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    10-06-2020

    Eversheds Sutherland advises the ABI on creation of new Covid-19 Support Fund

    Eversheds Sutherland has advised the Association of British Insurers (ABI) on its role in the creation of a new fund to help support some of those hardest hit by the Covid-19 pandemic.

    Launched in partnership with the UK insurance and long-term savings industry, the Covid-19 Support Fund aims to raise in excess of £100 million, with £82.8 million already having been pledged.

    The Fund will comprise contributions from firms right across the sector. It is in partnership with the Charities Aid Foundation (CAF) and a network of partners, including the National Emergencies Trust.

    Its key aim is to provide immediate relief to charities affected by Covid-19, as well as a longer-term programme of support for people, communities, and issues where there is the greatest need, including:

    • Community-based charities that are under unprecedented strain 
    • Charities supporting the most vulnerable – in particular, families and children living in greatest poverty and older people in isolation 
    • Initiatives to promote wellbeing and mental health across society 

    The Eversheds Sutherland team, led by corporate Legal Director Stephen O’Reilly, advised on all aspects of the structuring and set-up of the fund. The team comprised Partners Paul Pugh (corporate), and Matthew Gough (commercial contracts) and Associate Matthew Cummings (tax).

    Paul Pugh, Eversheds Sutherland Client Partner to the ABI, said:

    “We’re thrilled to have worked with the ABI on another innovative project, the results of which will help bring the wider community together by providing much needed support and relief to those hardest hit in the UK by the debilitating effects of Covid-19.”

    Philippa Handyside, General Counsel, ABI, said:

    “It was great to work with Eversheds Sutherland again on a project that will make a considerable difference to those most in need of support as a result of Covid-19. As ever, Eversheds Sutherland responded at speed, quickly understanding the demands of the project and adopting a solution-focussed approach which helped deliver support in record time.”

    Led by Paul Pugh, the global law firm previously advised the ABI in relation to the “world’s first” Flood Re, the £2 billion not-for-profit flood reinsurance fund owned and managed by the insurance industry.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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