Stephen Browning

Stephen advises on the full lifecycle of Lloyd’s syndicates, including start-ups, capital structuring, financing, capacity offers, mergers, cessations, and third-party RITC transactions, delivering strategic support across complex market activities.

• Advised on more than 30 capacity offers and numerous transactions/arrangements of the following kinds:
  • acquisitions and disposals of corporate members
  • syndicate minority buy-outs
  • syndicate mergers
  • syndicate cessations
  • new syndicate start-ups (including Special Purpose Arrangements)
  • third-party syndicate management arrangements
  • third-party FAL arrangements
  • limited tenancy capacity arrangements
  • variations to the standard agency agreements and Lloyd’s membership agreement
  • reorganisations of funds at Lloyd’s (including corporate interavailability arrangements)
  • third-party RITC and other ‘legacy’ transactions
  • underwriting consortium arrangements

• Advised on the extent of the activities that may be undertaken by a managing agent in respect of investment of Premium Trust Funds without extension of regulatory permissions and on regulatory matters concerning the nature and extent of particular investments of PTF assets.
• Advised on the requirements of Lloyd’s Minimum Standards in various contexts.
• Advised on intra-group staff secondment and services arrangements.
• Advised on the establishment of Lloyd’s Japan.

Stephen advises on underwriting agency relationships, corporate reorganisations, M&A, and insurance business transfers, with particular expertise supporting private equity-backed insurance managers and navigating complex insurance regulatory frameworks.

• Advised management teams and private equity investors on investments into and sales of various Lloyd’s underwriting businesses.
• Advised various clients on obtaining regulatory approvals for changes in control.
• Acted for the shareholders of an insurance fund management business on a trade sale of their shares.
• Acted for various clients on capital reductions for a variety of purposes (including elimination of losses, release of surplus capital and enhancement of distributable reserves).
• Advised on various group reorganisations.
• Advised on the first Part VII transfer of non-life business from a Lloyd’s Syndicate to an insurance company.

Recognised by The Legal 500 Hall of Fame for Insurance: Corporate and Regulatory 2023- 2025

Recognised by Best Lawyers UK for Insurance 2009 – 2025