James Phythian-Adams

Representative examples of James’ experience include advising:

• RenaissanceRe in its US$2.985 billion acquisition of Validus Re from AIG (pending).
• 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.
• 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 in 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 in a reinsurance deal with Aviva Life & Pensions UK Ltd in respect of the £5 billion Aviva Staff Pension Scheme longevity swap.
• Arch in 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.
• MassMutual in respect of its investments in Rothesay Life.
• The Hartford in 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 in the sale, by auction, of its Lloyd’s operation to ANV Holdings.