while Nick Miles heads up the non-contentious insurance practice which handles restructurings, transactions, and insolvency mandates in the insurance space. Laura Williamson has expertise in large, complex insurance arbitrations, as well as professional liability claims and director’s liability matters. Other key members of the group include Nicolas Champ, who is skilled in insurance-related transactions, David Thom, who is growing his policy disputes practice, and Erik Penz.
Praxisleiter:
Mark Chudleigh; Nick Miles
Weitere Kernanwälte:
Laura Williamson; Erik Penz; Nicolas Champ; David Thom
Referenzen
‘Nick Miles and Nicolas Champ are very engaged and knowledgeable.’
‘They are very helpful and knowledgeable and work to deadlines effectively.’
‘Deep knowledge and experience in the field.’
Kernmandanten
Swiss Reinsurance Company
Chubb Insurance
SiriusPoint Insurance Bermuda
Aviva
Corebridge Financial Ltd.
Allied World Insurance Company
AIG
Dual Corporate Risks
Securis Investment Partners
Legal & General
CICA Life Bermuda Ltd.
Highlight-Mandate
- Acting as Bermuda counsel to Corebridge Financial, a large American multinational life and annuity insurer, in its deconsolidation from the AIG group.
- Acting as Bermuda representatives for Travelers in connection with all claims notified under Travelers’ Bermuda programmes for “punitive wrap” insurance coverage.
- Acting as counsel to CICA Life, Ltd. in the insurance business transfer of entire life book to its affiliate in Puerto Rico insurer, a transaction which requires a combination of regulatory, corporate and litigation expertise which few firms in Bermuda offer.
Walkers
Walkers‘ (re)insurance and ILS team assists a broad range of clients, including (re)insurers, brokers, agents, sponsors, and policyholders, with both contentious and non-contentious mandates. The team has particular expertise in litigation surrounding coverage and rescission claims, as well as subrogated recovery claims, for clients in the pharmaceutical, health, and oil and gas sectors. With expertise in formation, licensing, and regulatory-related mandates for insurance companies and intermediaries, Sarah Demerling solely heads up the practice since former practice co-head Peter Dunlop left the firm in April 2024. In other team news, associate Aleisha Hollis and senior counsel Erin Diachkoff joined the firm from Conyers in 2023 and AON (Sydney) at the beginning of 2024 respectively. Melanie Fullerton joined ReRenaisance in October 2023.
Praxisleiter:
Sarah Demerling
Weitere Kernanwälte:
Aleisha Hollis; Erin Diachkoff; Natalie Neto
Referenzen
‘Excellent market knowledge and a responsive service.’
Kernmandanten
Aquarian Holdings LLC
Aspen Insurance Holdings Ltd
Credit Suisse Life Limited
Resolution Life Holdings ISAC Ltd
Resolution Life US Re Ltd
Kendall Re Ltd
Swiss Re
Highlight-Mandate
- Represented CSLB in the appeal of a damages judgment to pay USD607m to banking client and Georgian billionaire Bidzina Ivanishvili after a ruling in March 2022 that CSLB had turned a blind eye to convicted fraudster Patrick Lescausdron’s misuse of Iavanishvili’s money.
- Assisted Resolution Re with designing and forming a bespoke platform using an Incorporated Segregated accounted Company which is still a relatively new concept in Bermuda.
- Represented Aspen as Bermuda legal counsel in relation to their proposed listing of shares of the Bermuda insurance company on the NYSE, including Bermuda law input on the admission documents.