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Portrait ofMike Munro

Mike Munro

Consultant

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English

Mike Munro is a consultant that works with the CMS Financial Services and Products team, specialising in transactional (re)insurance and alternative risk transfer. 

He works with a diverse range of financial institution clients (including major (re)insurers, investment banks and captives) involved in domestic and international risk transfer markets, typically on matters at the interface between the insurance and capital markets. 

Mike's expertise encompasses both non-life and life risks, with particular experience of pensions and annuity de-risking transactions (including longevity swaps in both derivative and (re)insurance form) and associated collateral and credit support structures.  

With nearly 25 years’ experience of the insurance and wider financial services sector, he is acknowledged as a leader in Euromoney's "Guide to the World's Leading Insurance and Reinsurance Lawyers” and recommended in the Legal 500 (2015) for Derivatives and Structured Products.

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Relevant experience

  • Pension Insurance Corporation on a GBP 1.6bn longevity reinsurance agreement with the Prudential Insurance Company of America (PICA) covering in-payment lives across 74 pension schemes – a transaction described as representing “another milestone for the longevity reinsurance market”.
  • A major international reinsurer on a collateralised longevity transaction with a leading UK life insurer in respect of an GBP 800m portfolio of in-payment annuities.
  • Pension Insurance Corporation on its GBP 1.6bn collateralised buy-in with the Trustee of the Total UK Pension Plan and associated reinsurance arrangements – noted as a “standout transaction” in the FT Innovative Law Firm Awards 2015.
  • A leading global reinsurer on the development and implementation of master collateral, security and close-out netting arrangements with a major UK insurance company in respect of underlying longevity reinsurance arrangements.
  • A leading global investment bank on the eligibility of credit insurance products for recognition as risk mitigation techniques under CRD IV.
  • SCOR Global Life on its provision of longevity reinsurance to Sun Life of Canada in respect of an underlying CAD 5bn transaction in respect of the Bell Canada pension plan – the first such transaction to be concluded in the Canadian market.
  • A global investment bank on numerous transactions involving the use of insurance and demand guarantee products for credit risk hedging purposes.
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Education

  • 1990 – MA (Jurisprudence), Worcester College, Oxford
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Feed

12/09/2018
Transforming Insurance
In June 2018, a number of senior figures from the insurance industry gathered for a round-table at the CMS offices to discuss the ethical and regulatory implications of the use of artificial intelligence...
17/02/2016
Life, pensions & longevity risk
The longevity and pensions risk transfer market has seen substantial innovation and expansion in recent years, driving ever closer convergence between the insurance and capital markets. With a reputation...
11/02/2015
CMS advises on Abbey Life’s £2bn longevity insurance transaction with ScottishPower
CMS London has successfully acted for Abbey Life Assurance Company Limited, the life insurance subsidiary of Deutsche Bank AG, on a £2bn longevity insurance transaction with the Trustee of the ScottishPower...
16/06/2014
CMS advise Pension Insurance Corporation on £1.6bn buy-in transaction with...
The CMS Life Pension and Longevity Risk Team has advised Pension Insurance Corporation (“PIC”), the UK’s leading specialist pension risk insurer, on a £1.6bn pension buy-in transaction with the...
16/06/2014
Life, pensions & longevity risk
The longevity and pensions risk transfer market has seen substantial innovation and expansion in recent years, driving ever closer convergence between the insurance and capital markets. With a reputation...
11/06/2014
Life Sector Group Clients and Market Update (Internal material - CMS only)
Dear All, First, and most importantly, we’re delighted to welcome our new colleagues from D&W (now, of course, CMS!) to the group. We will be updating our circulation list – but in the meantime please...
30/05/2014
CMS named ‘top overall law firm for all legal dealings’ in Reactions’ Insurance...
CMS has been named the ‘top overall law firm for all legal dealings’ in the Reactions’ Insurance and Reinsurance Legal Survey 2014. The survey, conducted by industry-leading publication Reactions...
29/04/2014
Life Sector Group Clients and Market Update (CMS only - Internal material)
With the UK market recovering from the shock of the budget announcements, the period since our last report has been relatively quiet in terms of reported transactional activity. However, a couple of points...
23/05/2011
European life undertakings, longevity risk and Solvency II
The importance of longevity risk for life undertakings has been further emphasised by AEGON’s recent announcement of substantially increased levels of longev­ity-re­lated provisioning, driven by strong...