Clydes rejig sees head of corporate quit

Clyde & Co‘s respected head of corporate David Page has quit the firm following a strategic review of its corporate practice.

Managing partner of the firm Michael Payton dismissed suggestions of a ‘difference in vision’ between Page and the rest of the corporate department.

Page told The Lawyer: “The difference in vision is the type of work we want to do. I’m moving to do insurance-linked securities, which Clyde & Co doesn’t do. It’s a labour-intensive, capital markets-based area, which I find fascinating on account of its mathematical basis, and after 19 years I’m ready for a change.”

Page worked on an alternative risk transfer catastrophe bond deal with global reinsurer Swiss Re’s special purpose vehicle SR Wind, but is the only person at Clydes to have done this type of work.

“It’s an amicable parting of the ways,” said Payton, saying the move would not affect the firm’s corporate practice, which he described as “an integral part of the firm”.

Andrew Holderness, a highly rated non-contentious insurance lawyer, is Clydes’ new head of corporate.