Winston & Strawn hires ILS experienced lawyer Andruschak

Experienced financial services attorney and former Mayer Brown partner, Keith Andruschak, has joined the Winston & Strawn Corporate Practice as a partner in New York, an appointment that will enhance the firm’s insurance-linked securities (ILS) and reinsurance capabilities. Andruschak brings more than 20 years of insurance industry advisory and complex transactional read the full article →

Michael Halsband joins lawfirm Drinker Biddle & Reath

Insurance-linked securities (ILS) and capital market / reinsurance convergence focused senior executive Michael Halsband is joining law firm Drinker Biddle & Reath as part of the firm's Insurance Transactional and Regulatory Team. "As an insurance-focused deal lawyer, Michael broadens the capabilities of our internationally recognized Insurance Transactional and Regulatory team. He read the full article →

ABIR responds to proposed IRS hedge fund reinsurer tax rules (PFIC)

The Association of Bermuda Insurers and Reinsurers (ABIR) has submitted comments in response to the U.S. Treasury Internal Revenue Service's proposed rules targeting the perceived tax issue associated with hedge fund reinsurance strategies. The proposed rules, originally published by the IRS in April, ultimately seeks to address “passive income” issues in read the full article →

Appleby ILS services won’t be affected by fiduciary unit buyout

The insurance-linked securities (ILS) and reinsurance market legal, fiduciary and management services offered by Appleby Group will not change in the face of a private equity backed management buyout of its fiduciary unit. Appleby's fiduciary business, which includes offshore trust and fund administration services, are being bought out by management backed read the full article →

No rating impact from offshore reinsurance tax changes: A.M. Best

Insurance and reinsurance rating agency A.M. Best said that it does not expect any impact to any reinsurance firm's it provides ratings for as a result of the recently introduced offshore, or hedge fund targeting, reinsurance tax legislation. The legislation was introduced last week (full details here) by Oregon Senator Ron read the full article →

Hedge fund reinsurance tax legislation introduced by Wyden

Legislation has been introduced by Oregon Senator Ron Wyden stipulating rules under which a hedge fund or hybrid investment / underwriting reinsurance firm would have to ensure a certain percentage of its assets were allocated to underwriting at all times. Wyden, a member of the Senate Finance Committee, has been seeking read the full article →

PFIC rules could affect catastrophe bonds, sidecars, ILS funds & cells

In current form, the U.S. Treasury Internal Revenue Service's proposed rules for Passive Foreign Investment Companies (PFICs) could impact a number of alternative risk, reinsurance and ILS structures and activities. The IRS released the proposed rules as an attempt to clamp down on a perceived tax loophole, which certain politicians believe read the full article →

Clifford Chance adds cat bond expertise to structured finance team

Global law firm Clifford Chance has added a newly hired team to its structured finance practice, bringing with it a wealth of securitization experience including specific expertise in catastrophe bonds and insurance-linked securities (ILS). Clifford Chance is already well-known within the ILS and reinsurance space, as a global law firm with read the full article →

Cat bond issuers may have to pay Money Market Fund withholding tax

Insurance-linked securities (ILS) specialist law firm Sidley Austin LLP warns that issuers of catastrophe bonds could become subject to payment of withholding tax on U.S. Money Market Fund dividends after an exception ceases to apply. Catastrophe bond issuers, typically hold the proceeds of the sale of the notes in collateral accounts read the full article →

Re/insurance law firms Locke Lord and Edwards Wildman to merge

Two of the larger law firms with practices targeting the insurance, reinsurance and insurance-linked securities (ILS) markets have signed a letter of intent to merge to create a new, larger firm that would be named Locke Lord Edwards LLP. Law firm consolidation has been something that we typically expect to see read the full article →