Biography

Nick Miles is an insurance and reinsurance lawyer specializing in a broad range of contentious matters, reorganizations and regulatory matters.

He represents insurers and reinsurers in complex, multijurisdictional litigation and arbitration, often concerning captive structures, alternative risk transfer products, and long-tail exposure such as asbestos pollution and health risks. He has also handled arbitration proceedings on behalf of monoline insurers relating to ISDA credit default swaps. He frequently works as co-counsel with Sedgwick’s Bermuda office, Sedgwick-Chudleigh, on restructurings and insolvencies. Recent cases have concerned rights of redeeming former investors in Bermuda hedge funds and advice to a retrocessionaire of an insolvent Bermuda life reinsurer.

Mr. Miles advises clients on a range of transactional matters as well. He has drafted and structured captive programmes, loss portfolio transfers, finite insurance and reinsurance programmes, credit “wrap” policies, arranged security over captive assets, and advised on life settlements business.

He advises participants in the live and runoff industries on transfers of insurance business under Part VII of the UK Financial Services & Markets Act 2000.

Presentations & Publications

Mr. Miles has spoken at numerous conferences on the subject of exit strategies. His presentations include:

• "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).
• "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).

Mr. Miles has written on issues ranging from reinsureds’ continuing duty of utmost good faith to the alternative risk transfer market and general reinsurance case law updates. His publications include: 

• "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).
• "U.K. 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," coauthor, book published by Run Off & Restructuring (2008).
• "Legal issues," chapter in "Guide to Part VII Transfers," published by Run Off & Restructuring (July 2007).