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Stikeman Elliott has a leading Canadian practice advising insurance sector clients on mergers and acquisitions, demutualization and outsourcing transactions, the development of innovative financial products, and a wide range of regulatory, tax, class action defence, commercial risks, energy, marine/aviation, insolvency and technology matters. Our clients include major Canadian and international insurers and reinsurers, underwriters at Lloyd's, insurance brokers and agents and investment banks. We have also advised governments and their regulatory agencies on legislative and regulatory issues affecting the insurance sector. Members of our Group were recently recognized in the Legal Media Group's Guide to the World's Leading Insurance and Reinsurance Lawyers, The Best of the Best for insurance, PLC's Cross-border Insurance Handbook, and The International Who's Who of Insurance and Reinsurance Lawyers cites four Stikeman Elliott lawyers with " respected skills" in the sector, more than any other Canadian law firm. A member of our Group is also the founder and editor-in-chief of Butterworth's quarterly legal journal, Canadian Insurance Regulation Reporter, the leading Canadian publication in the field.
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Mergers and Acquisitions
We act as advisors to insurance and other financial service companies on mergers and acquisitions and demutualization and outsourcing transactions. We have the required tax, regulatory and corporate capabilities, and have developed excellent relationships with regulators, financial intermediaries, actuarial firms and accounting firms.
Regulatory Advice and Compliance Matters
We regularly provide insurance sector clients and their other advisors with specific and general regulatory advice and assist in compliance matters. We have significant experience with the regulatory framework governing the insurance sector at both the federal and provincial levels and have excellent contacts and working relationships with federal and provincial regulators. Particular areas of expertise include corporate governance, related-party transactions and regulatory capital matters.
Structured Finance and Financial Products
We advise Canadian and international clients on a wide variety of innovative financing vehicles and structured products. In the insurance sector, we have acted as lead counsel on, among other things, the securitization of insurance company assets, the provision by leading reinsurance companies to financial institutions and other clients of innovative capital solutions and a wide range of structured derivative products, including catastrophe bonds.
Class Action Defence
Our national presence allows us to respond wherever a class action is launched and to mount a comprehensive defence in each jurisdiction. Our class action litigators have argued some of the leading cases in this still-developing area of law, and our wide range of experience includes successfully resisting certification of class actions and negotiating and implementing complex and creative settlements to class actions.
Commercial Risks and Litigation
We have extensive expertise in the litigation and alternative dispute resolution aspects of commercial insurance matters, including coverage, D&O, energy, environmental, liability, marine, non-marine, aviation, P&C, reinsurance, special risks and subrogation, as well as the defence of disability and life claims. The Group's clients include North American and international insurance companies, as well as Lloyd's syndicates, protection and indemnity associations, insurance brokers, corporations, banks and other financial institutions.
Shipping
Shipping matters are handled primarily from the Montréal office. As shipping and navigation in Canada are federal in nature, the firm has a capacity to handle maritime litigation and ADR (mediation/arbitration) throughout the country with a team of lawyers and an extensive support staff. We have experience in substantially all aspects of the transportation and insurance industries with an extensive maritime and aviation law practice including pollution, collision and salvage, charterparty disputes, cargo claims, towage, sale and purchase, registration and finance. Clients include marine and non-marine underwriters, protection and indemnity associations and insurance brokers, airline owners, shipowners (including dry bulk carriers, chemical product carriers and tankers), charterers, operators and agents, cargo owners, shipping conferences, banks and other financial institutions, stevedoring contractors, freight forwarders, pilotage authorities, canal operators, shipbuilders and repairers, and operators engaged in the offshore oil and gas industry. The Group specializes in the governmental and regulatory aspects of the transportation, insurance and energy industries and its members have been recognized in The International Who's Who of Business Lawyers (Shipping & Maritime) and The Best Lawyers in Canada (Alternative Dispute Resolution, International Arbitration and Maritime Law).
Other Related Expertise
We also have significant expertise in tax matters, advice to lenders and borrowers in a wide range of financings, information technology and outsourcing, insolvency of insurance sector participants, representation and warranty insurance and privacy matters.
Representative Experience
- Acquisition by Monitor Clipper Partners of Kanetix Ltd., 2011.
- 1.86 billion offerings of subscription receipts, shares and notes by Intact Financial Corporation to finance the acquisition of AXA Canada Inc. from AXA S.A. for $2.6 billion, 2011. (Counsel to underwriters)
- Establishment of DAS Legal Protection Insurance Company Limited, 2010.
- $264 million acquisition by The Westaim Corporation of JEVCO Insurance Company, 2010. (Counsel to Alberta Investment Management Corporation in connection with $148 million investment in Westaim)
- Sale by American International Group, Inc. of AIG United Guaranty Mortgage Insurance Company Canada to a private investor group led by Ontario Teachers' Pension Plan Board, 2009. (Co-counsel)
- $850 million initial public offering of Genworth MI Canada Inc., 2009 (Counsel to Genworth MI Canada Inc. on certain matters)
- $75 million acquisition by Markel International from Newport Partners Income Fund of Elliott Special Risks LP, 2009.
- $2.163 billion sale by ING International Insurance N.V. of its majority interest in ING Canada Inc. (Counsel to underwriters)
- $375 million sale by American International Group, Inc. of AIG Life Insurance Company of Canada to Bank of Montreal. (Co-counsel)
- US$1.86 billion acquisition by funds advised by Apax Partners together with Morgan Stanley Principal Investments of Hub International Limited.
- £4.7 billion demutualization and floatation of Standard Life Assurance Company. (Canadian counsel to underwriters)
- Sale by Winterthur Swiss Insurance Company of The Citadel General Assurance Company to AXA Canada Inc.
- Sale by private equity investors led by Torquest Partners Inc. of GCAN Insurance Company to Ontario Teachers' Pension Plan Board.
- Sale by Allianz AG of Allianz of Canada, Inc. to ING Canada Inc.
- $37.4 billion merger between Manulife Financial Corporation and John Hancock Financial Services, Inc. (Counsel to John Hancock)
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