A multi-disciplinary corporate insurance team at Clyde & Co advised Swiss Re on their purchase of the business of Zurich Specialities London Ltd, one of Zurich’s non-core subsidiaries in the UK.
The business is predominantly comprised of US and UK broker placed commercial casualty policies written on both a direct and assumed basis. Zurich and Swiss Re have signed a reinsurance agreement which transfers the benefits and risks of this portfolio as of April 1, 2011 from Zurich to Swiss Re until the transfer is completed. The gross assets and liabilities of the business being transferred are valued at approximately $950 million.
Andy Tromans, a partner in the Corporate Insurance group at Clyde & Co LLP, who advised on the deal, says: “We are delighted to have assisted Swiss Re on this purchase, one of the largest discontinued business transfers in the last few years. This is another demonstration of Swiss Re’s commitment to this sector of the market.
“The wide range of advice required on this deal – from reinsurance to tax, and from IT & outsourcing to employment – demonstrates the strength of the corporate insurance team at Clyde & Co” he continued. “The team is seeing increasing corporate activity in the insurance sector. There is no doubt that changes to the regulatory and competitive environments are driving this trend in the market.”
Clyde & Co's team was led by Andy Tromans and included Legal Director Ravi Masaon and associate Danielle Gilston, Nigel Brook (Reinsurance), Mark Williamson and Gary Parnell (IT and Outsourcing), Gerry Quirk (Part VII transfers), Simon Allum and Trefor John (Tax), Nick Elwell-Sutton (Employment) and Chris Lenton (Banking and Finance).