Our team advises market leading, internationally operating insurance companies on their business, compliance and the provision of services in this highly regulated sector.
a large and expanding insurance group
The Legal 500 EMEA 2019
an excellent service
The Legal 500 EMEA 2018
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 AIG on the Greek law implementation, the regulatory and corporate issues arising from the global restructuring of AIG’s insurance business as a result of Brexit, including setting up a new branch in Greece. The restructuring aimed at providing clients with certainty of uninterrupted UK and European insurance coverage as part of AIG’s planned restructure of its European business.
We advised AIG in the purchase by two entities of the AIG Group of Companies of 100% of AIG Greece SA’s shares from local partners.
Insurance Agency Disputes
We are advising a Gibraltar based insurance company under liquidation in disputes involving the business conducted by its former Greek special agent, as well as advising and representing the client in the recovery of monies and data from various parties.
We represent CNP Zois SA, a member of the CNP Cyprus Insurance Holdings Ltd Group, as their legal advisors in insurance related matters and as their lawyers in litigations involving insurance related disputes on insurance products sold in the Greek market on an ongoing basis.
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 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 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 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 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 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.