insurance

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financial services

Insurance plays a critical role in the welfare of individuals, businesses and society as a whole. It absorbs shocks created by disaster, illness, and other misfortunes and counterbalances financial uncertainty in turbulent economic times.

Given that many insurer groups have been identified as 'systemically important' financial institutions whose solvency can impact national and global economies, it is not surprising that insurance providers and marketers are more highly regulated than ever before. That is why the industry—and those who depend upon it—require access to legal advice from experienced and knowledgeable counsel.

McMillan's Financial Services Group has an unparalleled depth of experience working with a wide range of insurance sector organizations. We understand the regulatory environment, and the risks and opportunities that operating in the insurance sector brings.

Our lawyers have represented some of the world's largest and most sophisticated insurers, brokers and other industry participants, including adjusters, on all manner of business, regulatory and compliance matters.

McMillan professionals help clients lead by:

Executing mergers, acquisitions and corporate reorganizations
Securing regulatory approvals for share and portfolio acquisitions, divestitures, amalgamations, related-party and other business transactions (including Competition Bureau approvals)
Advising on incorporation and Canada-wide licensing of insurers, agent, brokers and adjusters
Advising on corporate governance matters, and creating board and committee charter documents
Resolving market conduct issues
Advising on operational matters, such as drafting and amending policies, privacy and ecommerce, drafting and reviewing innovative marketing initiatives and dealing with related regulatory challenges
Representing insurers, brokers and others before regulatory tribunals and, where necessary, the courts

Acted for AXA SA in connection with the sale of AXA Canada Inc. and its subsidiaries to Intact Financial Corporation for $2.6 billion
Acted in connection with a $2.2 billion offering of common shares of an insurance client structured as a concurrent secondary offering completed on a "bought deal" basis and a private placement to certain institutional investors which, at the time, represented the largest non-government secondary offering and included one of the largest bought deals in Canadian history
Acted for one of Canada's largest insurers on three separate insurance company acquisitions, including the acquisition by RSA Canada of GCAN Insurance Company from the Ontario Teachers' Pension Plan Board of the largest P&C acquisitions in Canada
Acted on behalf of a U.S. corporation in connection with the Canadian regulatory implications associated with a worldwide acquisition and subsequent business integration
Acted for an insurance group in connection with its acquisition of an insurance intermediary specializing in condominium insurance
Acted on behalf of a major reinsurer regarding the Canadian portion of the transaction, when it completed the sale of its worldwide reinsurance business
Represented various clients in connection with secured debt financings and acquisitions of several insurance intermediaries
Acted on behalf of a major Canadian insurer in its acquisition of an insurer and the attendant corporate reorganizations
Acted on behalf of a major international insurance intermediary in connection with the establishment of its Canadian operations
Acted for several insurers in connection with the purchase and sale of renewal rights in certain specialty lines
Acted on behalf of a Canadian insurer in respect of its Canadian reorganization and information technology agreements
Represented a major Canadian bank in a transaction involving its investment of up to $500 million in acquiring a leading disability insurance business
Acted as Canadian counsel on the acquisition by a U.S. life insurer of the U.S. insurance business of a large Canadian life insurer
Acted on behalf of a large life insurer in the development and Canada-wide qualification and maintenance of its segregated fund product
Advised on the Canadian aspects of a US$2 billion sale of a life and health reinsurance business
Represented a Canadian bank and its insurance subsidiary on three separate life insurance acquisitions
Acted in connection with the first public offering of securities in Canada by a property and casualty insurer
Acted on the acquisition by a major Canadian insurer of certain specialized P&C product lines and warranty lines
Represented Eureko B.V. on the sale of Seaboard Life Insurance Company to Industrial-Alliance Life Insurance Company
Acted for Sun Alliance Group plc on the sale of Sun Alliance Insurance Company and Sun Alliance and London Assurance Company (Canada)
Represented the Michigan Commissioner of Insurance in connection with the liquidation of Sovereign Life and the insolvency of Confederation Life
Advised several U.S. and Canadian clients in connection with the sale and administration of extended warranty programs in Canada
Advised the Canadian Life & Health Insurance Association on the statutory duty imposed upon insurers to monitor the conduct of life insurance agents in Ontario in connection with the development of national standards for the screening and reporting of life agents based on their suitability to carry on the business of a life agent
Acted as Canadian representative in a bi-jurisdictional task force established by the Michigan Commissioner of Insurance for the purpose of drafting a new Michigan State of Entry Law and a new Michigan model trust indenture for alien insurers