At the Annual Dinner of the Association of Run Off Companies (ARC) last night, Clyde & Co’s Discontinued Business Group won the 2008 Award for Advisory Services Provider of the Year.
In announcing the award, Philip Grant, Chairman of ARC, commented that Clyde & Co has perhaps the most manifest and enduring commitment to the legacy sector. He continued: “In a year that has been notable more for deals and other non-contentious processes than for high-profile litigation activity, Clyde & Co has distinguished itself by advising on a number of innovative transactions including pioneering work in the European insurance market and the Lloyd’s Open Years’ arena. The firm’s commitment – not just to serving the core legacy community, but also to developing new areas and mechanisms – earned it this award.”
Michael Payton, Senior Partner at Clyde & Co, said: “We are delighted to have won this award, which represents genuine recognition by the run off industry of the role that the group has played in the development of legacy business in the last 10 years.”
“The team’s position is well illustrated by the number of firsts that it has achieved – for example, advising on the first solvent scheme of arrangement, the first Part VII transfer out of Lloyd’s, and the first solvent scheme of arrangement for a German reinsurer. We are proud to be able to offer our clients such depth and breadth of expertise in the run off sector.”