Insurance(en) Archives - Castrén & Snellman

International reinsurance companies – Ad hoc arbitration proceedings

We have extensive experience in the insurance sector and decades of collaboration with supervisory authorities. We advise clients in all regulatory matters and ensure smooth implementation of even the most complex transactions.

The regulatory and operative landscape of the insurance sector is constantly changing. Steering your organisation in this ever-evolving environment calls for special expertise. The support of a legal advisor with profound understanding of both the insurance business and the objectives of the legislator and the regulator is essential. We offer a unique combination of wide expertise in insurance law with extensive experience of having operated within the insurance business. We provide a hands-on approach combined with long-term practical knowledge of how to achieve strategic goals.

With our extensive experience in the insurance sector and decades of collaboration with supervisory authorities, we are the natural partner of choice for both Finnish and international insurance companies, insurance intermediaries, and their owners and decision-makers. Our in-depth expertise will ensure that your critical projects cross the finish line in time and as planned. We will assist you in successfully adapting your business to market changes and changes in the regulatory environment.

We advise clients in all regulatory matters and ensure smooth implementation of even the most complex transactions in this highly regulated sector. Our full-service offering covers all legal needs of the insurance sector from transactions, disputes, insurance products and their distribution strategies, regulated documentation, outsourcing of central, critical or important functions to capitalisation and governance system requirements. Our experts work seamlessly together across teams in all insurance-related matters ranging from financial regulation, regulated transactions, corporate governance and tax law to data protection, competition law, dispute resolution, technology law, procurement and employment law.

Our clientele includes Finnish and international insurance companies and reinsurance undertakings as well as their significant direct and indirect owners and decision makers. We also advise insurance intermediaries, foreign law firms and policyholders.

Latest references

S-Bank – Issuance of EUR 150 million SNP notes and tender offer for notes maturing in 2026

We advised S-Bank Plc in its issuance of a EUR 150 million Senior Non-Preferred Notes and on the tender offer of its EUR 150 million Senior Preferred MREL Eligible Notes maturing in 2026. The tender offer required prior approval from the Finnish Financial Stability Authority based on the Commission’s regulatory technical standards (EU) 2023/827. The Stability Authority granted S-Bank a permission for repurchases of the notes. Based on the permission, S-Bank replaced the notes with own funds or eligible liabilities instruments of equal or higher quality at terms that are sustainable for the income capacity of S-Bank. According to the final tender offer results published on 10 December 2025, S-Bank repurchased a total of EUR 97.9 million of the notes. The new notes will pay a floating interest rate, which is determined based on 3-month Euribor added with a margin of 1.35 per cent. The notes were issued on 11 December 2025 and listed on Nasdaq Helsinki Ltd. The maturity date of the notes is 11 December 2029. The purpose of the issue was to meet the minimum requirement for own funds and eligible liabilities (MREL) and to finance the bank’s activities.

Ålandsbanken – Consent solicitation process regarding T2 instruments and issue of SEK 350 million AT1 notes

We advised Ålandsbanken Abp in the consent solicitation process regarding its SEK 150,000,000 Tier 2 notes due December 2041 and SEK 200,000,000 Tier 2 notes due March 2043. The terms and conditions of the aforementioned instruments were amended by removing the write-down mechanisms in the consent solicitation process. In addition, we advised Ålandsbanken Abp on the issue of SEK 350 million Additional Tier 1 notes. The notes bear floating interest at the rate of STIBOR three months plus a margin of 3.35 per cent per annum. The AT1 notes were issued on 20 November 2025, and admitted to trading on the official list of Nasdaq Helsinki Ltd. The instrument has no maturity date and qualifies as Additional Tier 1 capital in accordance with the EU Capital Requirements Regulation. The issue strengthens Ålandsbanken’s capital structure by taking advantage of favourable market conditions.

Neste – EUR 500 million refinancing arrangement

We advised Neste Corporation on the refinancing of its EUR 500 million term facility by way of two EUR 250 million bilateral term facilities provided by OP Corporate Bank plc and Danske Bank A/S, Finland Branch. Each term facility has a maturity of three years with extension options.

International reinsurance companies – Ad hoc arbitration proceedings

We successfully represented a panel of reinsurance companies in an international ad hoc arbitration. The dispute arose out of a reinsurance treaty under the terms of which the reinsurers had reinsured a portfolio of risks underwritten by the cedent. The parties disagreed as to whether the reinsurance provided coverage for a certain loss that had occurred because of the market turmoil caused by the Covid-19 pandemic. The case involved highly complex legal and contractual questions requiring special expertise on reinsurance law and practice. The arbitral tribunal rejected the counterparty’s claims for reinsurance compensation against our clients in full. The amount in dispute was approximately EUR 34 million.

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