Financial services remain a highly important industry for the Irish economy with a significant expertise in providing back-office solutions for globally significant markets in London and Frankfurt existing in Ireland. In addition, Ireland remains a world-leading jurisdiction for the domicile of investment funds and associated activities.
Venture Legal Services LLP has particular expertise in financial services business related to leasing and hire purchase activities as well as insurance (both life and non-life). To the extent the businesses of leasing businesses do not involve deposit-taking or other ancillary regulated activities their activities are largely unregulated and this offers significant commercial flexibility. In practice the ancillary sale of insurance and other products is such a common part of leasing businesses that they often tend to opt to be regulated from an early stage.
Continuing pressures in certain sectors are expected to lead to further consolidation in some cases (eg in insurance brokerage where there is intense competition for business in certain market segments) and to new starts in others (eg finance leasing, where the scarcity of finance from banks is forcing makers of motor vehicles and plant and machinery to consider expanding their leasing operations in order to facilitate sales).
Representative engagements over the past 10+ years include:
- acting in the merger of two general insurance brokerages to form the largest independent and Irish insurance broker;
- advising on the sale of two successful insurance brokerages to larger competitors to facilitate the retirement planning of the principals;
- advising on the establishment of two leasing companies, one part of a multinational heavy manufacturing group and the other independent but with an experienced management team and backed by a strong UK financial services company;
- advising on the leasing of aircraft in various jurisdictions including Italy, Mexico and Russia; and
- representing a number of Italian companies in connection with the establishment of insurance subsidiaries based in Ireland.