Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 80 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
Seven months after legislation was passed allowing the formation of captives in the state, the Texas Department of Insurance has approved the formation of its first captive insurer. In April 2014, Delek U.S. Holdings Inc., a diversified downstream energy company, was granted approval for formation of its captive Commerce Way Insurance Company Inc. Kimberly A. Yelkin, the executive partner of Gardere’s Austin office and chair of the Government Affairs Practice and Insurance Regulatory Practice groups, along with Gardere Insurance Regulatory Paralegal Lea Ann Schnarr assisted Delek with the captive formation process.
On Sept. 1, 2013, Texas joined 31 other states in passing legislation allowing the state to license and oversee captive insurance companies. Under this new business-friendly law, Texas companies or companies with operations in Texas can form a Texas captive to insure certain risks that they may currently self-insure, insure through a non-Texas captive, or otherwise insure commercially.
The state’s captive legislation, Senate Bill 734, was sponsored by Sen. John Carona and Rep. John Smithee. “This legislation will reduce the cost to businesses relying on out-of-state captive insurance companies,” Sen. Carona has been quoted as saying. “It will also provide incentives for companies to form or redomesticate pure captive insurance companies in Texas.”
A captive is defined as an insurance company formed by another company to cover its own risks. SB 734 requires that affiliated companies have significant operations in Texas in order to form or move a captive here. Captives licensed in Texas can only insure operational risks of affiliated companies and controlled unaffiliated business; the statute prohibits captives from accepting insurance policy risks of an insurance affiliate.
With the formation of the state’s first captive, Commissioner of Insurance Julia Rathgeber announced that the state is “now open for business for captive insurers” and stated, “The statute has provided for a safe and stable entry of a new type of risk transfer mechanism into the state.”
The TDI also approved two other redomestications and announced that “several more” captive applications are nearing approval.
The Commissioner of Insurance has adopted 28 Texas Administrative Code §§6.1, 6.2, 6.101 - 6.105, 6.201 - 6.203, 6.301 - 6.307, 6.401 - 6.410, 6.501, 6.601, and 6.701, concerning the licensing and administration of captive insurances companies. Additional information and forms may be obtained here.
For assistance or more information about forming or redomesticating captives in Texas, contact Ms. Yelkin (firstname.lastname@example.org or 512.542.7001).
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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