Norton Rose Fulbright - Experts & Thought Leaders

Global law firm Norton Rose Fulbright has advised private equity firm Aquiline Capital Partners (Aquiline) on its majority investment in marine insurance MGA Clearwater Underwriting. Aquiline is a private investment firm that partners with businesses offering solutions to the financial services industry. The firm invests in growth-oriented financial services and technology companies through private equity, credit, and other strategic capital solutions. Clearwater Dynamics’ software platform Founded in 2024, Clearwater Underwriting is a London-based MGA that leverages Clearwater Dynamics’ software platform and its own market knowledge to deliver underwriting services and support for brokers and clients in the marine sector. The multi-jurisdictional team advising on the deal was led by partners Nicholas Berry (corporate – insurance) and Sophie O Connor (corporate – private equity). They were assisted by London-based partners Matthew Findley (tax), Mike Knapper (intellectual property) and Dominic Stuttaford (tax); counsel Lai Lynn Choong (intellectual property) and Nick Howard (employment); senior associates Sofia Casselbrant and Barbara Gaffey (tax); and associates Emma Borch (corporate), Hobz De Caux (corporate), Sebastian Ferguson (corporate), Angelina Lim-Jordan (corporate) and Polina Maloshchinskaia (intellectual property). Additional support was also provided by Munich-based partner Bernd Dreier (corporate - private equity) and Hamburg-based associate Sebastian Sievers (corporate). Investor interest in innovative MGAs Nicholas Berry said: “We are delighted to have advised Aquiline on this majority investment in Clearwater Underwriting. The transaction highlights continued investor interest in innovative MGAs and demonstrates the strength of our cross-border team in delivering complex deals within the private equity and insurance sectors.” Norton Rose Fulbright recently advised Aquiline - along with IQUW and its other principal shareholders - in relation to the acquisition of IQUW Group by Starr. Legal advice and strategy to clients The firm’s global team of private equity lawyers provide valuable legal advice and strategy to clients at every stage of the fund lifecycle, representing a broad client base including global equity investors, management teams, targets, financial advisers, senior and mezzanine debt arrangers, venture capital firms, pension funds, entrepreneurs and financial institutions. Its insurance lawyers advise many of the world’s most well-known industry participants on their most significant corporate, regulatory and transactional matters, as well as on complex claims, class actions, disputes and investigations.

Global law firm Norton Rose Fulbright has advised BNP Paribas, a syndicate of lenders, SACE and SIMEST on the financing of four new cruise vessels for Viking Ocean Cruises. The financing consists of four export credit loan facilities, which are together worth around $2 billion. The facilities are backed by the Italian export credit agency SACE and contain a fixed-rate subsidy offered by SIMEST. Viking Ocean Cruise’s growing fleet The ocean-going passenger cruise vessels are being constructed at Fincantieri S.p.A The ocean-going passenger cruise vessels are being constructed at Fincantieri S.p.A. and are the 17th to 20th ocean cruise vessels to be built for Viking. Norton Rose Fulbright has advised the lenders, SACE and SIMEST, on fourteen of these financings. Partner Simon Hartley, who led the Norton Rose Fulbright team working on the transaction, said: “This is the third such deal that we have worked on for our clients, involving the financing of new vessels in Viking Ocean Cruise’s growing fleet." SACE export credit arrangements Hartley added: "This latest transaction, which is the first for Viking since it went public last year, demonstrates the ongoing high confidence in the passenger cruise sector that we are seeing across all sub-sectors, including the luxury segment in which Viking operates.” Simon Hartley was supported by counsel Matthew Bambury and associate Jennifer Carr in the firm’s London office. Arturo Sferruzza, a partner in the firm’s Milan office, advised on Italian law aspects relating to the SACE export credit arrangements. Range of legal services Norton Rose Fulbright’s shipping team offers the full range of legal services Norton Rose Fulbright’s shipping team offers the full range of legal services needed by shipping companies. The team is particularly well known for their cruise sector expertise, acting for some of the largest, most renowned industry participants on both the operator and lender side. World Class cruise vessels for MSC Cruises The team recently advised lenders on the financing of two Orient Express cruise ships, an ECA-backed financing of Royal Caribbean’s latest “Oasis Class” vessel “Utopia of the Seas” and an ECA-backed financing for two new LNG-powered ‘World Class’ cruise vessels for MSC Cruises. The firm’s is globally recognised for having pioneering Shipping and Ship Finance practices. Simon Hartley is named as a Band 1 practitioner for shipping finance in Chambers Global 2025 and as a pioneering Partner for Transport Finance and Leasing in the Legal 500, with Matthew Bambury listed as a pioneering Associate/Rising Star in the same category.

Global law firm Norton Rose Fulbright, working in conjunction with pioneering Spanish law firm Uría Menéndez, has advised Bibby Marine on a financing package with HSBC UK to support the development of its previously announced zero-emission electric Commissioning Service Operation Vessel for servicing offshore wind farms. The multi-million euro financing made available by HSBC UK is backed by Cesce, the Spanish Export Credit Agency. HSBC acted as sole ECA coordinator, mandated lead arranger and facility agent. Zero-emission operation The design also allows for direct offshore charging, enabling true zero-emission operation The vessel, which will now be built at Astilleros Armon in Vigo, Spain, will be equipped with a powerful 25 MWh battery system, rechargeable via dual-fuel hybrid engines powered by methanol or diesel. The design also allows for direct offshore charging, enabling true zero-emission operation.  If offshore charging is unavailable, the dual-fuel methanol engines provide an alternative method to recharge the battery system, ensuring operational flexibility and zero-emission operation with green methanol. Norton Rose Fulbright team The Norton Rose Fulbright team was led by partners Andrew Williams and Philip Roche, supported by senior associate Oliver Webber. Partner Matthew Hodkin and associate Elisabeth Trotter advised on tax aspects. The Uría Menéndez team advising on Spanish law matters was led by partner Carlos López-Quiroga and counsel José Sánchez-Fayos, with the support of junior associate Andreea Croitor. Partner Guillermo Canalejo Lasarte, supported by senior associate Blanca García Velloso, advised on Spanish tax aspects. Watson Farley & Williams advised HSBC UK.