Insurance and Reinsurance

Commercially minded and very knowledgeable of the industry and the Irish market. There isn’t much the firm could improve on; it has a great breadth of expertise.

Chambers Europe: Europe’s Leading Lawyers for Business, 2016

Very astute as to the way to introduce issues to clients. The lawyers know their rules very well, but they also know how to apply them efficiently. This team does a great job of plugging the knowledge gap, particularly for international or foreign companies.

Chambers Europe: Europe’s Leading Lawyers for Business, 2016

 

The Practice

Our corporate, regulatory and transactional insurance group is recognised as a market leader in Ireland.  As an integrated insurance transactional and regulatory practice, the team advises a broad spectrum of industry participants including life / non-life insurers, reinsurers, intermediaries, private equity investors and significant industry associations.

The global insurance industry continues to face challenges and uncertainty due to market and regulatory pressures. In Europe, the regulatory landscape is rapidly changing as Solvency II is implemented and regulatory focus increases in areas such as governance, risk and accountability. The expanded role of regulators in developing strategies to improve oversight and regulation is reflected in IAIS’s initiatives for international groups and G-SIIs.

Keeping up with the pace of these regulatory changes in the current business environment is one of the greatest challenges facing our clients. Our technical ability, coupled with our emphasis on effective management and continuous service means we are well placed to advise our clients on the challenges and risks they encounter due to these developments, as well as the opportunities they may present.  Each of the lawyers in our team are part of a culture built on responsiveness, performance and innovation and  are part of a firm that has held its place in the forefront of Irish legal services for over 90 years by placing our clients at the forefront of everything we do.

We consistently advise on the largest and most innovative domestic and cross-border transactions in the insurance sector in Ireland. We are supported as and when needed by a multi-disciplinary team of dedicated specialist lawyers in allied practice areas such as tax, competition, data protection, M&A, litigation and dispute resolution.

Our contentious insurance practice forms part of our Litigation and Dispute Resolution Group and is particularly recognised for its extensive experience in large complex litigations and disputes in the areas of medical, personal injury and general liability insurance.

Expertise

We support our clients across the full range of their legal needs including;

  • Authorisation/establishment of an Irish insurer/reinsurer
  • Prudential requirements including governance, compliance, reporting, solvency requirements
  • Commercial arrangements – distribution (including white-labelling), outsourcing, third party service provision
  • Conduct of business including tax, data protection and consumer protection law
  • Mergers and acquisitions, cross-border mergers, joint ventures, reorganisations, notifiable acquisitions/disposals
  • Court sanctioned Portfolio Transfers and Schemes of Arrangements of insurance business
  • Regulatory enforcement actions
  • Reinsurance/Retrocession , alternative risk transfer arrangements including ILS
  • Demutualisations
  • Insurance mediation and renewal rights sales
  • Liquidation/Administration

Experience

Recent experience includes advising:

  • Swiss Re on its acquisition of Ark Life Assurance Company Limited as part of its Stg£1.6bn acquisition of the Guardian Financial Group;
  • Exor S.p.A. on its $6.9 billion proposed acquisition of PartnerRe Limited;
  • CNP on its €300 million acquisition of a 51% stake in Santander’s Irish insurance operations;
  • An international insurance group on the acquisition of the largest domestic life insurance and pensions group;
  • Advising a global consultancy firm on the establishment of an Irish authorised captive insurer and the transfer of business  from its exiting Bermuda and Vermont captives to the Irish captive;
  • The Quest Group on the acquisition of a number of Irish run-off portfolios, including Icarom plc (the former Insurance Corporation of Ireland) and PMI Mortgage Insurance Company Limited;
  • An Irish non-life insurer on a transfer of business to Bermuda by way of an Irish High Court sanctioned Scheme of Arrangement;
  • Phoenix Life Limited on the disposal of Scottish Mutual International Holdings Limited;
  • Armour Group on the acquisition of Cardinal Re Limited (formerly Mitsui Sumitomo Reinsurance Limited); and
  • The liquidator of Setanta Insurance Company Limited on regulatory aspects of the insolvency including access to the Irish Insurance Compensation Scheme.