Nicholas Berry

Partner
Norton Rose Fulbright LLP

London
United Kingdom
T:+44 20 7444 2127
London
United Kingdom
T:+44 20 7444 2127
Nicholas Berry

Nicholas Berry

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Biography

Nicholas Berry is corporate lawyer based in London and head of our InsurTech practice.

Nicholas advises on corporate and regulatory issues for clients in the financial services sector, with a particular focus on the insurance market. He has extensive experience of running large, multijurisdictional and UK-based M&A deals in the insurance sector for institutional and private equity clients. 

Nicholas has insurance-specific, financial services regulatory knowledge and also advises institutional insurance clients, intermediaries and start-ups on regulatory and structuring matters. 

His experience includes providing advice on complex structured insurance and reinsurance arrangements and ILS and parametric products. Nicholas took part in the consultation process for the new UK ILS regime.

Nicholas devised and co-ordinates our Insurathon innovation events, offering InsurTech start-ups the opportunity to pitch for a prize fund of up to £50,000. These events have been held each year since 2017.

Nicholas is recognized by The Legal 500 and Chambers & Partners for his capabilities in corporate and regulatory insurance.


Professional experience

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  • Solicitor, qualified in England & Wales 2008

Advising:

M&A / Private Equity

  • Aquiline and Lloyd's of London insurer ERS - on a $350m fundraise to enable ERS to expand its strategy to underwrite specialty (re)insurance business
  • Aquiline - on its investment in and subsequent exit from wholesale broker Beach & Associates
  • Aquiline - on the acquisition of ERS, a Lloyd's of London syndicate writing speciality motor insurance
  • Brickell Insurance Holdings, an affiliate of investor 777 Partners LLC - in relation to its $80m investment into Randall Quilter ("R&Q") the non life insurance, reinsurance legacy and run off acquisition specialist
  • A global insurer - on the sale of its South African business
  • A global insurer - on the acquisition of a telematics and connected car business with international operations
  • A global insurer - on its minority investment in a pay-as-you-go motor insurer
  • A global insurer - on its strategic acquisition of a digital health and wellbeing platform as part of its newly launched healthcare business
  • Primary Group - on the sale of the commercial lines MGA UK General to JC Flowers
  • Primary Group backed MGA Now Health International - on its acquisition of Best Doctor's Inc private medical insurance business
  • AXA - in relation to its £2.75bn disposal to Resolution Ltd of certain of its UK life businesses

ILS / ART

  • An investor - on a number of bespoke ILS investments
  • Stable Price - on its launch in Bermuda and establishment of a collateralized insurer class of company and related risk protection arrangements to provide protection to Stable's clients
  • An insurer client - on two separate parametric programs relating to balance sheet de-risking
  • MyLotto24 - on the creation and renewal of its innovative ILS Hoplon coverage (Hoplon I, II & III)
  • A Lloyd's members' agent - on the use of funding structure using the new UK ILS regime
  • MGA Now Health International - on its global capacity arrangements and reinsurance arrangements with RGA
  • A lead investor - in relation to the issue of the Munich Re reinsurance sidecar Eden Re catbonds, covering US weather and earthquake risk
  • Lottoland - on its pay-out loss coverage through collateralised reinsurance using a Gibraltar cell company to transform the risk to investors in the first transaction of its kind in Gibraltar

InsurTech

  • Tech-enabled commercial motor insurer Zego - in its $150m Series C valuing the business at $1.1bn, making Zego the UK's first InsurTech "Unicorn"
  • Nexus Mutual, a peer-to-peer risk coverage defi application - on the ethereum blockchain, which is one the first businesses to capitalize a risk pool through cryptocurrency and now has capital assets reported to be in excess of $200m, on its platform launch and token sale (ICO)
  • Arch - on the creation of a bespoke insurance product and a new consortium dedicated to underwriting digital asset risks with limits of up to $150m, BlueVault is the first consortium of its kind to cover digital assets held in secure vaults
  • Three global insurers and a global bank - on investments into and strategic partnerships with InsurTechs
  • NRF Insurathon winners Flock Cover, Pluto, Riskbook (now Supercede) and Anansi - on various matters
  • MS Amlin - in relation to Insurwave, one of the highest profile blockchain platforms in the marine insurance sector involving Maersk, EY, Willis Towers Watson, XL Catlin, MS Amlin and Microsoft
  • AIG and Standard Chartered - on the insurance regulatory aspects relating to the use of blockchain in their trade finance platform PoC
  • Host, Insurathon, London, November 2017, 2018, 2019 and 2020.
  • Crypto Insurance Challenge: How Can I Insure What I Don't Understand?, PLUS D&O Symposium, New York, February 6, 2019.
  • Co-host, Navigating the InsurTech Revolution, Bermuda, September 20, 2018.
  • Artificial Intelligence, The Liability Risks at the Liability Underwriters Group Conference, September 12, 2018.
  • The Insurance of Crypto Assets and Businesses, Lloyd's Market Talk to Lloyd's Syndicates, August 16, 2018.
  • Co-host, Smart Shipping and InsurTech - Reshaping Marine Insurance event co-hosted by Norton Rose Fulbright, MS Amlin and InsTech London, June 13, 2018.
  • The Future of smart contracts in insurance, the FCA's InsurTech conference, March 28-29, 2017.