Thomas Lockley

Practice Areas

Thomas Lockley is a partner in the CMS Financial Services team and specialises in advising financial institutions on regulatory matters, and corporate finance and risk transactions.

Thomas advises investment banks, pension funds, private equity, insurers and reinsurers on financial regulation and a wide variety of capital related transactions. He has expertise in corporate finance, insurance, and structured finance (including associated collateral and counterparty risk mitigation techniques), and has experience in CRR and Solvency II-driven transactions.

Thomas is an expert in prudential regulation and capital and advises UK and global (re)insurers (including L&G, PIC, Phoenix, Pacific Life, RGA and Zurich).

Alongside Jenny Nanalal and Owen Ross, Thomas is part of the Insurance, Risk and Capital Transactions Team, which has been hugely successful, becoming the largest team in the City for bespoke insurance and pensions risk transactions. Thomas is a member of the Insurance Scoping Forum of the Financial Markets Law Committee.

Thomas has more than 15 years’ experience in this area and has worked on some of the largest financial institution and risk transfer transactions in the market (including recently innovative reinsurance structures involving funded reinsurance, funds withheld, and illiquid asset holding and fund structures).

Professional Memberships

Thomas is a member of the Insurance Scoping Forum of the Financial Markets Law Committee.

Work Highlights

-Legal & General on the conversion into a bulk annuity transaction, of a longevity swap entered into between trustees of a FTSE 100 company pension scheme and the swap provider. This complex conversion was the first of its type, and required the termination of the existing swap arrangements. the collapse of a transformer cell structure and the contemporaneous transition of a portfolio of reinsurances.

-Pacific Life Re on an onshore and offshore pass through longevity swap transaction including £10Bn of pension liabilities of the Lloyd Bank Pension Scheme.

-RGA on a EUR7Bn longevity reinsurance of pension liabilities of Aegon.

-A UK insurer on the financial conglomeration, group capital regulations and Part VII matters in connection with an M&A transaction.

-A global reinsurer on a commercial mortgage origination and equity release platform and putting in place arrangements for the relevant interests to collateralise reinsurances.

-International investment banks on the use of credit insurance and risk participations to provide for risk mitigation under the CRR.

-A global reinsurer on its reinsurance of North American life risk including relating funds withheld portfolio management arrangements.

-A UK insurance company on the acquisition of a portfolio of unit-linked business including advising on security arrangements over an -----Authorised Contractual Scheme (the first transaction of its kind) and the associated Part VII arrangements.

-UK, European and Bermudan insurance companies on capital treatment of assets and liabilities, counterparty risk solutions and matching adjustments under risk based capital regimes (particularly Solvency II).

-A Bermudan reinsurer on a proxy revenue swap as part of an acquisition structure.

Industry Sector Expertise

Financial Institutions, Insurance, Pensions, Life Assurance

Education