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Insurance financing and capital markets

Insurance companies confront a myriad of regulatory, tax, accounting and structuring considerations when they look for financing solutions to their capital, liquidity or risk management needs. They regularly need lawyers with a broad range of practical experience and deep industry knowledge to assist them. Eversheds Sutherland lawyers have spent decades helping insurers access capital markets and pursue new financing strategies.

We advise clients on complex transactions that enable them to improve liquidity, strengthen capital, manage risks and expand businesses. Our multidisciplinary approach brings together the collective experience of seasoned professionals in finance, securities, swaps and other derivatives, tax, insurance and reinsurance to help clients find and implement the best financing solutions.

Our understanding of insurance encompasses products, distribution, operations, regulation, reserving, risk transfer, reinsurance credit, taxation and the competitive landscape. We handle onshore and offshore captives and funds, equity offerings, securitizations and insurance-linked securities (including advising on the newly developing ILS regime in the UK), 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, bespoke insurance coverage, all forms of reinsurance, surplus notes and securities backed by funding agreements and distressed debt trading and restructuring. Eversheds Sutherland guides insurance companies and regulators through XXX and AXXX and AG 48 compliant transactions in the United States.

Recent transactional work by the firm and members of the insurance M&A team at predecessor firms includes:

  • Represented a large U.S. publicly traded company and its life insurance subsidiaries domiciled in various U.S. jurisdictions in their reserve financing transactions for life and annuity products through on-shore or offshore captives, funded surplus notes issuances, bilateral letter of credit facilities, note for note exchange transactions using trust notes or credit linked notes, or financial reinsurance structures
  • Represented a U.S. life insurance subsidiary of a large internal insurance company in its captive reserve financing transactions involving both life and annuity products.
  • Represented a U.S. life insurance company in its reserve financing transaction with excess of loss and monthly renewable term reinsurance facility sponsored by an unaffiliated third party reinsurer
  • Represented a U.S. life insurance company in connection with its reserve financing transaction backed by a credit linked note, swap and retrocession
  • Represented two affiliated U.S. life insurance companies in their XXX/AXXX reserve financing transactions and Rule 144A notes offering
  • Represented insurance holding company in Rule 144A/Regulation S offering of senior unsecured notes
  • Represented a mutual insurance holding company in its reinsurance of a regulatory closed block to a captive using a note for note exchange structure
  • Represented various companies in their cat bond issuance covering U.S. wind and earthquake risk, European wind, or Japanese earthquake risks

Our insurance know-how helps insurance clients develop solutions that enable them to manage tactical day-to-day issues as well as implement strategic, long-term plans.

Contact our insurance financing and capital markets team

If you would like any further information or need advice on insurance financing and capital markets law, please contact our legal team.

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© Eversheds Sutherland 2023. All rights reserved. Eversheds Sutherland is a global provider of legal and other services operating through various separate and distinct legal entities.

Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed and affiliated firms and the members of Eversheds Sutherland (Europe) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client.