Experience

Darragh is Head of the firm's Insurance Practice.

Darragh specialises in advising on regulatory and commercial matters relevant to a broad range of regulated financial service provides, including (re)insurance undertakings, MiFID firms, funds  and their managers, fund service providers, banks, payment service providers and FinTechs

Darragh’s practice covers all aspects of carrying on regulated financial services and activities in Ireland and includes undertaking regulatory perimeter analysis, advising on regulatory capital issues, advising on mergers and acquisitions of regulated entities, authorisation of regulated entities, and derivative activities including EMIR compliance. He also advises on anti-money laundering obligations, financial sanctions, consumer protection/credit issues, conduct of business requirements generally, on-going business requirements  (customer, counterparty and/or regulator facing) and problem resolution.

He advises extensively on the regulated business of insurance and reinsurance undertakings including as regards Solvency II obligations, insurance distribution requirements, portfolio transfers, risk mitigation techniques and corporate governance matters.

Key highlights include advising:

  • The Joint Official Liquidators of CBL Insurance Europe DAC (in liquidation) (Kieran Wallace and Cormac O’Connor) on all aspects of this complex, high profile liquidation of a regulated insurance undertaking.
  • the holding company of Allianz plc in Ireland in connection with regulatory issues arising from the acquisition by the majority shareholder, Allianz Europe BV of the holdings of the minority shareholders, Irish Life Investment Holdings and various private shareholders, by way of scheme of arrangement, as well as the acquisition of the Irish business of Aetna Group.
  • Aon Plc in its application for authorisation from the Central Bank to establish the Group’s EU MiFID platform.
  • Assicurazioni Generali S.p.A. on the sale of Generali PanEurope dac (since renamed as Utmost PanEurope dac) to Life Company Consolidation Group (LCCG). We also acted as Irish counsel for Generali on the sale of Generali Worldwide Insurance Company Limited and Generali Link Limited.
  • Bankinter S.A. on the Irish aspects of the acquisition of the banking operations of EVO Banco S.A.U. and its Irish consumer credit card subsidiary Avantcard and subsequent activities.
  • The Coca-Cola Company in its funding of retirement benefits in a number of EU Member States using an Irish authorised reinsurance undertaking.
  • FNZ Group to establish a MiFID firm in Ireland with offices in several European jurisdictions. We acted as lead counsel in the application from initial strategy discussions to the granting of authorisation in December 2020.
  • M&G on its QIAIF, Lion Credit Fund,  which invests in CDO/CLO instruments.
  • Monument Re on Irish run-off business acquisition.
  • Just Insurance on Irish collateral arrangements associated with its reinsurance of bulk annuity buy-outs.
  • On regulatory matters for AIB, Allianz, Aon, Bankinter/Avant Money, Cantor Fitzgerlad, Davy, FNZ, Generali, Irish Life, M&G/Prudential and MetLife.