Sophia Greaves

Director, Head of Bermuda Insurance & Reinsurance Practice

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Sophia Greaves is a Director in the Bermuda Corporate practice and Head of the Bermuda Insurance & Reinsurance practice. Prior to joining the firm in 2010, Sophia qualified as an Associate in the Reinsurance and Commercial Risk department of Barlow Lyde & Gilbert LLP. During her time at Barlow Lyde & Gilbert, Sophia worked in both London and Hong Kong, where she acted in a broad range of (re)insurance commercial litigation proceedings.

Sophia’s practice at Conyers spans all aspects of insurance transactional and regulatory matters including the formation, licensing and ongoing regulatory requirements for Bermuda captives and commercial (re)insurers.

Sophia has particular expertise advising public company groups and navigating complex mergers, acquisitions and restructurings, including schemes of arrangement.

Sophia is instructed by a number of public companies, banks, (re)insurers and other leading financial institutions. Sophia is also a Justice of the Peace.

Jurisdiction

Bermuda

Experience

Advised Sagicor Financial Corporation Limited (“SFCL”) and Alignvest Acquisition II Corporation (“AQY”) completed a business combination transaction involving the transfer of all issued and outstanding shares in SFCL to AQY in exchange for shareholders of SFCL receiving cash or shares of AQY.
Advised Dai-ichi Life on the formation of Dai-ichi Life Reinsurance Bermuda Ltd. and its licensing as a Class C insurer in Bermuda.
Advised Canada Life International Reinsurance Limited on its continuation from Barbados to Bermuda.
Provided Bermuda law advice and assistance to Textainer Group Holdings Limited (“Textainer”) (NYSE: TGH; JSE: TXT) on its definitive agreement to be acquired by US infrastructure investment firm Stonepeak. Under the terms of the definitive agreement, which was unanimously approved by Textainer’s Board of Directors, Textainer common shareholders will receive $50.00 per share in cash, with the total value of the common shares equalling approximately US$2.1 billion.
Acted as special Bermuda counsel to Somerset Reinsurance Ltd. (Somerset Re) in connection with Somerset Re’s agreement to reinsure approximately US$12.5 billion of reserves backing Prudential Financial Inc’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. This transaction, covering policies written prior to 2015, was significant given it represented approximately one-third of Prudential’s total guaranteed universal life statutory reserves.
Advised Principal Financial Group Inc. (“Principal”) on the establishment and licensing of its wholly-owned subsidiary, Principal Financial Services (Bermuda) Ltd. as a Class C insurer to reinsure certain risks of its US affiliate, Principal Life Insurance Company.
Advised Somerset on its business combination with Aquarian Holdings LLC (“Aquarian”). Aquarian acquired a controlling interest in Somerset by way of a reverse triangular merger. The transaction comprised of a Bermuda subsidiary of Aquarian merging with and into Somerset with Somerset surviving the merger as the surviving entity.
Advised Africa Specialty Risks (“ASR”), pan-African focused reinsurance group, on the formation of ASR Re Limited and as well as its licencing as a Class 3A insurer in Bermuda.
Advised Mosaic Insurance Group (“Mosaic”) on the Bermuda law aspects of the purchase by Mosaic of the Lloyd’s managing agency of SiriusPoint and the related investment by SiriusPoint in Mosaic. Under the deal, Mosaic will acquire SiriusPoint’s wholly-owned subsidiary Sirius International Managing Agency (SIMA), along with employees, as part of a larger strategic partnership. The managing agency will continue to support SiriusPoint’s Syndicate 1945 at Lloyd’s. Additionally, SiriusPoint will become a strategic investor in Mosaic.

Expertise

Qualifications

Professional Background

Associate, Reinsurance and Commercial Risk, Barlow Lyde & Gilbert LLP (London and Hong Kong)

Education

London School of Economics, MSc Politics & Communications (Merit), 2006
College of Law, London, Legal Practice Course (Commendation), 2005
King’s College London, LLB (Hons), 2004

Bar Admissions

Bermuda, Attorney-at-Law, 2007
England & Wales, Solicitor, 2009 (not currently practising)

Awards & Accolades

Recognised in the 2024 edition of Chambers Global (insurance and reinsurance – Up and Coming)
Recognised in the 2023 edition (and since 2022) of Chambers Global (insurance and reinsurance)
Recognised as ‘Notable Practitioner’ in the 2024 edition (and since 2016) of IFLR1000 (financial and corporate)
Recognised in the 2021 edition (and since 2018) of Legal 500 Caribbean (banking, finance and capital markets)
Recognised as ‘Next Generation Partner’ in the 2025 edition (and since 2017) of Legal 500 Caribbean (insurance/reinsurance)
Recognised in the 2024 edition (and since 2017) of Legal 500 Caribbean (corporate and commercial)