Slaughter and May advised Zurich Insurance plc on the transfer of its UK legacy employers’ liability portfolio21 Dec 2018
Slaughter and May advised Zurich Insurance plc on the transfer of its pre-2007 UK legacy employers’ liability portfolio to Catalina. As of 31 December 2017, the portfolio comprised gross liabilities of USD 2 billion relating principally to industrial disease related claims, including asbestos.
The transaction will be completed in two steps. The first step will consist of a reinsurance agreement between Zurich Insurance plc and Catalina General Insurance Ltd., a Bermudan reinsurer. In a second step the policies and liabilities will be transferred to Catalina London Limited, a UK insurer. The transaction is subject to regulatory and court approvals, with the final transfer expected to occur within two years.
Corporate and insurance: Craig Cleaver (partner), Jack Gray (associate), Matt Calvert (associate); Financing: Oliver Storey (partner), Ivo Stourton (associate); IP/IT: Duncan Blaikie (partner), Richard McDonnell (associate); Tax: Mike Lane (partner), Jamshed Bilimoria (associate); Pensions and Employment: Padraig Cronin (partner), Katie Lewis (associate).
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