Life, Pensions & Longevity Risk. CMS Cameron McKenna s team

Transcription

1 Life, Pensions & Longevity Risk CMS Cameron McKenna s team 2011

2 ... very quick to respond, and more proactive than most other fi rms. Legal 500 Introduction 3 CMS 4 Life, Pensions & Longevity Risk team 5 Distinct approach 6 Experience and credentials 7 Key contacts 9

3 Introduction The longevity and pensions risk transfer market has seen substantial innovation and expansion in recent years, driving ever closer convergence between the insurance and capital markets. In a market requiring high degrees of specialism across a range of disciplines, in which complex transactions are often required to be executed in tight timeframes, our Life, Pensions & Longevity Risk team: brings together leading specialists in derivatives and structured products, insurance and reinsurance, pensions and fi nancial services regulatory offers clients market-leading experience across the full spectrum of de-risking and risk transfer solutions has a track record of delivery on high-profi le and innovative matters which is second to none is committed to a relationship-driven approach, focussed on providing real value, every time we are instructed. Drawing on in-depth knowledge of the market and its participants, the Life, Pensions & Longevity Risk Team advises on: pension buy-ins and buy-outs longevity swaps (insurance-based and derivatives) longevity and bulk annuity reinsurances Fronting arrangements using captives Transformer structures Index-linked notes and other capital markets products. This guide gives further details of our services and credentials, together with contact information for key individuals. Please feel free to contact any of us if you would like to discuss how we may be able to help. 3

4 Aberdeen Edinburgh Moscow Bristol Amsterdam Berlin London Warsaw Utrecht Leipzig Antwer werp Duesseldorf Cologne Dresden Brussels Frankfurt Prague Luxembourg Paris Stuttgart Strasbourg Munich Vienna Bratislav tislava Zuric rich Budapest Madrid Lyon Barcelona Milan Hamburg Ljubljana a Rome Zagreb Belgrade Bucharest Sarajevo Ti Trana Sofia Kyiv CMS offices Rio de Janeiro Beijing Lisbo n Seville Algiers CMS Cameron McKenna LLP is a full service law firm based in London with market-leading practices providing services to public and private sector organisations. We currently have over 130 partners and more than 700 other fee-earners. CMS Cameron McKenna is also part of CMS, a leading global legal services provider covering 30 jurisdictions with 55 offi ces in Western and Central Europe and beyond. Our clients say that what makes CMS special is a combination of three things: Strong, trusted client relationships High quality advice Industry specialisation We have a particular focus on the fi nancial services sector, undertaking a full range of transactional and advisory work for banks, insurers, reinsurers and other major fi nancial institutions. With a reputation for innovation, we believe that CMS is the fi rst European law fi rm to establish a team specifi cally focussed on the needs of the life, pensions and longevity risk transfer market. Mike Munro and James Parker are well regarded for longevity transactions, pensions and security/collateral arrangements and described as commercial, contactable, and personable. Legal Life, Pensions & Longevity Risk team

5 Life, Pensions & Longevity Risk team Our multi-disciplinary Life, Pensions & Longevity Risk team draws on the expertise and resources of lawyers across a number of key CMS practice areas each of which is acknowledged as a market-leader in its own right. FS Regulatory Pensions LP&LRT Derivatives and Structured Products Insurance Reinsurance Derivatives and structured products Described as very quick to respond, and more proactive than most other fi rms, our derivatives and structured products team is praised for thinking outside the box and being highly knowledgeable, experienced and great value. Insurance and reinsurance We have one of the largest specialist Insurance and Reinsurance teams in Europe and are consistently ranked among the top legal practices by both Chambers and the Legal 500. Mike Munro and James Parker are well regarded for longevity transactions, pensions and security/ collateral arrangements and described as commercial, contactable, and personable. Pensions We have one of the largest specialist pensions teams in the UK which is top-ranked in the main legal directories. We are recognised in the industry as one of the strongest, with the Legal 500 commenting that CMS fi elds outstanding pensions lawyers. Financial services regulatory One of the few fi rms to have a team dedicated to advising fi nancial institutions on the full range of their regulatory requirements, our regulatory team is one of the largest in the City and was one of the fi rst to be established. Legal 500 recommend team head Paul Edmondson and the excellent Simon Morris who has his fi nger on the FSA pulse. Unlike other practitioners in his fi eld, he gives you legal advice, not a regurgitation of what the rules say. 5

6 Distinct approach Client service With an established track record of delivery on complex and innovative transactions within tight timescales, we aim to provide an approach to client service which is distinguished by: the degree of Partner involvement and availability the responsiveness and quality of our advice the commerciality of our approach based on exceptional market focus, knowledge and experience the fl exibility and transparency of our approach to pricing. Relationship driven We are client driven. We invest in our clients for the long-term, devoting time and resource to ensure we know our clients people and business, and to sharing and building knowledge through bespoke training and workshops. Value for money Value for money is not just about hourly rates but also about the effi ciency, effectiveness and standard of the service provided. Our experience, good relationship management and concise, practical approach to advice mean that we can deliver real value for money legal services. Managing costs An important part of our commitment to building long-term relationships is our commitment on legal costs. We are happy to be completely transparent and will provide you with any information you would fi nd useful about our costs, down to the daily time records on which our time costs are based. This approach, together with our effi cient service means it is vary rare for clients to query our fees. 6 Life, Pensions & Longevity Risk team

7 Experience and credentials The combined experience of our Life, Pensions & Longevity Risk team is second-to-none. Matters and transactions on which team members have acted include: Pension buy-ins and buy-outs The Trustees of the Food from Britain pension scheme, the fi rst buy-out of a pseudo public-sector scheme (this work won the pensions team a nomination as Commercial Team of the Year in the British Legal Awards 2009). Pension Insurance Corporation on the buy-in/buy-out of the Alitalia Pension Scheme during its PPF assessment and Honda Racing Section of the Honda Pension Scheme. MetLife on the Vivendi buy-out. The employer on the 450 million Delta pensioner buy-out with Pension Insurance Corporation. The Trustees of the Aon Bain Hogg Pension Scheme on a pensioner buy-in with MetLife. A specialist UK insurer on the development of its security / collateral offering for pension buy-in transactions. A UK insurer with the development of its standard form pension buy-in product. Longevity only insurance and capital markets solutions Abbey Life Assurance Company Limited on the development, documentation and execution of a 3 billion collateralised longevity insurance transaction with the Trustees of the BMW UK Pension Scheme. A pension scheme on the negotiation of an index-linked longevity swap (in derivative form) covering deferred scheme members with a major international investment bank. A major investment bank on the development of hybrid longevity only risk transfer products. Longevity only reinsurance Abbey Life Assurance Company Limited on the purchase of collateralised, syndicated longevity only reinsurances in respect of risks relating to 3 billion BMW UK Pension Scheme. Abbey Life Assurance Company Limited on the purchase of collateralised, syndicated longevity only reinsurance from two reinsurers in respect of risks associated with its 1.6 billion portfolio of in-payment annuities. Pension Insurance Corporation on the purchase of collateralised longevity only reinsurance relating to a 500 million pension scheme buy-in. 7

8 A specialist UK pension insurer on the development, documentation and execution of a longevityonly tail risk reinsurance and associated security and collateral arrangements. A UK insurer and its captive reinsurer on the purchase of longevity-only reinsurance specifi c to three underlying pension scheme buy-ins, and associated security and collateral arrangements. A new entrant in the longevity reinsurance market on the development of its standard product and associated security offering. A major fi nancial services company on the structuring of collateral and security arrangements to support longevity reinsurance of segregated calls in the content of transformer structures. A major continental reinsurer in connection with the provision of collateralised reinsurance to a call of the Bermuda-based captive (re)insurance company of a major investment bank in respect of 2 billion underlying defi ned benefi t pension risk. Index-related matters The Life and Longevity Markets Association (LLMA) on the transfer to the LLMA of the JP Morgan LifeMetrics Index. Various clients including Deutsche Bank AG, London on proprietary indices in various asset classes including in relation to rates, commodities and emerging markets. Numerous Index-linked structured products including deposits, notes and certifi cates. Fronting arrangements The trustees on a multi-national buy-in fronting arrangement using a captive reinsurer within the employer group. Bulk annuity backbook transactions Prudential on its acquisition of Royal London s 1.6 billion non-profi t annuity portfolio by way of reinsurance and Part VII. Equitable Life on its 4.6 billion disposal of its non-profi t annuity portfolio to Canada Life by way of reinsurance and Part VII. Winterthur Life on the 400 million reinsurance of its non-profi t annuity portfolio to Canada Life. Prudential on its 140 million acquisition of Save & Prosper s non-profi t annuity portfolio by way of reinsurance and Part VII. 8 Life, Pensions & Longevity Risk team

9 Key contacts Derivatives & Structured Products Will Dibble Partner, Financial Services and Products group T +44 (0) E will.dibble@cms-cmck.com Jason Harding Partner, Financial Services and Products group T +44 (0) E jason.harding@cms-cmck.com Will Dibble is a partner in the Financial Services and Products group and advises a large number of fi nancial institutions on a wide range of debt capital markets, derivatives and structured products. Will s principal areas of expertise include advising in relation to securitised derivatives and credit, equity and fund linked derivatives. His clients include Deutsche Bank, JPMorgan Chase and Lloyds Banking Group. Jason Harding is a partner in the Financial Services and Products group and acts for a wide range of fi nancial institutions and corporates in all areas of debt capital markets, including Eurobonds, securitisations, high-yield bonds, project bonds, structured fi nance, CDOs and derivatives. His clients include Goldman Sachs, HSBC, Allied Irish Banks, Lloyds Banking Group and National Australia Bank. Insurance & Reinsurance Mike Munro Partner, Financial Services and Products group T +44 (0) E mike.munro@cms-cmck.com James Parker Partner, Financial Services and Products group T +44 (0) E james.parker@cms-cmck.com Mike Munro is a Partner in ourfinancial Services and Products group, specialising in complex insurance, reinsurance and alternative risk transfer. He works with a diverse range of clients (including major (re) insurers, financial institutions, captives and professional advisors) involved in the international risk transfer markets, covering both life and general business. In recent years, Mike, alongside James Parker, has led teams on numerous transactions in the longevity and pensions risk transfer arena, with a particular emphasis on collateralised (re)insurance transactions and structures. He is recommended as a leader in Legal , and in Euromoney s Guide to the World s Leading Insurance and Reinsurance Lawyers. James is a Partner in our Financial Services and Products group. His practice spans domestic and international corporate, insurance and reinsurance transactions. James has particular experience in the life, pensions and annuities markets, having advised on a broad spectrum of de-risking and risk transfer solutions including longevity insurances and swaps, pension buy-ins, longevity reinsurances and large-scale bulk annuity backbook reinsurance transactions. Together with Mike Munro, James has acted on some of the largest insurance and reinsurance transactions in the pensions and annuity risk transfer market. He is recommended as a leader in Legal

10 Pensions Mark Atkinson Partner, Pensions T +44 (0) E mark.atkinson@cms-cmck.com Pete Coyne Partner, Pensions T +44 (0) E peter.coyne@cms-cmckc.com Mark is a partner in our Pensions team. He works with a wide range of clients in relation to all aspects of pensions including buy-ins and buy-outs and the pensions aspects of insurance and reinsurance structures. His clients include Coca Cola, BAA, Booker and Royal Mail. Mark is named in first tier of leading specialists in the pensions field ( energetic client man ) and pensions litigation field ( keen as mustard and extremely clever ) in Chambers Guide to the Legal Profession and The Legal 500. He is immersed in pension law developments as immediate past chair of the Association of Pension Lawyers Legislative & Parliamentary committee and was recently voted onto the APL s Main Committee. Pete is a Partner in our Pensions team. He advises product providers, trustees and employers on a wide range of pensions issues including buy-ins/buy-outs, benefit restructuring and liability management. His clients include Pension Corporation, General Electric, Brit Insurance and INVISTA. Pete is a member of the Association of Pension Lawyers Legislative & Parliamentary Committee. CMS fi elds outstanding pensions lawyers. Legal Life, Pensions & Longevity Risk team

11 Legal 500 recommend team head Paul Edmondson and the excellent Simon Morris who has his fi nger on the FSA pulse. Unlike other practitioners in his fi eld, he gives you legal advice, not a regurgitation of what the rules say. Legal 500 FS Regulatory Paul Edmondson Partner, Financial Services and Products group T +44 (0) E paul.edmondson@cms-cmck.com Simon Morris Partner, Financial Services and Products group T +44 (0) E simon.morris@cms-cmck.com Paul heads the firm s Financial Services and Products group. He advises financial institutions on a range of regulatory and related commercial issues. Clients include banks, insurers (life and non-life), fund managers, broker-dealers, insurance intermediaries and trade associations. Paul is the author of the insurance regulation chapter in the Oxford University Press publication, Financial Services Law. Simon is a member of the firm s Financial Services and Products group and specialises in advising financial services institutions on commercial and regulatory matters. Simon has acted on a number of acquisitions and product launches, and has represented over 250 firms in regulatory and disciplinary proceedings. Simon is author of Financial Services: Regulating Investment Business, and is a member of the City of London Law Society Financial Services Sub-Committee. He was also one of the advisers to HM Opposition on the Financial Services and Markets Act. Simon was named as the Best Regulatory Lawyer of 2008 at Complinet s Fourth Annual Compliance Awards in January

12 CMS Cameron McKenna s free online information service Receive expert commentary and analysis on key legal issues affecting your business. Register for free alerts and access the full Law-Now archive at CMS Cameron McKenna LLP Mitre House 160 Aldersgate Street London EC1A 4DD T +44 (0) F +44 (0) The information held in this publication is for general purposes and guidance only and does not purport to constitute legal or professional advice. CMS Cameron McKenna LLP 2011 CMS Cameron McKenna LLP is a limited liability partnership registered in England and Wales with registration number OC and is authorised and regulated by the Solicitors Regulation Authority of England and Wales with SRA number It is able to provide international legal services to clients utilising, where appropriate, the services of its associated international offi ces. The associated international offi ces of CMS Cameron McKenna LLP are separate and distinct from it. We use the word partner to refer to a member, or an employee or consultant with equivalent standing and qualifi cations. Further information about the fi rm can be found at CMS Cameron McKenna LLP is a member of CMS, the organisation of nine European law firms providing businesses with legal and tax services in 30 jurisdictions, with 55 offices in Western and Central Europe and beyond. CMS aims to be recognised as the best European provider of legal and tax services. Clients say that what makes CMS special is a combination of three things: strong, trusted client relationships, high quality advice and industry specialisation. CMS combines deep local expertise and the most extensive presence in Europe with cross-border consistency and coordination. Further information can be found at Registered address: Mitre House, 160 Aldersgate Street, London EC1A 4DD (V3)