Insurance insolvency and restructuring and run-off
Our practice in the field of schemes of arrangement is headed by Vivien Tyrell, an authorised insolvency practitioner of 20 years' standing, who has particular expertise in insurance insolvency. We are recognised for our expertise in this field by Chambers UK and other leading legal directories, and the team won the Association of Run-off Companies' Industry Initiative of the Year Award 2008 for work on the EW Payne Pools Scheme.
We advise in relation to all of the issues arising in this developing area. This includes those highlighted in the important recent cases of British Aviation Insurance Company, Sovereign Marine & General (also known as WFUM) and most recently Scottish Lion Insurance Company, cases which have helped to create a framework of rules relating to the viability of schemes of arrangement. (You can read more about our work on schemes of arrangement, company voluntary arrangements and Part VII here).
We work closely with our International Risks and Reinsurance Group enabling us to service all requirements of entities participating in the field of run-off. This includes complex reinsurance recovery work, claims defence, complex commutation agreements, alternative risk transfer solutions, share buybacks and reductions in share capital as well as advice on schemes and Part VII. We also have excellent working relationships with the Insurance Directorate, Run-Off at the FSA.
Selected directory listings
- "[Vivien Tyrell] looks at everything from all different angles and explains them very clearly. She is always ready to listen to ideas and thoughts you have and work together to come up with a good solution" - Chambers UK 2013
- "RPC’s distressed situations team prides itself on providing novel and technical solutions to insurers" - The Legal 500, 2012 edition
- "Consistently excellent service" - The Legal 500, 2011 edition
Examples of relevant work
- Drafting, or otherwise advising on, over 35 unrelated schemes of arrangement of insurance companies spanning over 20 jurisdictions
- Advising well-known Lloyd's corporate member on the run-off documentation forming part of the transaction for investing in new Lloyd's syndicate
- Acting for provisional liquidators of a number of Lloyd's corporate members in run-off
- Acting for major international group on certain transfers of portfolios of business under Part VII of the Financial Services and Markets Act
- Acting for London Market insurance company opposing Part VII transfer of business by its reinsurer
- Advising major continental reinsurer on structure of reinsurance product involving transfer of business under the EU Reinsurance Directive and solvent schemes of arrangement in the UK