Nick Miles

Partner

Nick Miles

Partner
Overview Overview Experience Credentials

Nick Miles’ practice encompasses insurance and reinsurance, insolvency and restructuring, dispute resolution and banking and finance. His insurance and reinsurance expertise includes the regulation of insurance in Bermuda generally, longevity swaps, subordinated debt securities and other species of hybrid capital, collateralized reinsurance, contracts with segregated accounts companies, corporate reorganizations, Bermuda form, policy drafting, exit strategies, insurance and reinsurance run-off, captive programmes, global programmes, distribution channels, coverage advice and the resolution of disputes by arbitration, litigation or alternative methods of dispute resolution.

Recent transactions include:

  • Advising R&Q Re (Bermuda) Limited regarding its issue of subordinated debt securities (2016).
  • Advising SCOR Global Life Reinsurance Ireland Ltd. regarding its reinsurance of the interest of Bermuda segregated accounts company, Catalyst Re, in a longevity hedge transaction with AEGON (2014).
  • Providing legal opinions on a broad range of financing transactions.
  • Advising several long-term insurers and insurance managers regarding their AML/ATF-related obligations. 

Recent litigation matters include:

  • In the matter of Titan Petrochemicals Group Ltd. [2014] SC (Bda) 74 Com (23 September 2014) (Bermuda holding company listed on the Hong Kong Stock Exchange, application for order convening meeting of creditors to approve a proposed Scheme of Arrangement).
  • In the matter of Titan Petrochemicals Group Ltd. [2012] SC (Bda) 43 Com (10 May 2013) (strike out of creditor’s petition).
  • In the matter of Gerova Financial Group Ltd. [2012] SC (Bda) 35 Com (6 July 2012) (winding up of Bermuda holding company following the failure of its attempted hedge fund-backed reinsurance business venture).
  • In the matter of Gerova Financial Group Ltd. [2012] SC (Bda) 18 Com (19 March 2012).
  • Alpha Prime Fund Ltd. v Primeo Fund Ltd. (In Liquidation) [2011] SC (Bda) 37 Com (12 August 2011) (setting aside statutory demand served on Bermuda mutual fund company).
  • Tensor v New Stream Capital Group Ltd. [2010] SC (Bda) 31 Com (17 June 2010).
  • BNY AIS Nominees Limited and others v New Stream Capital Fund Limited [2010] SC (Bda) 26 Com (27 May 2010) (seminal decision on the segregation of assets owned by a company registered under the Segregated Accounts Companies Act 2000 (as amended)).

Presentations and Publications

Presentations include:

  • Acting as Chair of Falconbury’s “Advanced Reinsurance Wordings” seminar (April 2016, April 2015, September 2014, April 2014, April 2013, September 2012, April 2012, September 2011).
  • “Captives, Fronting Insurers, and Facultative Reinsurance: the Good, the Bad and the Ugly?” presented at The Bermuda Insurance Institute (June 2013).
  • “Claims from the Financial Crisis” — internal client presentation (March 2013).
  • “Bermuda Segregated Accounts companies: what happens when they fail?”, INSOL Annual Conference May 2012.
  • “Taking security over assets to support captive insurance obligations” (in-house seminar 2011).
  • “Use of letters of credit as collateral in insurance-related transactions” (in-house seminar 2011).
  • “Developments in Notice and Information Clauses”, presented at Falconbury’s Reinsurance Contract Wordings and Disputes, Bermuda seminar (October 2010).
  • “In the Eye of the Storm: The Impact of the Financial Crisis on Private Equity and Hedge Funds”, presented at the Bermuda Insurance Institute (December 2009).
  • “Offshore Hedge Fund Collapse and the Shape of Things to Come: Identifying the Losers and Likely Targets in the Pursuit of Recoveries”, presented at Sedgwick’s 22nd Annual London Insurance Seminar (October 2009).
  • “Reinsurance Commutations and their Pressure Points”, presentation at the International Alliance of Asbestos and Pollution Reinsurers (IntAP) Technical Meeting (December 2008; Swiss Asbestos Working Party, 2010).
  • “Finality Issues Arising From the Turner & Newall Administration”, presented to the Association of Run-Off Companies (July 2007).
  • “A Practical Guide to Part VII Transfers”, Insurance Market Conferences workshop on insurance business transfers (November 2007).

Publications include:

  • “Bermuda” Chapter, co-author, The International Comparative Legal Guide to: Corporate Recovery & Insolvency, 10th Edition (2016).
  • “Bermuda” Chapter, co-author, The International Comparative Legal Guide to: Corporate Recovery & Insolvency (2012−2015).
  • “Bermuda Monetary Authority Announces Principles Underpinning Use of New Powers”, Sedgwick’s Insurance Law Flash (January 2013).
  • “Enforcement of Foreign Judgments in Bermuda”, Getting the Deal Through — Enforcement of Foreign Judgments 2012 (January 2012).
  • “Bermuda” Chapter, co-author, The International Comparative Legal Guide to: Insurance and Reinsurance 2012.
  • “Update on insurance business transfers”, Run Off & Restructuring (December 2011).
  • “Bermuda Insurance Update — The Bid For Regulatory Equivalence With the EU”, Complinet (August 2010).
  • “Widening the Focus”, Sedgwick’s London & Bermuda Newsletter (Spring 2010).
  • “A Suitable Model”, Sedgwick’s London & Bermuda Newsletter (Winter 2009/2010).
  • “How Will Solvency 2 Change Things, and What Must UK Firms Do Today?” author, and “Rectifying Slip-Ups”, co-author, Sedgwick’s London & Bermuda Newsletter (Summer 2009).
  • “After Madoff, Where Now for Offshore Hedge Funds?” co-author, Insurance Day (May 2009).
  • “Circumstances Again: When Is a ‘Disagreement’ Notifiable?” and “UK Court Holds Emailed Slip Constitutes New Stage in Contract Negotiations”, co-author; and “US’ Relaxed Collateral Requirements May Impact Arbitration”, author, Sedgwick’s London & Bermuda Newsletter (Spring 2009).
  • “Court Holds EL Policies Trigger on Date of Inhalation”, Sedgwick’s London & Bermuda Newsletter (Winter 2009).
  • “Sedgwick Summary: Commutations”, co-author, Sedgwick publication (January 2009).
  • “UK Courts Have Jurisdiction to Hear Case Despite Arbitration”, Sedgwick’s Insurance Law Update (November 2008).
  • “European Developments on Arbitration”, Insurance Day (November 2008).
  • “How Can Insurers Keep Control of Credit Derivative Exposures?” Insurance Day (September 2008).
  • “Commercial Court Backs Reinsured’s Jurisdiction Choice”, Insurance Day (July 2008).
  • “Part VII Transfers — a practical guide”, co-author, book published by Run Off & Restructuring (2008).
  • “Legal issues”, chapter in “Guide to Part VII Transfers”, published by Run Off & Restructuring (July 2007).

Admissions

  • Bermuda, Barrister and Attorney
  • England and Wales, Solicitor

Education

  • L.P.C (1998) College of Law of England and Wales
  • M.A. (2003) Cambridge University
  • B.A. (1996) Cambridge University, with honors

Awards

  • Listed in Who’s Who Legal: Insurance & Reinsurance 2016
  • Named in The Legal 500 directory of attorneys in Bermuda with expertise in Insurance/Reinsurance
  • Recognised in the 2016 Insurance and Reinsurance Expert Guide, published by Euromoney’s Legal Media Group, as an expert in the areas of insurance and reinsurance