What impact did Brexit have on the financial industry in Ireland? 

Brexit had the potential to have a detrimental impact on the financial industry in Ireland, given our reliance on the financial services industry in the United Kingdom.  Thankfully, exhausted by the protracted EU/UK negotiations and numerous extensions and presuming the worst, the Irish financial industry took early proactive measures to mitigate against the impact of Brexit.  As a result, Brexit has boosted Ireland’s financial services industry, moving it up the international and EU rankings.  That said, Brexit continues to have a severe impact on trade and most recently, the Northern Ireland protocol has once again come under renewed challenge. 

In what ways do you see the in-house legal role evolving in your region over the next few years? 

The in-house legal function is multifaceted. Its primary purpose is to support all departments of the Company to manage their legal and regulatory requirements by providing, or obtaining, professional, timely and practical legal advice.  It facilitates the Company to deliver on its objectives in a compliant and ethical manner, thereby maximising the return to its stakeholders.  As such, as the Company’s objectives pivot and change over time, so too must the legal function.  The challenge for the legal function over the next few years will be ensuring it has the necessary knowledge and expertise to advise on the numerous changes in regulation coming into effect in close succession and enhancing its technological competence. 

What are the most significant cases or transactions that your legal team has recently been involved in?

Over the past number of years, the Company has been involved in several significant transactions including four simultaneous portfolio transfers.  Most notably, the Company sold its surety business to the Liberty Mutual Group in 2020.  As part of the sale, the Company, an Irish registered insurer (regulated by the Central Bank of Ireland) agreed to sell its Dutch and Belgian surety business and certain reinsurance business (which related to National Borg Reinsurance N.V, a public company under the law of Curacao) to Liberty Mutual Insurance Europe SE, a Luxembourg non-life insurance undertaking supervised by the Luxembourg Commissariat aux Assurances. 

 As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry? 

In-house lawyers will be required to remain agile in order to respond to a constantly evolving environment.  Clear communication will continue to be a key skill for any in-house lawyer so as to be able to articulate the impact of any new law or regulation and simultaneously provide creative and practical solutions to achieve compliance, whilst ensuring that the Company always remains competitive within its market.