Practice Areas & Industries: Sutherland Asbill & Brennan LLP

 





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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.

Why Sutherland
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

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Sutherland takes a multidisciplinary approach to reinsurance matters bringing together relevant experience in insurance M&A, regulation, tax, finance, international law and litigation.

Selected Experience
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.


 
 
Articles Authored by Lawyers at this office:

Impact of International Tax Reform Proposals on U.S. Insurance Companies
Dennis L. Allen,Thomas A. Gick,Jerome B. Libin,Jeffrey H. Mace,Michael R. Miles, November 27, 2013
On November 19, retiring Senate Finance Committee Chairman Max Baucus (D-Mont.) released a “Discussion Draft” setting forth his international tax reform proposals. Of note, the Discussion Draft includes several proposals that target the international operations of U.S. insurance...

IRS Issues Draft FATCA FFI Agreement and Announces Positive New Rules for Insurance Companies
Dennis L. Allen,Jeffrey H. Mace,Michael R. Miles,M. Kristan Rizzolo,Carol P. Tello, November 04, 2013
On October 29, the Internal Revenue Service (IRS) issued Notice 2013-69, which includes guidance to foreign financial institutions (FFIs) entering into FFI agreements with the IRS and a draft FFI agreement. The Notice also describes some of the changes the IRS intends to make to the recently...

Florida Announces DMF Search Requirement and Date-of-Death Dormancy Trigger
, October 16, 2013
In an administrative declaratory ruling, the Florida Department of Financial Services (DFS) announced that Florida’s unclaimed property statute requires life insurers to search the Social Security Administration Death Master File (DMF) to seek out information on potential deaths of insureds. ...

California Controller’s Handbook Requires Insurers to Perform Quarterly DMF Searches
, October 14, 2013
In a recently released update to its Unclaimed Property Holder Handbook (Handbook), the California State Controller’s Office has apparently taken the position that life insurers must search the Social Security Death Master File (DMF) on a quarterly basis to determine whether they have any...

Acquisitions of Insurers by Private Equity Firms Under Heightened Regulatory Scrutiny
, September 20, 2013
In recent months, the New York Department of Financial Services (the DFS) has raised concerns over the perceived trend of private equity firms and other investment companies acquiring insurance companies, particularly those that write fixed and indexed annuity contracts.

An Ode to the Actuaries: Tax Court Concludes that Acuity’s Loss Reserves Were “Fair and Reasonable”
, September 12, 2013
On September 4, the United States Tax Court issued its opinion in Acuity v. Commissioner, T.C. Memo. 2013-209. In brief, the court concluded that Acuity’s reserves for unpaid losses and loss adjustment expenses for 2006, as used by the company in computing “losses incurred”...

Federal Insurance Issues We Are Watching During Fall 2013
, September 12, 2013
The United States Congress has returned from its summer recess. On its first full day back in session, the U.S. House of Representatives passed (by a vote of 397-6) long-stalled legislation that would fundamentally alter the U.S. system for licensing insurance producers ("NARAB II"). ...

NAIC Report: 2013 Summer National Meeting
, September 04, 2013
The National Association of Insurance Commissioners (NAIC) met in Indianapolis, Indiana, from August 24-27, 2013. Typical for the mid-year meeting, activity largely consisted of reports by various task forces and working groups on the progress of ongoing projects. The only notable new initiative is...