James Phythian-Adams

JAMES PHYTHIAN-ADAMS focuses on transactional and regulatory work for insurers, reinsurers, investors, and other participants in the global insurance industry. His practice often involves helping clients across Europe, North America, the offshore jurisdictions, and Asia to access the London and international insurance markets and resolve the complex cross-border challenges they encounter.

James serves as a co-leader of Sidley’s global Insurance practice and he advises on a wide range of matters, including:

• Insurance carrier and intermediary formation, acquisition, governance, compliance, and disposal.
• Branch set-up, subsidiarization, and insurance licensing.
• Managing general agent (MGA) and coverholder formation, operation, and incubation.
• Transactions in and relating to the Lloyd’s market.
• Adverse development cover (ADC), loss portfolio transfer (LPT), insurance business transfer, industry loss warranty (ILW), insurance-linked securities (ILS), insurtech, distribution, and life and longevity transactions.
• Lloyd’s, Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA), and other compliance.

James has received acknowledgment from numerous industry ranking guides, including:

• Chambers UK 2026 — Ranked for UK-wide Insurance: Non-contentious. James is recognized for his “strong knowledge of the insurance market” and “good understanding of the commercial issues that may be faced by insurers.” Clients describe him as “very professional and knows the industry inside and out” – and one client stating “I can't speak highly enough of him.” He is commended for knowing “our company and the market very well,” and for his ability to “navigate our commercial goals very well.” Clients also highlight his “impeccable client service,” “super responsiveness” and one praises him as “one of the most responsive law firm partners I’ve ever worked with – nothing is too much trouble.”
• Legal 500 UK (2022– 2026) — Ranked for Insurance: Corporate and Regulatory, with clients saying he “is highly responsive and great to work with; very thoughtful and considered” (2026). He was also praised for being “commercial” and “available at very flexible times,” he is a “pleasure to work with” (2022).
• Chambers UK (2020–2025) — Ranked for UK-wide Insurance: Non-contentious, with clients in the 2025 edition calling him an “excellent partner,” and that he is “very knowledgeable on the insurance market. He’s up-to-date on all matters in the market, and is able to provide appropriate solutions to issues faced by clients.” In the 2024 edition, sources note “James is a strong and versatile insurance lawyer” and he “provides phenomenal client service. He is very pragmatic, has a strong understanding of the rules and requirements, and he comes up with solutions.”

Representative examples of James’ experience include advising:

• A substantial institutional investor in Convex Group Limited (“Convex”) in Convex’s US$7 billion sale to Onex Corporation and American International Group, Inc.
• Apollo Funds in their strategic minority equity investment in Charles Monat Associates.
• Athora Holding Ltd. in its approximately £5.7 billion acquisition of Pension Insurance Corporation Group Limited (pending).
  
• Arthur J. Gallagher & Co. in the acquisition of AssuredPartners from GTCR for gross consideration of US$13.45 billion (pending).
• Ryan Specialty in its acquisition of Innovisk.
• RenaissanceRe in its US$2.985 billion acquisition of Validus Re from AIG.
• Athora Holding Ltd. in completing its third private capital raise, securing a total of approximately €2.75 billion of additional permanent equity capital commitments from new and existing shareholders.
• Westfield in its acquisition of the Lloyd’s operations of Argo Group, including Argo’s Lloyd’s managing agency and Argo’s members supporting Syndicate 1200.
• Arthur J. Gallagher & Co. in its acquisition of the treaty reinsurance brokerage operations of Willis Towers Watson for US$3.25 billion.
• Athene Holding in its US$11 billion merger with Apollo Global Management.
• Great Hill Partners in its acquisition of Notonthehighstreet, a UK-curated online marketplace.
• GIC in a US$1 billion investment in Convex Group, led by GIC and Onex Partners.
• Munich Re in a reinsurance swap transaction with the Willis Pension Scheme, providing longevity protection in respect of approximately £1 billion of pension liabilities.
• Munich Re in 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.
• Athene Holding on insurance regulatory matters in its US$1.55 billion sale of common shares to Apollo Global Management.
• Cincinnati Financial Corporation in its acquisition of MSP Underwriting at Lloyd’s from Munich Re.
• Apollo Global Management in its US$2.6 billion acquisition of publicly traded Aspen Insurance Holdings Limited.
• The Navigators Group in its US$2.1 billion sale to The Hartford.

• City of London Law Society