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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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12 September 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
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...
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...
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...