Within hours of the Government of Gibraltar announcing that the first ILS type transaction had been completed through Gibraltar, Hassans' involvement in this landmark matter was cited internationally in three of the global insurance industry's leading titles, positioning the firm as the key legal advisors within this important arena.
First to launch their news was Captive Review, stating:
"Gibraltar has made no secret of its bid to become the go-to jurisdiction for onshore European Union (EU) ILS transactions, taking on Dublin and Malta. ILS guidelines were published in September last year, while established industry specialists announced it had chosen to begin operations in the jurisdiction in October. The €100m placement by Lottoland is an important next step for Gibraltar and utilises Johannesburg-based GuardRisk's Euroguard Insurance Company PCC (a Gibraltar domiciled entity) as the insurance vehicle. Nigel Feetham, a senior partner at Gibraltar law firm Hassans, advised on the deal and has worked with Euroguard Insurance Company PCC since its formation in 1996."
This report was closely followed by Captive International andIntelligent Insurer reporting:
"Gibraltar has completed its first insurance-linked securities (ILS) transaction, a year after announcing ambitions to establish itself as a new ILS jurisdiction.
Lottoland, a specialist provider of betting services on international lotteries, has placed a €100 million securitisation that transfers the risk of substantial or multiple pay-outs on lotteries the company runs into the capital markets.
This risk would normally have been covered under a traditional insurance policy.
The ILS has been placed within the European Union by means of an issuance vehicle, Euroguard Insurance Company, based in Gibraltar. Established in 1996, Euroguard is part of financial services group MMI Holdings.
Law firm Hassans advised Euroguard in the insurance transaction. In the past, Hassans has assisted with the drafting of Gibraltar's Insurance Companies (Special Purpose Vehicles) Regulations 2009, was involved in drafting the Protected Cell Companies and insurance legislation and has helped to set up the majority of Gibraltar insurance companies over the last 14 years, including protected cell companies."
All reports carried Nigel Feetham's comment within the firm's original release [see link here] stating:
"Hassans have acted for Euroguard Insurance Company since its establishment almost 20 years ago. This is an interesting deal, and importantly, it is good to see the ILS market embracing this transaction.
"Hassans' capital markets practice has been built over many years of advising leading international institutions. Our professional insight in both capital markets and insurance structuring therefore allows us to provide clients with a unique offering in the ILS space. We are delighted to have been professionally involved."
Hassans was founded in 1939 and is the largest law firm in Gibraltar with 36 partners, over 55 other lawyers and 250 staff in total.
Hassans was the first firm in Gibraltar to structure itself as a modern international law firm, with separate departments for different fields of specialisation and the first outside of the UK to accredited by the Law Society of England and Wales to offer training contracts to aspiring solicitors, this puts them firmly at the forefront of legal training in Gibraltar.
The firm has an international clientele, links with major European and US law firms and has consistently been listed as the leading law firm in Gibraltar by Chambers and Partners and Legal 500 across the majority of its practice areas.
Nigel Feetham: Nigel is a senior partner of Hassans and a Visiting Professor at Nottingham Law School, Nottingham Trent University. He is also an author and co-author of a number of books including ''Protected Cell Companies: A Guide to their Implementation and Use'' which is the leading reference work on protected cell companies. Nigel combines in-depth legal knowledge with considerable practical business experience.
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