Insurance Team of the Year
This award recognises the team that has handled innovative work and has attracted the most impressive instructions of the year in this constantly changing sector. We welcome submissions highlighting one example taken from a variety of work, including standout transactions, disputes and arbitration, as well as regulatory issues.
Advising LV= on its £1bn joint venture with Allianz, creating a general insurance business with over six million customers. The deal follows a series of major insurance sector engagements for the firm, including supporting the London Market Group on a new UK insurance-linked securities regime and advising it on the London insurance market’s response to Brexit.
RPC - HIGHLY COMMENDED
Acting initially for Aviva and MunichRe – and ultimately for developer Hammerson – in a high-profile claim that arose after a pane of glass fell from 125 Old Broad Street, narrowly missing pedestrians. After a many years of wrangling, Hammerson was eventually awarded £14.75m plus over £2.5m interest, with a significant cost recovery on one of the last cases conducted under a CFA.
Representing Fairfax Financial, the Toronto-based financial holding company, in its $240m acquisition of AIG’s insurance operations across Latin America and Turkey, and certain assets and renewal rights in Central and Eastern Europe. The deal involved an M&A transaction, a strategic alliance and the rollout of a business platform in the CEE.
Assisting Legal & General on the development of its new standardised ‘UK-pass-through’ longevity insurance product. The product allows pensions schemes to transact quickly on pre-defined terms with longevity risk passed through to the end reinsurer. The client recently used the pass-through structure in its £800m longevity insurance transaction with the Scottish Hydro-Electric Pension Scheme.
Freshfields Bruckhaus Deringer
Advising a consortium of funds on its acquisition of Goldman Sachs’ entire shareholding in Rothesay Life, a UK provider of annuity risk transfer solutions. The deal has particular significance from a market perspective, as companies are increasingly looking to insurers to manage their annuities and pensions liabilities.
In one of the biggest insurance deals of 2017, the firm represented funds affiliated with Apollo Global Management on the acquisition of a majority stake in run-off insurance specialist, Catalina Holdings (Bermuda). Since its foundation, Catalina has acquired or reinsured over $4.5bn of non-life insurance and reinsurance liabilities.