Corporate Offshore Insurance & Reinsurance Lawyers
Global (re)insurance is a dynamic and ever-changing industry, responding to emerging and existing challenges, including major catastrophe losses, varying risk appetites, volatile investment markets and changes to regulatory practices. Insurance and reinsurance companies seeking greater strategic value in order to meet their growth objectives in this evolving climate have found success working with Appleby as their global (re)insurance law firm.
Legal advice for insurance & reinsurance
As a specialist global (re)insurance law firm operating in the offshore legal space, our knowledgeable and experienced team provides advice on the establishment, regulatory compliance and business operations of (re)insurance companies, as well as advising (re)insurance managers and brokers based in international jurisdictions.
Our legal expertise in offshore insurance is demonstrated with top tier rankings in both Chambers & Partners and The Legal 500 legal directories, with recognition including how “Appleby is routinely engaged by market-leading insurers and reinsurers” who turn to the firm for our “extensive capabilities in big-ticket capital raisings, hybrid transactions, insurtech implementation and new registrations”.
We advise private and listed companies, including major New York and London finance houses, as well as FTSE 100 and Fortune 500 household names.
Appleby’s expertise in insurance & reinsurance
As a multi-jurisdictional team specialising in all facets of corporate (re)insurance legal services our expertise stretches across many industries and sectors.
Services provided by our knowledgeable and experienced offshore (re)insurance lawyers include:
- Establishing, regulatory compliance and business operations of commercial (re)insurance companies (life and non-life), insurance managers and brokers
- Special purpose insurers (SPIs), formed as issue vehicles for insurance-linked securities (ILS), including collateralized reinsurance and industry loss warranties (ILWs)
- Mergers and acquisitions of insurance companies
- Capital raising (private equity and IPOs) of (re)insurers or their holding companies
- Re-domiciliation of (re)insurance companies into or out of our jurisdictions
- Longevity and other risk swaps
- Fixed and variable annuity products
- Hedge fund-owned insurance companies
- Captive and rent-a-captive programmes
- Segregated accounts and portfolio companies
- Value-added insurance wraps
- Policies and other contracts
- Governance procedures and other regulatory matters
- Protection and Indemnity (P&I) Clubs
- Mutual insurance companies
- Assignment of policies as security for financing
- Schemes of arrangement/transfer of insurance portfolios
Client Experience
Representative Offshore insurance Work
Isle of Man’s first insurance SPV authorisation
Appleby advised Thomas Miller Captive Management, the insurance manager of Ilex Global Reinsurance Company ISPV Limited (Ilex), in connection with Ilex’s application to be authorised as an insurance special purpose vehicle; the first authorisation of its kind in the Isle of Man.
Arbol Re
Appleby advised Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance and reinsurance business, on the establishment of Arbol Re Ltd, a new collateralised insurer in Bermuda. Arbol utilises Arbol Re Ltd. to draw on third-party investor sources of risk capacity and facilitate transactions within its own regulated collateralised underwriting vehicle.
Swiss Re
Appleby acted as Bermuda counsel for global reinsurer Swiss Re on its securing of a multi-year stop-loss transaction with funding led by J.P. Morgan that provides the reinsurer with USD700 million in underwriting protection. The deal provides protection for severe underwriting losses across the Swiss Re Group for the financial years 2023 to 2027.
Spotlight
Why Bermuda for offshore insurance & reinsurance?
With a distinguished history in the industry, Bermuda is a sophisticated, innovative and well-regulated (re)insurance jurisdiction. The Bermuda Monetary Authority is renowned for its commitment to providing open, transparent regulatory frameworks that align with international best practices and is often praised by industry for its collaborative style and considered approach to the regulation of insurance and reinsurance business.
Often referred to as the ‘world’s risk capital’, Bermuda has stood as an exceptional destination for insurance and reinsurance ever since emerging as the world’s leading captive insurance domicile more than 40 years ago. In contemporary times, Bermuda-based (re)insurance companies play an increasingly vital role on the international stage, particularly in the aftermath of the most catastrophic and costly natural disasters. As the largest provider of catastrophe reinsurance to US insurers, Bermuda has cemented its position as a key jurisdiction within the global insurance market.
Appleby’s specialist insurance lawyers in Bermuda have been at the forefront of this growth, as evidenced by the Bermuda office’s continued top tier rankings for offshore insurance from both Chambers & Partners and The Legal 500 legal directories.
Dispute resolution insurance
There are many ways Appleby’s insurance and reinsurance experts can assist with comprehensive dispute resolution legal advice. Indeed, our team has assisted insurance managers and brokers in a number of international jurisdictions on a wide range of dispute resolution insurance cases in recent years, gaining market-leading experience in complex, high-value arbitration, litigation and mediation matters. Visit our Insurance Disputes page for further information and examples of our work.
What is insurance and reinsurance?
Insurance is a contract between a policyholder and an insurer, providing financial protection against potential losses or damages. Reinsurance, an integral part of the insurance industry, involves insurers transferring portions of their risks to other insurers. This process ensures stability, enabling larger risks to be underwritten and facilitates the efficient management of the overall insurance market. So, in short, to answer ‘what is insurance and reinsurance’ – they are vital mechanisms for risk mitigation and security.
