The lawyers at Penwell Law have been advising clients engaged in various aspects of the insurance industry for years.
Insurance Companies
We have represented insurance companies and other risk bearing entities. Unlike many lawyers we have represented de novo (start-up) insurance companies with structuring, domicile selection, licensing, policy issuance and policy termination, agent, underwriting, claims management and state and federal regulation issues.
Demutualizations
Many states permit mutual insurance companies to convert to the stock insurance company form. The process, while beneficial to companies and their shareholders, is tedious and complicated involving myriad service providers including accountants, investment bankers, valuation experts and actuaries. Our lawyers have represented various companies, investment bankers and investors involved in this process. In addition, Scott has participated in demutualizations as a director, when two of the companies on whose boards he sat became involved in the demutualization process.
Reciprocal to Stock Conversions
Some states allow reciprocal insurance exchanges to convert to the stock form. While this is a relatively new and rare phenomenon, we have been involved in the representation of various parties that are a part of this process.
Alternative Insurance Vehicles
We have extensive experience in representing clients who choose to forgo the traditional insurance marketplace and set up their own captive, self-insurance, insurance trust, risk purchasing group and risk retention group. We represent these companies both onshore and offshore.
Insurance Agents
All risk bearing insurance entities (eg. insurance companies, captives and risk retention groups) depend on their distribution chains to sell their product. Insurance agents are the cornerstone of the sale process. We represent agents in every phase of their business including formation and structuring, operations, employment contracts and non-competes and sale. In addition, as licensed entities, we represent agents in every phase of regulation by state insurance departments.
Ancillary Service Providers
Just as agents are critical to the insurance process, so are actuaries, underwriters and claims managers. We have represented these service providers in their relationships with both insurance risk bearing entities and agents.
In addition to the above, we have served, and continue to serve, on the boards of directors of various private and public insurance companies. In that capacity we deal with a wide array of operational, rating, reinsurance and regulatory issues.
