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Our team advises market leading, internationally operating insurance companies on their business, compliance and the provision of services in this highly regulated sector.

dedicated to their clients, highly professional and experts in their fields of specialisation … very prompt with their responses and legal opinions … always very clear and informed

The Legal 500 EMEA 2021

a significant advantage of the Firm is that they have expertise in various legal disciplines with excellent performance, reliability and response times

The Legal 500 EMEA 2020

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.

Insurance Contracts & Commercial Agreements

We have extensive experience in advising on the preparation and negotiation of insurance contracts, as well as drafting insurance policy terms and conditions. We evaluate and audit coverage in contracts and draft bancassurance, joint venture, insurance mediation, agency, outsourcing and other commercial agreements. We also work with our Employment department to advise on pension plans within employment contracts.

Corporate & M&A Transactions

We have assisted clients in formulating, negotiating and finalising bancassurance undertakings in the context of complex corporate transactions. We have also acted and provided regulatory and corporate advice in relation to mergers, acquisitions, restructurings and insolvencies of insurance companies and transfers of insurance businesses and portfolios, including cross-border transactions.

Corporate Advisory & Compliance

Our team also has a substantial practice advising insurance companies and financial services providers on compliance with the legislative structure and regulatory framework governing insurance providers and intermediaries and managing the associated risks. We provide our clients with a wide range of day-to-day legal support services and liaise on their behalf with the regulatory authorities. We advise insurance companies on terminations of employment, voluntary exits, social security issues and transfers of undertakings. We advise on corporate governance, the provision of insurance services and financial products, and industry specific advertising, distribution and data protection matters. We undertake the establishment of insurance and insurance mediation companies and local subsidiaries of multinational providers and the obtaining of new authorisations.

Insurance Disputes

We are experienced in representing clients in relation to high value insurance litigation arising in this sector. These include disputes relating to coverage, claims distributions, the interpretation of contractual documentation, regulatory enforcement and disputes arising from insolvencies and relationships with intermediaries.

Who to contact

Contact Lambros
Contact Evi


CVC Acquisition of Ethniki Insurance

We are advising CVC in relation to the acquisition of a majority stake in Ethniki Hellenic General Insurance from National Bank of Greece and entering into a long term bancassurance agreement.

Sale of Majority Stake in Insurance Sector

We are advising the majority shareholders of an insurance company in the proposed sale of their majority stake in this company to a leading insurance enterprise and advise on complex corporate and regulatory matters.

Advice to AXA Insurance

We advise the AXA affiliate in Greece in relation to corporate matters as well as regulatory issues.

Acquisition of Insurance Portfolio

We advised an insurance company in relation to the potential acquisition of an insurance portfolio of another Greek insurance entity.

AIG Global Restructuring

We advised AIG on the Greek leg of the global restructuring of their insurance business as a result of Brexit, including setting up a new branch of AIG Europe SA (AESA) in Greece, de-registering the old branch of AIG Europe Limited (AEL) and advising on local issues related to the transfer of the insurance business from AEL to AIG UK and the cross border merger of AEL into AESA, effective from 1 December 2018, aimed at providing clients with certainty of uninterrupted UK and European insurance coverage as part of AIG’s planned restructure of its European business.

AIG Greece SA Sale of Shares

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 various disputes in Greece and in the recovery of monies, information and data from various parties.

Insurance Litigation

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.

Advice to CNP Group of Companies

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, contracts, and litigation matters.


National Bank of Greece Proposed Sale of Stake in National Insurance

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.

Sale of Eurolife

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.

Bancassurance Agreements

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.

Association of Insurance Companies Council of State Dispute

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.

Tax Advice in Insurance Sector

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.

Tax Treatment of Life Insurance Products

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.

AXA Insurance Acquisition of Alpha Insurance

We acted on behalf of AXA in the context of its acquisition of Alpha Insurance SA, an important player in the local insurance industry.

  • setting up new insurance companies and establishment of local branches of EU based insurance companies
  • regulatory framework governing insurance providers, intermediaries and provision of insurance services
  • legal and regulatory issues deriving from the application and local implementation of the Solvency II Directive (2009/138/EC)
  • distribution of insurance products and related regulatory issues and local implementation of the IDD Directive (2016/97/EU)
  • corporate governance and compliance issues for insurance companies
  • policy wording and interpretation
  • drafting insurance contracts, insurance provisions and related documentation
  • agency and brokerage agreements
  • mergers and acquisitions and transfers of insurance businesses and portfolios
  • acquisition of insurance companies by foreign investors
  • financial products available for investment in the insurance sector
  • issues arising in the day to day operation of insurance companies
  • insurance litigation