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Bio

Tim Faries is a partner in the Corporate department in Bermuda and a member of the Insurance team. Tim is also Chief Executive Officer of Appleby Global Services (AGS). Tim was Appleby Bermuda Office Managing Partner from 2015–2021.

Tim has extensive experience of public and private insurance company capital raising and M&A activity, public listings on US, UK and European securities exchanges, the establishment and licencing of alternative risk financing vehicles such as cat bonds, ILWs and other insurance-linked securities and captive insurance companies in established and emerging markets.

Work Highlights

  • Appleby acted as special Bermuda counsel to the noteholders in connection with the acquisition by Connor, Clark & Lunn Infrastructure of a 49.9% minority interest in Bermuda Skyport Corporation Limited from Aecon Group Inc. (Aecon), the concessionaire for the L.F. Wade International Airport;
  • ETELEQUOTE LTD., Acted as Bermuda counsel to e-TeleQuote in connection with the sale of its operating subsidiaries to Primerica, a well established provider of financial services to middle-income families throughout the United States and Canada. This deal gives an enterprise value of $600 million;
  • L. F. WADE INTERNATIONAL AIRPORT, The Financial Investors, advised  on the Bermuda law relating to the financing of the redevelopment of the L. F. Wade International Airport in Bermuda (Redevelopment) pursuant to which the clients subscribed for USD 285 million of fixed coupon notes;
  • PARTNERRE LTD., Acting in connection with the acquisition by Exor (the investment group of Italy’s Agnelli family) of all of the outstanding common shares of PartnerRe. The total transaction is valued at USD 6.9 billion and is expected to close during the course of Q1 2016;
  • GALILEO RE LTD., Acted for a Bermuda domiciled special purpose insurer on the issuance of three tranches of Series 2016-1 catastrophe bond notes to support the risk transfer needs of XL Insurance (Bermuda) Ltd. and its affiliates. This was the first tranche of notes sponsored by XL Insurance (Bermuda) Ltd. since XL Group’s acquisition of insurance and reinsurance group specialist Catlin Group Limited;
  • AMERICAN SAFETY INTERNATIONAL HOLDINGS, LTD., Advised in the acquisition by Fairfax Financial Holdings Limited, a Canadian firm, of the shares of American Safety International Holdings, Ltd (ASI), a Bermuda domiciled specialist insurer and reinsurer with operations in Bermuda and the U.S.;
  • Advised a (re)insurance company on a joint venture with a private equity firm in the formation of a new Bermuda company that will be the holding company for funds offering insurance-linked  and traditional insurance products. Appleby’s role included incorporating the company and advising on elements of the joint venture, such as the constitutional documents and shareholders agreement;
  • VECTOR REINSURANCE LTD., Acted in the establishment of Vector Reinsurance Ltd., which is licensed as a special purpose insurer to participate in collateralised reinsurance and other non-traditional risk placements for the XL Group;
  • NEW OCEAN CAPITAL MANAGEMENT LIMITED., Launched an investment platform incorporating strategies dedicated to the insurance and reinsurance capital markets by New Ocean Capital Management Limited.

Recognition

Tim is recognised as an ‘Eminent Practitioner’ in Insurance by Chambers Global where he is described as a “valuable and trusted adviser,” while another interviewee added: “He is always able to help find a solution to a problem.” Tim has longstanding-experience assisting clients with non-contentious insurance and regulatory compliance mandates.

Tim is also consistently recognised by Legal 500 Caribbean as a ‘Leading Individual’ in both their Insurance/Reinsurance and Corporate and Commercial categories. Tim is further recognised as ‘Highly Regarded’ in IFLR1000’s Banking and Capital Markets category, where clients say Tim is “excellent, and frankly he really is my go-to guy there for anything that’s complicated. He’s got a good style to him, he’s very pragmatic, very responsive, and I’ve been very happy with him.”

Tim was recognised by Captive Review in its 2013 Power 50 list, where he was described as “a respected attorney well-versed in the establishment and licensing of all alternative risk financing vehicles in Bermuda.”

Coverage & Insights

Tim speaks at insurance industry conferences both in Bermuda and abroad, is a frequent author of articles and other thought pieces, and provides commentary to international and Bermuda media on the Bermuda insurance industry.

PUBLICATIONS:

Qualifications & Education

  • University of Alberta (Canada)
  • McGill University (Canada)

“EXCELLENT, AND FRANKLY HE REALLY IS MY GO-TO GUY THERE FOR ANYTHING THAT’S COMPLICATED. HE’S GOT A GOOD STYLE TO HIM, HE’S VERY PRAGMATIC, VERY RESPONSIVE, AND I’VE BEEN VERY HAPPY WITH HIM.”

IFLR1000

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