The Isle of Man is one of the world’s largest offshore life insurance jurisdictions, a position ascribed to its favourable legislation, low administration costs and excellent communications. Life insurance business, reinsurance, and the creation and management of captive insurance companies are areas of particular expertise at Simcocks.
We have a proven track record in representing insurers, reinsurers, intermediaries, brokers, private and listed companies in relation to all aspects of insurance and reinsurance.
Our Isle of Man advocates
Simcocks Director, David Spencer, is the stand out insurance lawyer on the Isle of Man. He has marine mutual insurance experience and has sat on the boards of locally and licensed insurance companies. His reputation generates many referrals and he is able to put together and lead teams who can deal with extremely complex matters. His expertise means David is often the first port of call for specialised and highly technical advice.
Simcocks is able to provide expert advice on all aspects of Isle of Man insurance law, including:
- insurance regulatory and compliance issues
- regulation of insurance intermediaries
- formation of captive and other insurance companies in the Isle of Man (protected cell, incorporated cell and standard companies)
- amalgamation of insurance companies
- winding up of insurance companies
- redomiciliation of insurance companies both to and from the Isle of Man
- corporate transactions
- portfolio transfers
- security arrangements
- reinsurance, commutation and other insurance-related arrangements and transactions
- schemes of arrangement
- policy wording
- insurance and reinsurance claims.
The Simcocks dispute resolution team also advises insurers and insureds on all aspects of insurance litigation. Our experience in commercial and insolvency work enable us to assist clients not only in dealing with their disputed claim but also in coping with cash flow, trade creditors and many other related commercial problems that often arise from the delayed settlement of an insurance claim.