The Jersey Scheme was conducted alongside a Part VII Transfer in England and Wales as part of a wider internal restructuring of operations of the North Group. The Royal Court of Jersey sanctioned the Jersey Scheme on 22 June 2020 with the Jersey Scheme becoming effective on 30 June 2020.
Appleby also subsequently advised SMI on its cessation of business in Jersey.
Speaking on the transaction, Andrew Weaver commented: “We were very pleased to have acted on this transaction, which was conducted through a COVID-19 lockdown. It demonstrates the strength and breadth of skills and experience in our multi-faceted team and the flexibility of the Jersey courts to conclude such transactions during lockdown.”
Ged McTernan, corporate counsel at NOE said “It was fantastic to work with Dan, Andrew and the rest of the Appleby team. Despite the challenges of lockdown they were able to give fast, practical advice which helped us deliver this transaction on time.”
Appleby’s Corporate team is well-positioned to advise clients on a wide range of insurance activities. Its unique jurisdictional reach means that Appleby is able to advise clients on complex, cross-border transactions involving the offshore jurisdictions that are most often encountered. The team regularly work with FTSE 100 and Fortune 500 companies around the globe and those with financial interests in them, to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.
Appleby’s specialist Insurance & Reinsurance team provides advice on the establishment, regulatory compliance and business operations of (re)insurance companies, as well as advising (re)insurance managers and brokers based in international jurisdictions.