(RE)INSURANCE - THE ABCS OF SPCS
Segregated portfolio companies (SPCs) are frequently used in Cayman Islands (re)insurance structures. The defining feature of an SPC is that it offers statutory segregation of assets and liabilities obviating the need for contractual segregation. This article provides a high- level overview of the legal characteristics of an SPC and considers why these structures continue to be popular in the Cayman Islands (re)insurance space in particular.
Singularis Holdings: 10 Years’ Later
In 2013, the Caymanian liquidators of Singularis Holdings Limited (“SHL”) sought information from PwC – the former auditor of SHL – by way of ex parte summons, which was granted. PwC applied to set aside the order on two grounds: a. The Bermuda Court’s common law jurisdiction was not equivalent to the statutory powers of the Bermuda Court under the Companies Act 1981; and b. that the Bermuda Court should not exercise any common law jurisdiction that would exceed the jurisdiction of the Grand Court of the Cayman Islands (Bermuda’s statutory power was broader than the equivalent provision in Cayman).
Passion for Transaction Motivates Adderley
Appleby Bermuda leader shares his journey to the top and his belief that hard work beats good grades.
The Calculation of Holiday Pay for Employees with Irregular Hours
As we move into the summer months, employers are likely to receive more frequent requests for leave from employees. Whilst the calculation of holiday pay is straightforward for fixed hours contracts, how is holiday pay calculated for employees who work irregular hours?
Bermuda leads in tackling climate change
Bermuda's proactive approach to climate change and environmental, social and governance (ESG) initiatives serves as a model for other offshore jurisdictions to follow, demonstrating its dedication to addressing these global challenges head on.
The Guernsey Regulators FAQs on Part II Licences under the LCF Law
The new Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (LCF Law) will come into full effect on 1 July 2023. We have highlighted some of the FAQs that relate to Part II Licences under the LCF Law below. Whilst we recommend reading the FAQs directly, the points raised may help to navigate through them.
Podcast: Digital Assets in the Courts Part II
Bermuda Partners Jerome Wilson and Hannah Tildesley dive back into the exciting space of digital assets in the courts in the latest ‘Tech Talks’ podcast. Listen now.
Consumer Credit and the Provision of Services Ancillary to Credit under the new LCF regime
The new Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (LCF Law) will come into full effect on 1 July 2023. Below are the latest updates on consumer credit and the provision of services ancillary to credit under the new LCF regime – Part II Licences.
Private Equity: Transactions in the British Virgin Islands (BVI) 2023
The Lexology Private Equity (Transactions): Global overview is an easy-to-use reference guide that provides comparative analysis and expert local insight into the field of private equity transaction; corporate governance, disclosure and timing considerations; dissenting shareholder rights; key purchase agreement provisions; participation of target company management; tax; financing; shareholders’ agreements; exit strategies (including IPOs); target sectors; cross-border considerations; club/group deals; and key recent developments. The following article, focused on the British Virgin Islands (BVI), is taken from the chapter contributed by Appleby.
No Surprise If It’s a Record Year for Cat Bonds
The coalescence of more deals, new sponsors, and importantly, new risks, suggests it could be an expansive and record year for the catastrophe bond space, according to Brad Adderley, Bermuda Managing Partner, Appleby.
Podcast: Why Appleby for Private Client and Trusts Law
Join Nichola Aldridge as she talks about the best way to set up a trust and how to start a structure. Listen to the latest Let's Talk Law: Jersey podcast for more.
ESG Series Part II: ’Social’ and ‘Governance’ – dynamic issues requiring adept thinking
In the second of a four-part series on ‘ESG’, Advocate and Partner Anthony Williams and Senior Associate Alex Thornton de Mauroy, of the Appleby Dispute Resolution team in Guernsey, explore the issues of ‘Social’ and ‘Governance’.