Our team advises market leading, internationally operating insurance companies on their business, compliance and the provision of services in this highly regulated sector.
Bernitsas Law’s expertise spans regulatory, disputes, M&A and contractual matters
The Legal 500 EMEA 2017
We advise on commercial and regulatory issues arising in the course of our clients’ day-to-day business and also represent them in corporate transactions arising in this sector. We work on an ongoing basis for several leading insurers and reinsurers, as well as for local and foreign insurance and reinsurance intermediaries.
We advised the National Bank of Greece in connection with their proposed sale of a controlling stake in its subsidiary, Ethniki Hellenic General Insurance SA, to EXIN Financial Services Holding BV and the entering into a long term bancassurance agreement, pursuant to an international private competitive process.
We advised Eurobank Ergasias (Eurobank) in connection with the structuring and execution of an international competitive private auction process for the sale of 80% of its Greek and Romanian life and non-life insurance operations grouped under Eurolife ERB Insurance Group Holdings (Eurolife), as well as on the negotiation and execution of final transaction documentation with the winning bidder, Fairfax Financial Holdings, and Eurobank’s entering into long term bancassurance agreements with the Greek and Romanian life and non-life insurance subsidiaries of Eurolife.
We advise the local entities of the CNP Group of Companies, including its insurance companies, on a day to day basis, advising on their corporate bookkeeping, regulatory issues, commercial and litigation matters.
We advised Eurobank in their entry into bancassurance agreements with the Greek and Romanian life and non-life insurance subsidiaries of Eurolife and the adjustment of such agreements contemporaneously with the sale of Eurobank’s 80% sale of Eurolife.
We acted on behalf of AXA in the context of its acquisition of Alpha Insurance SA, an important player in the local insurance industry. We continue to advise the AXA affiliate in Greece in relation to corporate matters as well as regulatory issues.
We represented the Association of Insurance Companies of Greece and 14 Insurance Companies (including NN, AXA, Metlife and Allianz) before the Council of State in relation to an application aiming to overturn legislation under which insurance companies are no longer required to pay contributions to the Subsidiary Insurance Fund for the Personnel of Insurance Companies in accordance with the terms of the Memorandum of Understanding entered into between the Greek Government and the Troika as part of the Economic Adjustment Programme.
We are advising the subsidiary of a leading European insurance company in complaints and damages claims relating to life insurance products sold in the Greek market brought against it in the aftermath of the Cypriot banking crisis. The first decision issued in this matter is in favour of our client.
We advised a leading French multinational insurance group on the direct and indirect tax implications of restructuring its European activities, involving the registration of a branch in Greece and contributions to some local operations in accordance with EU tax incentive legislation on cross – border restructurings.
We are advising a multinational insurance company on the corporate tax implications and Greek tax treatment of life insurance contracts offered under the freedom to provide services rules and applied for by Greek tax residents.