Clifford Chance (CC) has hired Norton Rose Fulbright (NRF) corporate insurance partner Ashley Prebble as the Magic Circle firm aims to boost its Lloyds and London market and general insurance capability.
Prebble, who will work closely with the firm’s private equity and regulatory teams, specialises in corporate and regulatory insurance work including initial public offerings (IPOs), mergers and acquisitions, Part VII transfers, distribution agreements and regulatory matters.
While at NRF, Prebble advised on a number of high profile insurance transactions including the Part VII transfer of Royal Bank of Scotland’s Churchill, Direct Line and NIG businesses into UK Insurance last year, said at the time to be the largest general insurance portfolio transfer ever completed in the UK, with the four insurance business together worth in excess of 20 million policies.
Other headline deals he has advised on include the £135m sale of HSBC Insurance Brokers to Marsh, Admiral Group’s £711 million IPO and Brit Insurance Holdings’ $300m sale of Brit Insurance Limited to Riverstone Holdings.
Katherine Coates, head of the corporate insurance practice at CC, said: ‘Ashley joins us at a key time for the insurance industry, which faces unprecedented challenges and uncertainty due to market and regulatory pressures.
‘Ashley’s particular experience of the London market and general insurance operations will be a valuable addition to our current team, which is uniquely placed to support our clients across the sector on a wide range key strategic projects and transactions in both mature and growth markets.’
CC’s global insurance industry sector group comprises over 180 lawyers from its corporate, banking & finance, capital markets, M&A, regulatory, dispute resolution, antitrust, tax, real estate, pensions and employment teams.
Prebble added: ‘Joining Clifford Chance is the perfect opportunity to develop my practice in the London market and internationally, working as part of a leading global insurance sector team. I look forward to working closely with the firm’s pre-eminent private equity and regulatory teams, as financial investors are playing an increasing important role in the sector and sweeping changes in regulation and regulator approach pose new challenges for clients.’