M&A and exit strategies

With the London (including Lloyd’s) non-life run-off liabilities at the end of 2005 estimated at £38.2 billion (Source: Association of Run-Off Companies/KPMG 2006 Run-Off Survey), a critical question for many is how to exit portfolios, or how best to arrange an estate.

We prepared the transfer of 13 insurance portfolios into one company owned and managed by the Riverstone Group in 2004.

We pioneered the first major scheme of arrangement of asbestos liabilities, acting for the administrators of Turner & Newall, which enabled employers' liability insurers to close their books for good.

We have drafted and structured loss portfolio transfers, adverse development covers and advised on legal aspects of intra-group accounting issues.

Members of the corporate insurance team advise on acquisitions and disposals and acquisition finance of insurance companies and brokers, structured funds at Lloyd's arrangements, captives and offshore structures.