Business in brief

Advantage completes recapitalization 

Advantage Insurance Holdings Ltd, a provider of customized insurance solutions for businesses and individuals, has completed a recapitalization transaction and expanded its board of directors with Tom Hutton, Bruce Shewmaker and Gary Witherspoon.  

Walter Keenan, chief executive officer of Advantage, said the new board members bring “considerable talents and expertise… Each has highly relevant experience that will be invaluable to Advantage as we deploy new capital to support the growth of our core life insurance business.” 

Tom Hutton is managing partner of Thompson Hutton LLC, an investment and advisement firm focused on information technology in insurance and financial services. He is the founder and CEO of New Energy Risk, a provider of risk analytics and insurance solutions for technology performance risk in renewable energy and energy savings finance.  

Bruce W. Shewmaker is a managing director of MVC Capital and a senior investment professional for The Tokarz Group Advisers, MVC’s external adviser. Mr. Shewmaker also serves as a board member for Foliofn, Garrison Capital, MVC Partners, Velocitius B.V., Vestal Manufacturing Enterprises and Harris & Harris Group.  

Gary Witherspoon is associated with Copper Beech Capital, a private investment firm in Dallas, Texas. He was formerly managing partner of Witherspoon, Yeldell & Wilson certified public accountants, which he co-founded in 1984.  

The appointment of the new directors has been approved by the Cayman Islands Monetary Authority and will become effective on Jan. 1, 2014.  

In connection with the recapitalization, Advantage contributed an additional $45 million of cash and investments to Advantage Life & Annuity Company SPC, the main insurance company subsidiary of Advantage. Solomon Harris served as Cayman legal advisor to Advantage for the recapitalization.  



Walkers launches online resource for fund managers 

Law firm Walkers has developed the AIFMD Center, an online resource including fact sheets, key legislation, regulatory guidance and client advisories in relation to the EU Alternative Investment Fund Managers Directive.  

The AIFMD Center contains information relevant to funds domiciled in the Cayman Islands, British Virgin Islands, Jersey and Ireland. The center has been created specifically for Walkers’ clients, active in the investment fund industry, however parties interested in the impact of the AIFMD legislation may access the majority of the information using the link: “We invite all members of the investment fund community with interests in marketing funds in the European Union to make use of the materials included,” said Paul Farrell, a partner with Walkers based in the firm’s Irish office. “With the implementation deadline now past, Walkers’ AIFMD specialists can provide asset managers with the right AIFMD solutions they require, both onshore and offshore.” 



Maples elects group management team 

The Maples group recently held its biannual elections for various management positions.  

Henry Smith will continue in the role of global managing partner of Maples and Calder, a position he has held for four years. Alasdair Robertson, a member of the MaplesFS board for six years, will now serve as chairman, and Scott Somerville retains the role of chief executive officer of MaplesFS. 

Ed Miller (Corporate), Alasdair Robertson (Finance), Jon Fowler (Funds), Aristos Galatopoulos (Litigation) and Justin Appleyard (Trusts) were re-elected as global practice group leaders for the firm’s major practice groups.  

Similarly, the local office managing partners remain largely unchanged, with Arabella di Iorio (BVI), Paul Lumsden (Cayman Islands), Andrew Doyle (Dublin), Tahir Jawed (Dubai), Gareth Griffiths (Hong Kong) and James Burch (Singapore) retaining their positions, and adding Paul Govier as managing partner for the firm’s London office. BVI lawyer Michael Gagie will take on the role as head of BVI Global.