Biography

Nick Miles is a commercial lawyer specializing in a broad range of contentious matters, reorganizations and regulatory matters, including:

• Winding up of companies;
• Hedge fund litigation;
• Regulation of insurance in Bermuda;
• Complex commercial transactions, particularly insurance-related;
• Bermuda segregated accounts companies;
• Advising on impact of insolvency on commercial transactions;
• Taking security over assets.

Recent matters include:

• Litigation over the rights of redemption creditors in Bermuda hedge funds, including segregated accounts company funds;
• Advising European reinsurer on its reinsurance, via a Bermuda transformer, of the longevity risk in a UK pension scheme; 
• Numerous creditor petitions for the compulsory winding up of Bermuda corporations, generally with cross-border component.

Mr Miles also 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 handled arbitration proceedings on behalf of monoline insurers relating to ISDA credit default swaps. 

Presentations & Publications

Mr. Miles has spoken at numerous conferences and often provides bespoke in-house training to clients. His presentations include:

• Acting as Chair of Falconbury’s “Advanced Reinsurance Wordings” seminar (May 2012, September 2011).
• “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).

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:

• “Enforcement of Foreign Judgments in Bermuda”, Getting The Deal Through - Enforcement of Foreign Judgments 2012 (January 2012).
• “The International Comparative Legal Guide to: Insurance and Reinsurance 2012,” co-author of chapter on Bermuda law (January 2012).
• “Update on insurance business transfers,” Runoff & 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). 
• “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).