Insurance

Within the corporate/commercial law practice, our group of insurance experts is one of the most prestigious and respected in the industry.

The team’s broad knowledge, expertise and multidisciplinary approach enables us to provide comprehensive advice on insurance matters, creating added value for our domestic and international clients.

We offer a wide range of legal services in this area: advice on corporate law matters, mergers and acquisitions, insurance regulations, pension plans and funds, insurance contract law, among others. We also advise on litigation, tax aspects and cross-border transactions.

Garrigues has a long tradition of participating in the largest and most complex deals in the insurance industry, advising both insurance and non-insurance companies. The Firm’s leading position in the industry and its recognition, both at home and abroad, results from this extensive experience. Garrigues has consistently topped the industry ranking published by The Legal 500 Series.

ACQUISITIONS AND DISPOSALS OF INSURANCE COMPANIES

Garrigues advises Spanish and foreign parties, whether buyers or sellers, on the acquisition and disposal of Spanish insurance companies, drafting and negotiating the contracts and other legal documents necessary, and carrying out the due diligence reviews typical in this kind of transaction, paying particular attention to reviewing compliance with the applicable legislation. We also have proven expertise in dealing with applications for administrative authorization in transactions of this kind.

The multidisciplinary nature of the Firm enables us to cover all legal aspects (tax, labor, administrative, antitrust, etc.) deriving from the sale and purchase of insurance companies.

PORTFOLIO TRANSFERS

We advise domestic and foreign insurance companies on agreements for the transfer of their insurance portfolios, providing support at all stages of the process, from the design of the structure and content, drafting and negotiating transfer agreements and other necessary legal documentation, to the application for and obtainment of the relevant administrative authorization. Our multidisciplinary team also provides comprehensive advice on labor, tax, antitrust and any other business law implications and consequences of portfolio transfers.

BANCASSURANCE. CONTRACTS WITH INTERMEDIARIES

Our experts offer legal advice on insurance intermediation, including on the design and selection of the type of intermediary that best suits each client’s needs, be they insurers or intermediaries, as well as on the drafting of contracts with insurance agents and bancassurance operators (whether independent or related), with insurance and reinsurance brokers, and contracts between intermediaries and their external collaborators.

We also assist insurers and credit institutions in establishing agreements for the development, joint marketing and distribution of insurance products through bancassurance channels. The expertise and broad experience of our team enables us to provide top quality advice on structure design and negotiation and drafting of necessary agreements, ensuring regulatory compliance and efficiency.

REGULATORY COMPLIANCE

We have a wealth of experience in advising on regulatory compliance in relation to insurance and pension plans and funds, assisting Spanish and foreign companies with all legislative aspects of regulation and supervision, and with filing requests for rulings with the regulator. Our multidisciplinary team of commercial and tax lawyers analyzes the insurance products and pensions offered by insurers and pension fund managers and their compliance with current legislation, as well as the suitability of financial assets for investment of technical provisions, liaising directly with the regulatory bodies.

REINSURANCE

Garrigues advises on the negotiation of reinsurance contracts. Thanks to support from other departments, particularly the tax practice, we have experience in analyzing the tax and legal implications of new reinsurance products (financial reinsurance) and of their compliance with legislation, as well as in designing the legal structure of reinsurance companies with a view to greater operating efficiency from a tax and legal standpoint.

LARGE RISK POLICIES

Our expert lawyers advise large industrial and/or insurance corporations on the negotiation of insurance contracts covering large risks, assisting with their drafting and review and with their legal interpretation.

RESTRUCTURING PROCESSES

We have extensive experience in advising on the structure, design, formalization and implementation of all manner of corporate restructuring processes at insurance companies (mergers, spin-offs, global transfer of assets and liabilities) at national and international level. In addition to corporate and regulatory aspects, we also advise on labor, tax, antitrust and any other business law implications and consequences.