Vikram Sidhu

Partner, Clyde & Co US LLP

 

Vikram Sidhu’s practice covers a broad range of corporate and regulatory matters with a focus on the insurance and reinsurance industry. Vikram regularly assists clients on structuring, negotiating and documenting complex corporate and commercial transactions, including mergers and acquisitions, joint ventures, corporate reorganizations, complex insurance and reinsurance contracts, transactions involving insurtech products and companies, alternative risk transfer solutions, catastrophe bonds and other insurance-linked securities, new insurance and reinsurance products, run-off solutions and exit strategies, portfolio transfers and assumption transactions. In addition, he advises clients on all aspects of insurance regulation in the United States, including licensing of insurance companies, change of control, credit for reinsurance, captives, insurance agent and broker licensing and regulation, risk transfer and permissible investments under insurance investment laws.

Vikram's experience also includes various types of commercial transactions, such as commercial contracts (supply, distribution, agency, licensing and services agreements), investments and joint ventures in India and other developing countries, microfinance and microinsurance transactions, and regulatory/government investigations.

Admissions

  • New York, 2002
  • District of Columbia, 2016

Education

  • J.D., Harvard Law School, 2001
  • B.A., magna cum laude, Cornell University, 1997
  • Accion Program on Strategic Leadership for Microfinance, Harvard Business School, 2013

Experience

Vikram's experience includes representation of the following clients:

Insurance M&A and other transactions

  • A major European insurance group in its sale of US legacy/runoff business consisting of a USD 100 million asbestos, pollution and health hazard legacy portfolio
  • A major US/Bermuda global insurance group in the development of the new mortgage credit risk transfer program Enterprise-Paid Mortgage Insurance (EPMI) for Fannie Mae and Integrated Mortgage Insurance (IMAGIN) for Freddie Mac
  • A major US/Bermuda global insurance group in its USD 3.4 billion acquisition of a mortgage insurance business in 2016 and entry into the US mortgage insurance business in 2014 through the acquisition of a mortgage insurance company and operating assets for approximately USD 300 million
  • Sellers of USD 40 million stake in an insurance holding group
  • A major Bermuda-based runoff group in connection with the acquisition of two groups of companies
  • A Bermuda-based group in the acquisition of a life insurance company and the establishment of a US life reinsurance company
  • A global insurance group in its acquisition of property and casualty and crop insurance companies
  • A large US financial institution in connection with its acquisition, through reinsurance, of USD 1.7 billion of policies and corresponding reserves and related assets from life insurer as part of court-ordered rehabilitation and separately its acquisition of a life insurance company
  • A US insurance group in connection with divestiture of its runoff business
  • A global insurance group in the sale of a property and casualty runoff portfolio
  • An insurance managing general agency and Lloyd's coverholder in the acquisition by a specialist property catastrophe underwriting manager of 100% of shares and related joint venture acquisitions and financing, as part of the formation of a joint venture insurance agency
  • Various bidders, acquirers and sellers of runoff portfolios and discontinued insurance businesses
  • Various clients on traditional and non-traditional reinsurance arrangements
  • Insurers in assessing and underwriting of transactional (representations and warranties) insurance policies

Regulatory matters

  • A major European insurer in its application to be included as an eligible alien surplus lines insurer in the NAIC Quarterly Listing of Alien Insurers
  • A global on-line travel group for all insurance regulatory and transactional matters
  • Hartford InsurTech Hub, an initiative that connects the insurance industry and insurtech innovators and start-ups, as legal advisor/partner
  • An insuretech start-up in the licensing and launch of a mobile app business delivering on-demand insurance for recreational and commercial users
  • Several insuretech startups on the establishment of new cyber-insurance businesses
  • A reinsurance brokerage in the establishment of business focused on the United States and Latin America, including licensing as a reinsurance intermediary across the United States
  • Transferor in US legal issues in connection with Part VII transfer proceedings in the United Kingdom
  • MGAs in all aspects of insurance intermediary licensing and agreements between managing general agents and underwriters
  • Various insurance groups in the preparation of all regulatory filings for change of control and other aspects of acquisitions of insurance companies and related regulatory approvals
  • Various clients on the establishment of global or multinational insurance programs
  • Various clients with respect to insurance regulatory requirements with respect to:
    • Doing insurance business in the United States, including providing insurance coverage to US insureds directly from offshore and on a surplus lines or other non-admitted basis and establishing new licensed insurance companies and branches in the United States;
    • Insurance holding company laws and regulations and required filings;
    • Credit for reinsurance and collateral requirements under the US states' insurance laws and regulations; and
    • Other insurance laws and regulations with respect to insurance companies, producers and insurance products

Insurance linked securities

  • A major European insurance group regarding a mortality catastrophe bond
  • A major global reinsurer sponsoring the structuring of a catastrophe bond program and issuance of €170 million in catastrophe bonds
  • An investment bank and the special purpose vehicle in connection with the issuance of USD 150 million catastrophe bonds, the proceeds of which collateralized a reinsurance agreement with the a major US state government agency
  • The Bermuda subsidiary of one of the world's largest insurance group's in structuring, negotiation and documentation of "transformer" reinsurance transactions with alternative risk providers
  • A Bermuda investment manager in transformer and alternative risk transfer transactions

Non-insurance transactions

  • A major investor in the restructuring of developing country sovereign debt
  • A seller in the sale of a defense contractor business
  • An acquirer in the acquisition of a metals recycling and steel business
  • A major microfinance institution in a USD 105 million transaction with respect to a microfinance fund
  • A consortium of selling shareholders in an African bank
  • A US investor in connection with its investment in the mobile banking technology sector in India
  • A joint venture in connection with real estate investments in India
  • A foundation in the sale of 30 major works of contemporary art
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