James Phythian-Adams

JAMES PHYTHIAN-ADAMS’ main areas of practice are corporate, commercial and regulatory work for insurance companies, insurance intermediaries, Lloyd’s managing agencies and Lloyd’s syndicates.

He advises on a wide variety of non-contentious legal and insurance regulatory matters, including ILW; ILS; life and longevity; insurtech; distribution; MGA and coverholder formation, operation and incubation; Lloyd’s turn-keys; insurance company formation, acquisition, governance, compliance and disposal; branch set-up; subsidirization; international licensing; and Lloyd’s, PRA, FCA and other compliance issues.

Recent experience includes advising:

• Munich Re on £1 billion longevity swap with Willis Pension Scheme.
• Munich Re on €3.8 billion longevity risk transfer with NN Life Netherlands.
• Athene Holding on insurance regulatory matters in its US$1.55 billion sale of common shares to Apollo Global Management.
• Cincinnati Financial Corporation on its acquisition of MSP Underwriting at Lloyd’s from Munich Re. 
• Apollo Global Management on its US$2.6 billion acquisition of publicly traded Aspen Insurance Holdings Limited. 
• On numerous Lloyd’s turn-key transactions in respect of the establishment of new syndicates (including special purpose arrangements) and incubation of new Lloyd’s managing agencies.
• On the remediation of the compliance function of a dual-platform Lloyd’s and company market insurance group.
• Insurers and intermediaries on strategic options and implementation of reorganizations to optimize group structures in the context of Brexit.
• Various ILS funds on the establishment of a special purpose syndicate providing sidecar capacity to Barbican Syndicate 1955 at Lloyd’s.
• A major insurance group on an internal group reorganization, including an insurance business transfer from Germany to the UK.
• 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.
• Insurers on strategic options and implementation of reorganizations, including insurance company formation, to optimize group structures 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.
• 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.
• Flagstone Reinsurance on the sale, by auction, of its Lloyd’s operation to ANV Holdings.

James was ranked by Chambers UK 2020 for Insurance: Non-contentious, with sources describing him as “really knowledgeable” and “very bright and responsive.”