Sidley’s insurance insolvency experience dates back over a generation. Starting with the Equity Funding Life Insurance Company scandal in the early 1970s, in which our firm represented creditors of a defunct insurer, Sidley lawyers have been at the cutting edge of major insurance insolvency developments for the last 35 years. In the process, Sidley has represented receivers from the United States and overseas, as well as owners, creditors, reinsurers and guaranty associations in some of the largest property and casualty insolvencies on record.
We have litigated issues of first impression and critical importance to creditors, receivers and shareholders alike, and built a reputation as a leading law firm in the area. Sidley is well-situated to advise creditors, receivers and shareholders on all issues respecting insurance insolvency, including the steps taken to open an estate, consolidation of the estate, assistance in gathering assets of the estate and claims evaluation, adjudication and priority.
Among other areas, Sidley’s London Restructuring and Commercial Practice deals with solvent schemes of arrangement, Part VII transfers, insolvencies and restructurings of insurance entities, acquisition and disposal of discontinued business, runoffs, and business transfers. London is a market not only for innovative ideas for reinsurance and contingent capital, but also for dealing effectively with the moving and closure of books of business for UK and overseas companies. Sidley is ideally situated to support our clients’ needs in all of these areas, in London and worldwide.