Insurance Finance

When insurance companies seek capital solutions, they turn to Sutherland for advice that helps them craft and execute cost-effective transactions.

Insurance companies confront myriad regulatory, tax, accounting and structuring considerations when they look for financing solutions, so they need lawyers with a broad range of experience and deep industry knowledge. Sutherland attorneys have spent decades helping insurance companies open new markets and pursue new opportunities.

Sutherland’s Insurance Finance practice advises clients on complex transactions that enable them to improve liquidity, strengthen capital, manage risks and expand businesses. Sutherland’s multidisciplinary approach allows us to draw on finance, insurance, reinsurance, securities, commodities and tax experience to help insurance companies find the best financing solutions.

Our understanding of the insurance business encompasses operations, regulations, taxation and the industry market. Sutherland guides insurance companies through XXX and AXXX transactions in the United States and overseas. We handle captives and funds, equity offerings, securitizations and insurance-linked securities, catastrophe (CAT) bonds and extreme mortality bonds, equity-linked products and private placements, debt offerings, premium financing, investment grade bonds and hybrids, derivatives and industry loss warranties, BOLI, COLI, bespoke insurance coverage, all forms of reinsurance, surplus notes and securities backed by funding agreements and distressed debt trading and restructuring. We develop solutions that allow insurance companies to manage tactical day-to-day issues as well as implement strategic, long-term plans.

Why Sutherland
Experience. Our team draws on decades of practice in insurance, reinsurance, securities offerings, M&A, lending, distribution, corporate governance, derivatives, securitizations, commodities, funds, product design, tax and other essential areas to help insurance companies get access to capital.

Focus. Financing is complicated in a regulated industry. Our focus in the insurance sector and thorough understanding, particularly in insurance and reinsurance regulation and insurance tax, enable us to develop sophisticated financing options to secure needed capital efficiently.

Mitigating regulatory strains. Regulation XXX and AG 38 add reserve strains to life insurance companies, and our attorneys know how to evaluate and implement strategies to moderate these effects.

Strong securities background. Insurance companies often look to raise funds through registered and unregistered securities. Our team is intimately familiar with the implications of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940.

International connections. Our attorneys design and implement captives and other financing vehicles for insurers domiciled domestically and outside of the United States, including those established in Ireland, Bermuda, the Cayman Islands and the Isle of Man. We have established relationships with leading law firms in these countries that allow us to provide comprehensive advice to clients and help develop sophisticated and diverse insurance programs.

Refined understanding of swaps and derivatives. We are particularly well versed in the use of derivatives, which pose unique regulatory challenges.

Private placement financings. Our attorneys have exceptional knowledge of private placement financings.

Scalability. Our team has the ability to handle transactions of any size. We handle a wide range of transactions of varying strategic importance.

Nuts and Bolts
As part of the firm’s financial services industry practice, we represent insurance and other financial services companies in a wide variety of financing transactions.

  • Equity offerings
  • Insurance-linked securities (ILS)
  • Catastrophe (CAT) bonds and extreme mortality bonds
  • Equity-linked products and private placements
  • Investment grade bonds and hybrids
  • Regulation XXX and AG 38
    • Short-term and long-term reinsurance letters of credit, surplus note issuances and synthetic structures
  • Surplus notes for mutual and stock insurance companies
    • Securities and Exchange Commission Rule 144A
  • Derivatives and industry loss warranties
    • Credit default swaps
    • Interest rate swaps
    • Foreign exchange swaps
    • Equity derivatives and total return swaps
    • Swaps of natural catastrophe risk, weather risk, mortality/longevity tied to pools of lives, payments tied to mortality indices and industry loss warranty programs
  • Securities backed by funding agreements
  • Offshore vehicles
  • Commercial paper programs
  • Insurance-backed obligations
  • Unsecured notes and general debt obligations
  • Asset-backed securities
  • Captives and funds
  • Premium finance
  • BOLI/COLI/Stable Value
  • Bespoke insurance coverage
    • Variable life insurance and annuity products
    • Coverage for carbon trading risks, representation and warranty risks, tax risks, novel political risks and unusual errors and omissions risks
  • Distressed debt trading and restructuring

Take Action
Sutherland’s Insurance Finance Practice can open doors and find solutions that allow insurance companies to gain stronger financial footing and expand into new markets.

Selected Experience
Sutherland represents a large life insurer in financings worth more than $6 billion.
Sutherland represented a large life insurer in several XXX and AXXX funding solutions, including recourse and nonrecourse structures involving letters of credit, surplus notes, trust notes and collateral notes backed by securities lending transactions.

Sutherland advises large annuity writer on variable annuities with guaranteed living benefits.
A large annuity writer sought Sutherland’s representation in establishing facilities to manage its guaranteed living benefits liabilities.

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§  “Diversity at Sutherland Asbill & Brennan LLP” to “Diversity at Eversheds Sutherland (US) LLP”

§  “Diversity” section:

o   The firm’s emphasis on diversity is reflected in numerous ways throughout the firm, such as the manner in which we recruit lawyers and other employees, our work-life policies and our professional service efforts. We have been recognized for our achievements in diversity.  More importantly, we understand the significant role a diverse community plays in the firm's growth and development.

§  “Our Awards and Recognitions” section:

o   Eversheds Sutherland (US) LLP continues to be recognized for its efforts to promote diversity in the workplace and in the legal profession. In 2016 we were named a “Best Place to Work for LGBT Equality,” having earned a perfect 100 score on the Human Rights Campaign’s Corporate Equality Index, and we also were ranked a Top 100 Firm for Minority Attorneys by Law360. In addition, the firm was awarded the Gold Standard Certification for the fifth consecutive year by the Women in Law Empowerment Forum.

§  “Our Commitment” section:

o   Eversheds Sutherland (US) LLP is committed to promoting diversity within the firm and in the legal profession.  We believe that diverse skills, knowledge and viewpoints make us a stronger, more productive law firm.  We hire and promote qualified lawyers and other professionals regardless of race, color, national origin, religion, disability, gender, gender identity or sexual orientation.  We understand that diversity enhances our value to clients by allowing us to staff our client teams with professionals who possess broad experiences and a spectrum of perspectives.

o   Eversheds Sutherland (US) LLP has a cross-office Diversity Committee with responsibility for supporting and enhancing our firm culture.  Our committee has helped coordinate and lead a number of efforts to advance diversity within our firm and the community. Affinity groups at the firm serve as support networks for attorneys of color; women lawyers; and gay, lesbian, bisexual and transgender attorneys.

o   We are committed to working with our clients as they pursue the common goal of a professional workplace where opportunity is available to all.

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