Insurance Industry Group Insurance- and Risk-Linked Securities Overview Across global markets, we represent insurers and reinsurers, as well as brokers, banks and investors, in a range of transactional, litigation and regulatory matters. Our broad industry experience means that—no matter which practice area is required for a particular matter, such as corporate, securities, finance, litigation, employment, cybersecurity/data privacy or tax—we have practitioners who understand the issues impacting the industry. Our Work Today We advise clients in structuring and executing sophisticated multi-jurisdictional transactions in the industry. Many of our recent transactions have broken new ground at the convergence of the insurance and capital markets, and we have been at the forefront of the development of third-party capital management arrangements in the reinsurance markets.
Thought Leadership • Annual Year in Review • Legal Updates • Client Seminars
To be kept informed of events and to receive our legal updates and other publications, please visit us at www.mayerbrown.com/Insurance.
For insurtech-focused news, visit Insurtech by Mayer Brown – a website focused on insurance technology and innovation news, events and other related thought leadership. Representative Matters
INSURANCE-LINKED SECURITIES LEADERSHIP
• Acted on nearly 100 catastrophe bond offerings in the last 5 years alone and, among those, more than 30 were for first-time sponsors. These transactions involved SPVs domiciled in the United Kingdom, Bermuda, Cayman Islands, Ireland and Gibraltar. • Acted on some of the most significant and innovative offerings in the history of the ILS market, including those listed below:
– The first-of-its-kind catastrophe bond offering covering flood risk of the National Flood Insurance Program administered by FEMA. – The first-of-its-kind catastrophe bond offering that transferred to the capital markets the risk of third party liability for property damage caused by wildfires in Northern California for the benefit of PG&E, the California electric and gas utility. – The first storm surge catastrophe bond in history and the first deal to benefit a non-insurer: $200 million MetroCat Re for New York’s MTA, the largest transportation network in North America. – The largest offering by a private insurer in the history of the ILS market: $1.275 billion Galilei Re for the benefit of XL Catlin companies. – The largest offering in the history of the ILS market: $1.5 billion by Everglades Re for the benefit of Citizens Insurance Company in Florida.
– Corporate-sponsored ILS transactions for healthcare company Kaiser Permanente and for Amtrak, the national passenger rail system. – The first catastrophe bond covering risks in China, and the first by a Chinese insurer: $50 million Panda Re earthquake catastrophe bond offering. – The first catastrophe bond denominated in yen (structured on indemnity basis): ¥10.125 billion Aozora Re Japanese Typhoon catastrophe bond. – The first catastrophe bond offering for the benefit of The Covea Group, one of the largest insurers in France, providing protection from losses associated with windstorms. – In Gibraltar, EU Lotto Limited on its €116 million jackpot protection insurance and reinsurance policies.
LIFE RESERVE, EMBEDDED VALUE AND OTHER STRUCTURED FINANCE
• We are a preeminent law firm in the field of life insurance reserve financing, and our partners have contributed to more than 50 such transactions that closed over the past decade many of which have been innovatively designed to facilitate M&A divestments, public offerings, and other corporate restructurings.
INSURTECH: TECHNOLOGY & INNOVATION
• Facilitated the cooperation between Hong Kong- based insurtech startup Wesurance Limited and Allied World Assurance Company for selling travel insurance products through a mobile application. • Represented AllLife, the South African-based insurtech company, on its agreement with UK mutual life, pensions and investments company Royal London to launch pioneering life insurance cover for people with diabetes in the UK. • Represented Envestnet in its startup phase, IPO and NYSE listing, as well as in a number of strategic transactions, including its acquisition of FolioDynamix, a web-based wealth management technology platform, and its $660 million acquisition of Yodlee, Inc., a leading technology and applications platform providing cloud-based financial services.
• Represented the insurance subsidiary of an international financial company in its first VC investment in an Internet of Things company that specializes in Wi-Fi enabled smoke alarms
SIDECARS, DEDICATED FUNDS AND OTHER OFFSHORE EXPERIENCE
• Represented Everest Re Group in establishing Mt. Logan Re, the largest sidecar in the market; and Chaucer plc in establishing Thopas Re.
• Represented PartnerRe in establishing collateralized retrocession program involving special purpose insurer Lorenz Re.
• Represented Brit Ltd in launching Sussex Capital, a Bermuda-domiciled fund and collateralized reinsurance platform. • Acted in the formation of prominent Bermuda-based insurance companies, including Everest Re Group, LaSalle Re, Intrepid Re and Endurance Specialty.
• Significant IPOs, including ACE, Assured Guaranty, LaSalle Re, IPC Re, Montpelier Re and Endurance.
Global ILS Practice United States Stephen G. Rooney New York +1 212 506 2567 [email protected]
Richard B. Spitzer New York +1 212 506 2309 [email protected]
George W. Craven (Tax) Chicago +1 312 701 7231 [email protected] United Kingdom
Colin Scagell London +44 20 3130 3315 [email protected]
Ben Fryer (Tax) London +44 20 3130 3552 [email protected] Asia
Jason T. Elder Hong Kong +852 2843 2394 [email protected]
Rod Brown Singapore +65 6327 0636 [email protected] Office Locations
AMERICAS EUROPE ASIA Brasília* Brussels Bangkok Charlotte Düsseldorf Beijing Chicago Frankfurt Hanoi Houston London Ho Chi Minh City Los Angeles Paris Hong Kong Mexico City Shanghai New York MIDDLE EAST Singapore Palo Alto Dubai Tokyo Rio de Janeiro* San Francisco São Paulo* Washington DC
* Offices of Tauil & Chequer Advogados in association with Mayer Brown LLP
Mayer Brown is a global legal services provider advising many of the world’s largest companies, including a significant portion of Fortune 100, FTSE 100, CAC 40, DAX, Hang Seng and Nikkei index companies and more than half of the world’s largest banks. Our legal services include banking and finance; corporate and securities; litigation and dispute resolution; antitrust and competition; US Supreme Court and appellate matters; employment and benefits; environmental; financial services regulatory and enforcement; govern- ment and global trade; intellectual property; real estate; tax; restructuring, bankruptcy and insolvency; and wealth management. Please visit www.mayerbrown.com for comprehensive contact information for all Mayer Brown offices. This Mayer Brown publication provides information and comments on legal issues and developments of interest to our clients and friends. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein. Mayer Brown comprises legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown Mexico, S.C., a sociedad civil formed under the laws of the State of Durango, Mexico; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services. “Mayer Brown” and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions. © 2018 The Mayer Brown Practices. All rights reserved. Attorney Advertising Americas | Asia | Europe | Middle East | www.mayerbrown.com