MARTIN MEMBERY is co-leader of the firm’s global Insurance practice area team and leads the London Insurance and Financial Services group. For over 25 years his practice has exclusively focused on the insurance sector, with a particular emphasis on complex insurance/reinsurance projects, joint ventures, mergers and acquisitions, distribution arrangements, regulatory matters and structuring insurance/reinsurance policies, including the transfer of longevity risk.
Recent experience includes advising:
- Massachusetts Mutual Life Insurance Company on its acquisition of a shareholding in Rothesay Life.
- Munich Re on a reinsurance swap transaction with the Willis Pension Scheme, providing longevity protection in respect of approximately £1 billion of pension liabilities.
- Munich Re in connection with a reinsurance swap transaction with NN Life of the Netherlands, providing longevity protection in respect of €3.8 billion of pension liabilities referable to over 43,000 pensioners and dependents.
- Cincinnati Financial Corporation on its acquisition of MSP Underwriting at Lloyd’s from Munich Re.
- China Re on its acquisition of Chaucer from The Hanover Insurance Group for US$865 million.
- Certain investment funds affiliated with Apollo Global Management, LLC on the acquisition of a majority stake in Catalina Holdings (Bermuda) Ltd.
- Catalina on the acquisition of Hartford Financial Products International and Downlands Liability Management from The Hartford.
- Catalina on the acquisition of AGF Insurance Limited from Allianz.
- Insurance linked securities funds managed by Credit Suisse Asset Management on the establishment of the Arcus Syndicate at Lloyd’s.
- Genworth on the sale of its European mortgage insurance business to AmTrust.
- A major insurance group on an internal group reorganization including an insurance business transfer from Germany to the UK.
- International reinsurance groups on collateralized life reinsurance transactions in respect of UK/EU blocks of annuity business.
- On the establishment of Kelvin Re, an AM Best A-rated reinsurer with an initial US$600 million capitalization.
- Munich Re on a reinsurance deal with Aviva Life & Pensions UK Ltd in respect of the £5 billion Aviva Staff Pension Scheme longevity swap.
- Arch on the acquisitions of Axiom Underwriting Agency and Resource Underwriting Pacific.
- Hastings Insurance Group as UK regulatory counsel on its successful placement of £416.5 million senior secured bonds.
- Various ILS funds on the establishment of a special purpose syndicate providing sidecar capacity to Barbican Syndicate 1955 at Lloyd’s.
- The investors in the Atlanticlux/Anima Re value in force life insurance linked securitization.
- Insurers on strategic options and implementation of reorganizations to optimize group structure in light of Solvency II.
- Leading insurance groups on bancassurance transactions in Europe and Asia.
- Massachusetts Mutual Life Insurance in respect of its investments in Rothesay Life.
- Munich Re on its assumption through reinsurance of £300 million of longevity risk from Pension Insurance Corporation.
- A private equity group on strategic investments in the UK insurance sector.
- Prudential on pension buy-in transactions, including the £272 million buy-in with the West Midlands Integrated Transport Authority, the £120 million buy-in involving the JLT UK Group Pension Scheme and the £100 million buy-in with the Church Workers Pension Fund.
- The Hartford on the US$285 million sale of Hartford Life International Limited (its UK variable annuity business) to Berkshire Hathaway Inc’s Columbia Insurance Company.
Martin has, for many years, been recognized in Chambers as a leading individual in Insurance: Non-contentious and by The Legal 500 as a leading individual in its rankings for Insurance: Corporate and Regulatory and Insurance: Insolvency and Restructuring. Editions of The Legal 500 and Chambers respectively comment that “Martin Membery is one of the finest insurance and regulatory lawyers... and amazingly tuned in to what clients want” (The Legal 500 UK 2011); “wonderfully commercially aware;” “especially effective in identifying clients’ needs and helping them to achieve their goals” and praise his “really strong, substantial knowledge, lots of experience and proactive advice” (Chambers UK 2018). In Chambers UK 2019, Martin is described as “just fabulous - he has the knowledge, he has excellent negotiating skills and he is really good at giving practical advice.” Most recently, Martin has been ranked in Chambers UK 2020, with clients describing him as “very responsive, pragmatic and very knowledgeable on matters of insurance regulation.” Martin has also been listed in Best Lawyers 2021 for Insurance Law.
Martin is a regular contributor to the insurance press and a frequent speaker at industry events and conferences.