The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
As an in-house solicitor, I am relatively divorced from unfolding events at SIF. However, my employer is a fully mutual marine liability insurer which has survived and prospered for well over a century.
It makes no profit but is run in a financially prudent manner, which is the only reason it still exists (shipowners are under no compulsion to insure with this company!). I am therefore amazed at the tale of woe from SIF.
The Lawyer timetable (15 September) shows an escalation of shortfall from £13m to £454m in a 10-month period. I find it difficult to accept such an enormous deterioration should not have been picked up sooner.
Successful insurers must identify trends quickly and adjust underwriting regimes accordingly. It is a poor reflection on the SIF management that a non-profit mutual with no competition from the market has performed so dismally.