Practice/Industry Group Overview
Leaders in reinsurance, Sutherland helps clients create and defend sophisticated, tax efficient reinsurance structures to support business goals.
Sutherland’s comprehensive reinsurance practice draws on the firm’s deep experience across the insurance industry and familiarity with all aspects of reinsurance both in the United States and internationally. We constantly strive to keep ahead of the ever-changing regulatory environment across all jurisdictions. We develop reinsurance structures either on a discreet basis or as part of an acquisition or larger restructuring. We draft reinsurance agreements for property-casualty and life insurance clients, advising on state credit for reinsurance matters and drafting reinsurance trust agreements. We also aid clients during internal reviews of their reinsurance needs and programs.
Sutherland takes a multidisciplinary approach to reinsurance, utilizing the talents of not only our reinsurance counsel but also attorneys who focus on mergers and acquisitions, finance, tax, regulatory matters and litigation. As a result, we address the full scope of our clients' reinsurance concerns and advise them on how best to achieve their commercial objectives. We further support their business objectives by engaging in long-term relationships that allow us to anticipate their legal needs as the industry evolves.
Our practitioners draft reinsurance agreements and arrange reinsurance transactions. We are intimately familiar with collateral protection devices as well as interim and permanent administrative services agreements. We regularly handle coinsurance, modified coinsurance, coinsurance with funds withheld and assumption reinsurance. We have decades of experience aiding clients with reinsurance matters in the United States, the Caribbean and Europe, and report to our clients on regulatory developments globally as developments warrant.
Multidisciplinary approach. In addition to our insurance lawyers, those clients with reinsurance concerns can rely on the support of our merger and acquisitions team, tax lawyers, finance attorneys, regulatory attorneys and litigators. We address the full range of issues and craft creative solutions.
Industry experience. We deal with virtually every aspect of the business from creating discreet reinsurance structures to dealing with runoff issues, from life insurance securitizations to reinsurance sidecar matters.
Domestic and international reach. Our reinsurance practitioners are comfortable with the regulations and legal codes of the United States, the Caribbean and Europe. Moreover, our practice has enduring connections with other members of the industry that enable us to deal effectively and quickly across international boundaries.
Regulatory knowledge. Our attorneys stay on top of recent developments in reinsurance regulations, from the relevant portions of Dodd-Frank and various state laws to Britain's replacement of the Financial Services Authority with the Prudential Regulatory Authority and the new European Union regulations.
Proactive advice. We know the industry, regulation and our clients' business goals and proactively advise clients by sharing recent news as well as aiding them with reviews of their reinsurance programs and projected reinsurance needs.
Nuts and Bolts
Our reinsurance practice includes:
- Drafting facultative, treaty, excess of loss and catastrophe reinsurance agreements for property-casualty risks, as well as drafting related reinsurance trust agreements
- Drafting of life and annuity reinsurance agreements both in standalone transactions and in connection with sales of business units, including all related administrative services agreements, trust agreements and other security agreements
- Development and securitization of synthetic life insurance products, letters of credit and reinsurance transformer transactions providing protection for guaranteed benefits
- Securitization of property and casualty reinsurance cash flows
- Reinsurance litigation and arbitration
- Tax issues related to reinsurance transactions
Sutherland takes a multidisciplinary approach to reinsurance matters bringing together relevant experience in insurance M&A, regulation, tax, finance, international law and litigation.
Sutherland represents ING in XXX and AXXX reserve funding and capital solutions for annuity products.
We negotiated reinsurance agreements and financing and security documents governing billions of dollars in letters of credit, trust notes and demand collateral provided by a variety of banks and reinsurers to finance ING’s reserves and to manage capital volatility associated with certain annuity products.
Sutherland advises The Hartford in strategic sale of its life insurance business.
Sutherland represented Hartford Financial Services Group, Inc. in the sale of its individual life business; a strategic disposition in support of the company's plan to narrow its focus to property and casualty, group benefits and mutual fund businesses.
Sutherland attorneys advise Lloyd's of London on establishment of Equitas.
Sutherland attorneys advised Lloyd’s in its establishment of Equitas and the entity's acceptance of the reinsurance of all of Lloyd’s pre-1993 liabilities. They represented Lloyd’s in the $14 billion reinsurance transaction between Equitas and National Indemnity Insurance Company and the subsequent UK Part VII transfer of all such liabilities.