Sectors

Insurance and Reinsurance

Our expertise:

The group, which encompasses expertise from three of our industry leading departments, Finance, Corporate and Litigation is widely recognised in the market place for the depth and breadth of its expertise, assisting some of largest and most sophisticated insurance groups in Ireland and globally on a range of matters and projects.

Our cross-practice Insurance team is attuned to relevant regulatory developments and is ready to navigate clients through these challenges. We have particular expertise in handling bespoke, complex, multi-layered insurance and reinsurance transactions and structures.

Key areas:

We advise on:

• The establishment, regulation and supervision of life and non-life (re)insurance operations in Ireland, including (re)insurers passporting into Ireland or into other EU member states from Ireland
• The regulatory and corporate aspects of complex multijurisdictional and domestic insurance mergers, acquisitions, joint ventures, restructurings and disposals, including acting as lead counsel for cross-border insurance business restructurings
• All aspects of compliance obligations, including the implementation and application of Solvency II, product offerings and consumer requirements
• Portfolio transfers both to and from third parties and intra-group (including obtaining all necessary regulatory and judicial approvals)
• Corporate governance and fitness and probity issues
• Insurance-related issues arising from investigations by the Central Bank of Ireland
• Insurance products distribution arrangements, including advising insurance undertakings and intermediaries on setting terms regarding their respective obligations
• Rights issues, securitisations, demutualisation of insurers and complex capital markets transactions, as well as structured finance transactions involving (re)insurance products
• High-value, complex and high-profile (re)insurance disputes, including resolving (re)insurance policy wording disputes and policy avoidance issues
• The winding up and administration of insurers
• All aspects of insurance litigation and arbitration
• Property and professional indemnity insurance

Key highlights include advising:

• Allianz - Irish Life Holdings plc (“AILH”) on the recommended acquisition for cash by Allianz Europe B.V. (“Allianz Europe”) of the shares in AILH not already owned by the Allianz Group. The acquisition is being implemented by means of a scheme of arrangement under the Irish Companies Act 2014
• As lead counsel on the integration of the MetLife Group’s European insurance business into a single Irish hub acting in a sequence of cross-border mergers (involving authorised operating subsidiaries in Italy, France, the Czech Republic; Slovakia; Hungary, Spain, Portugal, the UK Romania and a holding subsidiary in Cyprus). This required the approval of the Irish Commercial Court and led to the establishment of MetLife Europe DAC (the Irish authorised company) as the principal authorised life company in the EU
• Zurich with ongoing regulatory and legal counsel around a variety of issues including governance, distribution, compliance, reinsurance and investment programmes
• VHI on its acquisition (subject to competition clearance) of 100% control of the Swiftcare business (walk in minor injuries clinics)
• Swiss Re on Irish legal and regulatory issues as well as the court processes associated with Swiss Re’s acquisition of a book of business from Access
• Acting for the joint administrators of Quinn Insurance in the work out of that entity’s difficulties