Editorial: Insurance and Reinsurance

01 November 2006

Who’s Who Legal identifies 247 specialists in regulatory, transactional and contentious insurance and reinsurance law from 25 countries. The major markets of London and the US dominate the following pages, with a combined complement of 137 (over 50 per cent of successful nominees). The US alone is home to 38 per cent, with the majority hailing from New York and Chicago.

International Coverage

Two firms can truly be described as international forces in insurance and reinsurance law, with several attorneys nominated from transatlantic practices. With a total of 10, Lovells has more nominees than any other single firm. In 2006, the firm worked on the acquisition of Ace American Reinsurance Company, Brandywine Reinsurance Company UK and Brandywine Reinsurance Company SANV by its client, Randall & Quilter Investment Holdings. The extended Lovells team advised on US and UK aspects of the acquisition and steered the transaction, which was worth approximately US$900 billion in increased runoff company portfolio assets, through an increasingly complex regulatory environment. Other matters include acting for one of South Africa’s leading life insurers, Sanlam, on its acquisition from Allainz of Merchant Investors Assurance Company; acting for Credit Suisse and Winterthur on the £3.1billion sale of Churchill Insurance to the Royal Bank of Scotland and advising CNA in relation to the restructuring of its presence in Shanghai, Hong Kong and Singapore (including PRC insurance regulations, run off, and sale). In London, five partners attracted a great deal of praise during our survey, including past International Bar Association insurance committee chair John Trotter, who served as managing partner for the firm’s litigation group from 1994 to 1998. Trotter is renowned for his expertise in dispute resolution, and, having spent two years with Lovells’ New York Office, for his work with several of the firm’s US clients. Head of the London corporate insurance practice, John Young, made equally impressive progress in our poll, described variously as “an excellent leader” and a “driving force behind [the practice’s] recent success.” In addition to his role in the corporate insurance practice, Young has also been overseeing development across the financial institutions group since his election to the post of senior partner on 1 May 2004. Partner and frequent speaker on the international seminar circuit Robin Spencer provides extra expertise in restructuring financially distressed insurance companies in both the life and non-life divisions. Representative clients include Equitable Life, Orion Insurance and Sovereign Marine & General. According to one interviewee, Lovells has “a fantastic insurance and reinsurance shop in London […] part of an enviable international team” and the office is bolstered by the inclusion of Peter Taylor, who combines litigation and transactional expertise with a specialty in run-off and pool dispositions through finality schemes of sale. Significant cases include Toorney v Eagle Star, Yasuda v Orion, ACIC v INSCO and insolvency aspects relating to the HIH Fil Finance cases;  finality transactions include Monarch Insurance Company and Aviation and General Insurance Company. Former global insurance and reinsurance practice leader John Powell, who now practises as a consultant attached to the firm, was strongly recommended for his experience advising and handling disputes throughout Europe and the USA, as well as in Australia and Japan. His work in insurance insolvencies and finality products is “of the highest standard”. The firm’s European expertise extends to two further nominees operating from its Rome office: Leah Dunlop has “made an excellent name for herself ” since moving from the London headquarters to the newly opened Italian branch in 2000. Partner Paolo Ricci has also been part of the team since the establishment of the Rome office and heads the Italian corporate insurance practice. A “skilled, technically brilliant and innovative lawyer”, Ricci structured the first ever Italian unit-linked product to hedge funds; on the transactional side, he has also advised Willis Group, Fintex and Partners and Aegon International. In the US, Lovells finds three of its stars nominated from two states. From the Chicago office, US regional managing partner Joe McCullough (who was described as “fabulous – very commercially astute and very practical”) is one of the firm’s highest ranking attorneys in this edition. Chicago managing partner Eric Haab also appears on the strength of recommendations for his work in international insurance insolvency litigation. In New York, the team is represented by David Alberts and Gary Lee, both “very prominent figures in the market”.

Dewey & LeBoeuf LLP also makes a strong case for itself and retains a high profile with eight nominees from three countries, one of whom appears among the most frequently nominated lawyers in the edition. Described as “a class act” and an “excellent negotiator”, John Nonna enjoys particular renown for his insurance dispute resolution, and is an active writer and lecturer in the field. “Highly-skilled” partner Larry Schiffer was the object of considerable praise, having represented a major insurer in litigation and arbitration relating to the Unicover workers’ compensation carve-out. Insurance related insolvency and acquisitions have also featured among recent practice highlights. Another resident in the New York office, Lawrence Pollack, “drives a very hard bargain” and is “a formidable opposing counsel”. As co-head of the firm’s litigation department, Pollack was one of two leading counsel representing Lloyd’s syndicates in insurance antitrust litigation, and successfully negotiated before the US Supreme Court, obtaining settlements for 19 defendants. Donald Henderson ensures that the New York team enjoys high regard on the transactional and regulatory side, representing Aegon and Allstate in recent acquisitions, as well as GE Capital in the spin-off of its life insurance operations and Citicorp in the insurance aspects of its merger with Travelers.

Remaining ‘stateside’, the firm also boasts representation in two other states. In Los Angeles, it can depend upon “smart and experienced” litigator Dean Hansell, whose areas of expertise are insurancerelated insolvency and regulatory matters. From the Chicago office, James Dwyer concentrates his practice in sales, M&A, financings, securitisations, recapitalisations, and regulatory and judicial proceedings. Clients include Allstate Corp, Amerisure companies, ING America Holdings and Scottish Re (US).

Turning to the London office, we include recent addition to the firm Francis Mackie, who was previously head of the insurance practice at Norton Rose. Mackie’s clients include Swiss Re/GE Frankona, ING Re, RBS/NIG and Transatlantic Re. He is also active on behalf of a number of syndicates of Lloyd’s, handling matters in the London market, commercial court and in international arbitrations.

Active in the full range of matters, including business and portfolio transfers, run-offs, regulatory issues, insolvencies, litigation and arbitration, Jean Alisse leads the firm’s French insurance and reinsurance practice from the Paris office. With his inclusion, the firm brings its international representation to eight lawyers from three countries, a feat equalled only by one other firm.

Clifford Chance LLP’s seven nominees are based in its London and New York offices, with four highly regarded London lawyers leading the charge in the research. “Quality lawyer” Katherine Coates is “very well respected among the London insurance community” for her UK and EU regulatory expertise. Partner Hilary Evenett has a “terrific reputation” for her regulatory practice; both also handle transactional matters. Nicholas Munday was praised for his “exceptional talents” in reinsurance, project finance and Lloyds regulatory matters. Completing the London team for Clifford Chance, Terry O’neill comes highly recommended for his practice in both contentious and non-contentious aspects of insurance and reinsurance. Interviewees spoke admiringly of O’Neill’s “great scholarly contribution” as co-author of The Law of Reinsurance with Jan Woloniecki.

Based in New York, Peter Chaffetz emerged as one of the firm’s most successful representatives in terms of nominations. Chaffetz acted as lead trial lawyer for one of the petitioners in the Unicover Pool Arbitration, arising out of the collapse of a workers’ compensation scheme. “Technically brilliant,” Steven Schwartz made impressive progress through the nominations, attracting positive comments for his work in reinsurance litigation. The firm can also call upon the services of transactional expert Paul Meyer, who has written several chapters and delivered lectures on the subject of insurance law. Together, the New York and London teams are recognised as part of “one of the principal forces in insurance and reinsurance law,” comprising 130 lawyers spread among financial centres (including Paris, Frankfurt, Düsseldorf, Madrid and Hong Kong).

London

Turning to the London market, one firm “sets the benchmark”: with an impressive total of five attorneys nominated, Barlow Lyde & Gilbert has once again proven the stature of its London team, repeating a similar performance in the previous edition. In addition to this, three of its specialists take pride of place among the top 12. Leading the firm’s 45-strong reinsurance and international risk team, and three time recipient of the Who’s Who Legal Award for the ‘Insurance & Reinsurance Lawyer of the Year’ Colin Croly was recommended to researchers as “one of the truly pre-eminent lawyers in his field.”

Partners Clive O’Connell and Michael Mendelowitz were consistently mentioned in the most positive terms, with testimonials from clients and competitors alike praising the quality and experience of these highly regarded lawyers. With Tim Hardy and John Hanson appearing courtesy of widespread approval, the group stakes its claim as one of the leading practices in England, as well as one of the most highly regarded internationally.

Clyde & Co also boasts a quintet of experts in this latest edition. Senior partner Michael Payton enjoys “an excellent reputation” for many of the most high-profile international insurance matters in recent years, acting for insurers and underwriters in issues and claims arising out of the Piper Alpha oil rig disaster, the Exxon-Valdez, Braer and Sea Empress tanker groundings and ensuing environmental damages, the Hatfield rail crash and the World Trade Centre losses. Payton has been chairman of the Solicitors’ Indemnity Mutual Insurance Association since 1986 and chairman of the British Maritime Law Association since 1996. Reinsurance team leader Nigel Brook received praise for his successful role on behalf of the claimant in the 12-month trial Sphere Drake v Stirling Cooke Brown et al, as well as continuing reinsurance actions in relation to the September 11 terrorist attacks, and the reinsurance of Enron/WorldCom/IPO laddering claims against financial institutions. Having joined the firm as a consultant in 2004, Stephen Lewis “commands great respect” for his wealth of experience in dispute resolution. Practice highlights include American Centennial v INSCO, Equitas v Trygg-Hansa, and Bank of Tokyo v Morgan Grenfell. With the inclusion of partners Roderick Smith and Paul Bugden, Clyde & Co underlines its considerable presence in the London market.

Ince & Co is led in the research by former senior partner Peter Rogan, who previously chaired the firm’s insurance business group. He specialises in contentious insurance and reinsurance work and emerged as one of the highestranking experts in the course of our research. The London office can also pride itself on the nomination of Jan Heuvels, a native German speaker who is qualified in England and has a close association with the firm’s Hamburg office. Heuvels is “a fantastic resource” for the team, focusing on complex dispute resolution; in 2006 he was active in KCM v Coromin & Ors and Swiss Re & Ors. Allan Hepworth (an “excellent lawyer”) completes the trio of nominees from the firm.

Respondents to our survey also approved of the nominations of three Holman Fenwick & Willan lawyers. John Duff leads the “strongly recommended” insurance practice, from which we also recognise partners Paul Wordley and Andrew Bandurka, all of whom share a focus on litigation and dispute resolution. Bandurka’s practice currently focuses on the workers’ compensation carve-out reinsurance market, energy reinsurance risks, film finance, broker’s negligence cases, reinsurance pools, and insolvencies and schemes of arrangement, among other matters. Duff typically acts for London and overseasbased insurance and reinsurance companies, Lloyd’s syndicates and intermediaries in relation to insurance and reinsurance disputes. Before joining the firm, Wordley practised as a barrister for four years, and spent a further five in the insurance and reinsurance industry.

We also note the considerable regard expressed for Jonathan Sacher of Berwin Leighton Paisner LLP. Sacher is a senior reinsurance and insurance partner and head of the litigation and dispute resolution department at the firm, and a former chairman of the British Insurance Law Association. He features in our shortlist of highly recommended practitioners. Sacher specialises in reinsurance and insurance litigation and arbitration for a wide variety of UK and international insurers, reinsurers and brokers. He is also widely respected for his scholarly activities, as a prolific writer and speaker within the field.

US Dominance

With six attorneys appearing in the following pages, Lord Lord Bissell & Liddell LLP demonstrates both breadth and depth in its insurance practice. Its sole representative from the Los Angeles office, Jonathan Bank provided counsel in successfully obtaining a chapter 15 petition recognising winding-up proceedings in Saint Vincent and the Grenadines, one of the few chapter 15 proceedings to be sanctioned in the United States since the US Bankruptcy Code was amended in late 2005. He advises clients in all phases of insurance and reinsurance transactions, from formation to liquidation, as well as insurers undergoing financial restructuring and many state insurance departments on insurance insolvency matters.

In Chicago, where the firm concentrates the majority of its entrants to this edition, we feature six highly regarded specialists. Dominating the local research, Nick DiGiovanni was mentioned in the most positive terms by several interviewees. As leader of the firm’s nationwide team of 45 attorneys, DiGiovanni handles high profile cases in numerous markets. He provided counsel in disputes involving a captive insurance company and over US$1.5 billion in environmental and health hazard claims in the London market. The case was litigated in the Supreme Court of Massachusetts, Northern District of New York, the Supreme Court of Bermuda and House of Lords in London. John Haarlow was described as an “intellectual strategist.” He has litigated numerous significant coverage cases, including Dow Chemical Sarabond, Dow Chemical environmental pollution, Dow Corning breast implants, Goodyear asbestos and pollution and BF Goodrich asbestos and pollution. John Gurley (“one of the deans of the transactional practice in Chicago”) was strongly endorsed in our research, particularly for Lloyd’s syndicates and other work in the London market. His practice also includes mergers and acquisitions and regulatory matters. The Chicago office gains two new representatives in this edition: William Kelty III and Stephen Murray, who both drew a great deal of praise. Kelty boasts an enviable client roster, having completed mergers and acquisitions in various US jurisdictions on behalf of Bank One Corporation, Aegon US and Conseco insurance subsidiaries.

Sidley Austin LLP fields four strong candidates in Illinois. James Stinson is co-chair of the firm’s insurance and financial services group, co-ordinating 60 lawyers across the US and in London. Stinson is a “very sophisticated attorney with great skills” particularly in reinsurance and insurance insolvency arbitrations. Well-known reinsurance litigator Susan Stone has built an “outstanding” international practice, recently playing a leading role in high profile litigation and arbitration on behalf of client AIG. William Sneed, “a fantastic reinsurance litigator” and arbitrator, has been successful in several significant appeals for ACE Group, Commercial Union Insurance Company and American Employers’ Insurance Company, in which he and the Sidley team overturned and set new legal precedents for the insurance and reinsurance industry. In regulatory insurance matters, Kenneth Wylie was said to be “excellent”. In April 2006, the firm marked its entrance into the London market with the lateral hire of Nigel Montgomery from DLA Piper LLP, “a big name” in insurance restructuring, having acted for a number of major European and Japanese insurers, as well as Bermudan and US companies. He took part in High Court proceedings in England in May 2006 (Re Sovereign Marine & General Insurance Company Ltd and others), in what was the first hearing on creditor claims since the controversial decision in Re British Insurance Company Ltd, the first fully contested hearing on the jurisdiction of UK courts to sanction a scheme of an EAA insurer. He was joined in 2007 by Dorothy Corywright who is the founder and head of its new insurance contentious litigation practice in the UK capital.

Edwards Angell Palmer & Dodge LLP finds five of its attorneys in the following pages. Alan Levin practises in the Hartford, Connecticut and New York offices, and was recommended for his “breadth of knowledge and experience”. Also from the Hartford office, John Rosenquest enjoys a “strong reputation” in arbitration, having taken part in more than a hundred arbitrations in his 28-year career. Rosenquest was part of the successful trial team in much-publicised workers’ compensation carve-out reinsurance litigation.

Vincent Vitkowsky in New York has a “prominent dispute resolution practice,” and has litigated and arbitrated in reinsurance disputes involving workers’ compensation and workers compensation carve-out business and reinsurance disputes with liquidators of insurance companies in various states. He has also counselled insurers and reinsurers in matters arising from the 2005 hurricanes, and London market reinsurers in matters arising from Global Crossing, Enron, Worldcom, IPO laddering and ‘death spiral’ securities claims. Partner Neil Pearson was recommended for a broad range of regulatory and transactional matters. David Kendall represents the firm in London by dint of Kendall Freeman's merger with the firm. He appears in the top tier of nominees.

From the New York insurance practice at Cadwalader Wickersham & Taft LLP, former litigation chairman Lawrence Brandes made a significant impression in the research, attracting plaudits for his track record of appearances in precedent-setting arbitrations and litigations. Trial and arbitration skills played a similar role in the nomination of “superb advocate” Clifford Schoenberg, who acted as lead counsel in the high profile litigations against Fortress Re, and whose broad practice also includes direct insurance coverage actions, reinsurance arbitration, and the representation of insurance companies in regulatory matters before the New York State Insurance Department. Harry Cohen was brought to the attention of researchers as “a fine talent” in reinsurance litigation, and is also known for arbitrating an impressive array of issues arising from the Federal Arbitration Act, including among other matters, agency and brokerage disputes, captive insurance and reinsurance arrangements and environmental reinsurance allocations. Collectively, the New York team “demonstrates exceptional breadth in its practice and depth in the abilities of its attorneys,” attracting commendation from several market competitors at home and abroad.

From Mound Cotton Wollan & Greengrass, “dean of the bar” Eugene Wollan came highly recommended as “one of the best inurance arbitrators in the business”. He is also a widely respected writer and speaker in the field. A partner of the firm for 29 years, Wollan is now of counsel. Partner and member of the firm’s executive committee Stuart Cotton is another acclaimed trial lawyer and arbitrator, typically representing domestic and overseas insurers and reinsurers and Lloyds underwriters before state and federal courts. Lawrence Greengrass has a distinguished record, litigating in both state and federal courts and taking part in over 250 reinsurance arbitrations. Researchers learned of the “high regard” in which the team is held, not least among its competitors abroad. One general counsel commented: “Mound Cotton is my first port of call on a variety of matters”.

At Stroock & Stroock & Lavan LLP, Donald Gabay, a former deputy superintendent of the New York State Insurance department, is nominated alongside partners William Latza and William Rosenblatt. The firm is said to bring together lawyers with financial and regulatory backgrounds, as has a focus in litigation and complex transactional matters.

We complete the New York analysis by noting the strong showing of Simpson Thacher & Bartlett LLP, which provides two attorneys for the top rank in our extensive survey. Head of the litigation department, Barry Ostrager successfully represented Swiss Re in the highly-publicised insurance dispute arising from the World Trade Centre losses, and has also acted for Travelers, JP Morgan Chase and AIG. Mary Kay Vyskocil was also active in recent WTC litigation, and is well-known for reinsurance litigation and arbitration in the US, the UK and Bermuda. Both lawyers appear among the top 12 experts in the book, owing to a tide of approval from clients and competitors.

Offshore Leaders

Our research identifies two dominant firms from the leading offshore market of Bermuda. Flying the colours for Attride-Stirling & Woloniecki, named partners Rod Attride-Stirling and Jan Woloniecki won the approval of clients and competitors across the globe, with Woloniecki’s scholarly credentials and expertise gaining him the additional honour of nomination to the short-list of leading practitioners.

Conyers Dill & Pearman finds four of its lawyers in this edition. Past president of the Bermuda Bar Association Narinder Hargun has been active in many significant reinsurance trials in the Bermudan market during his 20-year career. He is also qualified to practise in the British Virgin Islands, and England and Wales and appears in our table of leading nominees. Partner Robin Mayor is “an accomplished lawyer” with a focus on insurance insolvency and restructuring, having shown particular strength in the development of schemes of arrangement for the MRM Group, Aneco Reinsurance Underwriting Ltd and Stockholm Re (Bermuda) Ltd. Mayor is a past president of the Bermuda Bar Association. Charles Collis and Christopher Garrod also attracted a great deal of praise.

European Talent

Our results reflect the strength of European markets, with several experts from these countries appearing among the most highly regarded lawyers in our research. In France, two high-fliers from Bouckaert Ormen Passemard Sportes received plaudits from clients and competitors across the world: Christian Bouckaert and Pascal Ormen were respectively described as “a serious lawyer – excellent” and “fantastic”. On the contentious side, practice highlights include matters arising the Asian tsunami, hurricanes Katrina, Wilma and Rita (and ensuing floods), the Sharm el-cheiks air crash disaster, the Roissy Terminal 2E collapse and the Boeing 702 Satellites serial losses. The firm is also said to have a strong basis in non-contentious matters for French and international insurers and reinsurers.

A quartet of lawyers ensures that German firm Bach Langheid & Dallmayr retains a considerable presence in the book. From the Cologne office, managing partner Peter Bach has a “fine reputation” for litigation and as a prolific writer in the field. Theo Langheid enjoys a “high profile” in the insurance mediation community. He is also a member of the Expert Commission of the German Ministry of Justice for the reform of German insurance contract law, and has written for and edited prominent legal publications. Reinhard Dallmayr, who is based in the firm’s Munich office, was recommended for his expertise in arbitration and regulatory matters within the reinsurance sector; he has also provided counsel for foreign reinsurers. Burkhard Jacoby, an “authority” on insurance contract law and life insurance matters in particular, appears as the representative from the Frankfurt office.

Researchers also noted the strength of the Danish market, where practices tend to emphasise marine insurance and issues relating to the local shipping industry. Here, we include Mikael Rosenmejer from Plesner, who is well known for his role as the elected president of AIDA, the International Association for Insurance Law. Georg Lett of Lett Lawfirm, a member of the International Court of Arbitration (ICC), was singled out as an “eminently capable” lawyer.

Canada

The majority of successful nominees hail from the hub of the country’s insurance and reinsurance industry in Toronto. Researchers were impressed by the praise directed towards three firms that received a significant number of votes in our international survey. Blaney McMurtry LLP is represented by two “outstanding lawyers” – Crawford Spratt, with 25 years of experience providing regulatory advice for foreign entrants to the Canadian market, and Mark Lichty, “a great lawyer”. Both men work in conjunction with the firm’s resources in transactional insurance.

At Borden Ladner Gervais LLP, head of the Toronto litigation team Robert Bell presides over an insurance practice with “fantastic bench strength”. He has been active in recent major claims arising from the Ocean Ranger disaster.

Brian Rose is the sole representative from Stikeman Elliott LLP. Rose has frequently advised government agencies, financial institutions and insurers.

Australian Expertise

In the Australian market DLA Phillips Fox fields one successful nominee from its insurance and reinsurance team, which has recently been active in several precedent-setting cases concerning, among other issues, CSR asbestos coverage, Adsteam litigation and workers’ compensation. Interviewees spoke highly of Michael Gill from the Sydney office, who “really knows his stuff ”.

Two lawyers from Allens Arthur Robinson achieved significant recognition in the course of the research. Head of the insurance and reinsurance group Oscar Shub was singled out for particular praise for his work advising a major international reinsurer in the Royal Commission of Inquiry into the collapse of HIH insurance group. According to one source, “he is building an outstanding practice,” and is known as “quite an authority on insurance disputes in Asia”. Partner John Edmond also performed well in the research, having impressed in recent, high profile retrocession disputes between a Lloyd’s syndicate and an Australian reinsurer.

Clayton Utz features in this edition courtesy of highest-ranking Australian lawyer Nancy Milne (“a cut above”), now attached to the firm’s Sydney office in a consultancy role and very much “a leader in her field.”

Finally, this publication recognises the contribution of Peter Stockdale of Mallesons Stephen Jaques. Among noteworthy matters, Stockdale has handled a large case in the Supreme Court of New South Wales between a US-based life insurer and its reinsurer, concerning the performance of obligations under two substantial reinsurance contracts, an arbitration for a major Australian reinsurer in run-off, and several disputes for European based reinsurers in relation to claims in the Australian market.

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