Timothy Faries is the Bermuda Office Managing Partner and has overall responsibility for managing the operations of Appleby’s Bermuda office. He is also the Bermuda Group Head of the Corporate department and the Insurance and Reinsurance global sector leader.
Tim leads a team of lawyers who specialise in all manner of non-contentious corporate insurance work, including life and general insurance and reinsurance, mutual insurance and structured risk financing. 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.
Tim is recognised as an ‘Eminent Practitioner’ in Insurance by Chambers Global 2019 and clients say he is “diligent and hard-working”. The Bermuda Insurance team is also top-ranked in Band 1 by Chambers Global. Clients regard the insurance department as a “high-calibre team who build strong and lasting relationships with their clients”.
Tim is also consistently recommended by Legal 500 Caribbeanand recognised as a ‘Leading Individual’ in both their Insurance/Reinsurance and Corporate and Commercial rankings. Tim is further recognised as a ´Leading Lawyer´ 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.”
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.
Recent examples include:
- Law and Practice – Chambers Insurance and Reinsurance 2019 Guide – February 2019
- Durability of ILS structures no longer in question – ARTEMIS – September 2018
- Appleby points out flaws in reinsurers´ dreams of hard market – Intelligent Insurer – September 2017
- Tourism leads economic surge – The Times – May 2017
- A safe harbour – Bermuda – Sailing to Success – December 2016
- The host with the most – Captive Review – September 2016
- Bermuda´s leaders – Shaping the Island´s future – Bermuda:Re+ILS – December 2016
- Life market tipped for growth – Intelligent Insurer – September 2016
- Bermuda Remains number one – Captive Review Bermuda Report – June 2016
- Resilient Bermuda stays on top – Reactions – February 2016
- Appleby Stresses Areas of Concern – Intelligent Insurer – September 2015
- Bermuda Captive Market Trends, video – Captive ReviewBermuda Report – June 2015
- Bermuda responds to Solvency II equivalence challenge – Insurance Day – November 2014
- Monte Carlo Reinsurance and ILS Roundtable – Bermuda Re+ILS – October 2014
- One of a kind – What makes Bermuda an attractive location for captives – Captive Review – April 2014
- Attorney: Cat Bonds Remain Popular Despite Soft Traditional Market – BestWeek – October 2013
- Demand for Insurance-Linked Securities Spurs Innovative Investment Structures – Business Insurance – August 2013
- Reinsurers Evolving to Meet Challenge of Alternative Capital –BestWeek – August 2013
- Learning to Salsa – Bermuda Captive – June 2013
- Bermuda´s (re)insurance market in 2012 – Business Bermuda Review – March 2013
Tim´s recent transactions include:
- 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.
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.”