García & Bodán advised the reinsurance company SCOR in the structuring process associated with the global reorganisation of its companies carried out in different jurisdictions.
The law firm worked together with Hogan Lovells Paris, and other lawyers worldwide, in the reorganization of these companies, with García & Bodán being the law firm chosen to lead this process in Nicaragua.
The advice provided to SCOR was led by Regional Managing Partner Terencio García, in conjunction with Valeska Fonseca, Associate; which included, among others:
- Advising on the consequences of a merger in France of the reinsurer SCOR with one of its subsidiaries in Nicaragua, taking into account that one of SCOR's companies already had a presence in Nicaragua.
- Detail what type of requirements the Nicaraguan regulator, in this case the Superintendence of Insurance, was requesting in order to carry out the merger process and for it to take effect in Nicaragua.
- Ensure that the actions taken did not negatively affect clientele in Nicaragua.
- Explain how SCOR's structure would look in Nicaragua as a result of the merger in France.
- To ensure that actions and acts done in France were acceptable under Nicaraguan law and at the same time did not affect the way work was conducted in Nicaragua.
The work involved a constant interaction between the lawyers of France and Nicaragua in order to explain in great detail each of the documents that were required and had to be presented before the authority. The issue was extremely complex since the law firm was limited to a specific time and period to perform each task, since an action carried out in France generated a series of activities in all the countries in which SCOR had a presence, including Nicaragua.
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