Offshore Insurers/Reinsurers

For decades, Sullivan & Cromwell has had significant experience in offshore insurance matters, where our work includes initial company formations and subsequent IPOs, equity investments, acquisitions and dispositions, and redomestications of offshore companies.

Historical representations include:

• CastlePoint - in merger with Tower Group (2009)
• IPC Holdings – acquisition by Validus Holdings (following termination of consolidation with Max Capital) (2009)
• Creditors – in connection with CIFG Holdings’ reorganization, recognized as “Restructuring Deal of the Year” at 2009 IFLR Americas Awards (2008)
• AIG as principal shareholder – sale of stake in Allied World Assurance issuer repurchase (2007)
• Lightyear Capital and Antares – in connection with Antares’ formation (2007)
• Paris Re Holdings – in connection with IPO on EURONEXT, and pre-IPO restructuring and redomestication (2007)
• Financial Advisers – in connection with Cerberus invesetment in Scottish Re (2006-07)
• AIG as a founder and principal shareholder – initial public offering of Allied World Assurance (2006)
• IPC – in sale by AIG of its ownership interest (2006)
• IPC – in post-Katrina public offerings (2005) 
• Catlin underwriters – initial public offering and London listing (Rule 144A) (2004)
• American Capital Access – redomestication to Bermuda (2002)
• Platinum Underwriters Holdings, Ltd. – initial public offering (2002) 
• Platinum and St. Paul – in connection with Platinum’s formation (2002) 
• AIG and other Founders (Goldman Sachs and Chubb) – establishment of Allied World Assurance (2001)
• IPC – in post-9/11 public offerings (2001)
• SCOR – establishment of Irish Reinsurance Partners (2001)
• PMI – establishment of RAM Reinsurance (1998)
• Swiss Re – sale of SAFR to PartnerRe (1997)
• AIG – International Property Catastrophe Reinsurance Company’s (“IPC”) unsolicited proposal to acquire Tempest Re (1996)
• IPC (and its sponsor, AIG) – formation in 1993 and its initial public offering in 1996 (1993-1996)
• Global Capital Reinsurance, Ltd. (and its sponsors Johnson & Higgins and Goldman Sachs) – formation in 1993 and its initial public offering in 1995 (1993-1996)
• Commercial Risk and its shareholders (SCOR) – equity investment by Western General (1994)
• Starr Excess Liability Insurance Ltd. (and its sponsor AIG) – in connection with Starr’s formation (1993)
• XL underwriters – initial public offerings (1991-1992)