Insurance

News

DACB raids Spanish firm for 20-lawyer group hire

DAC Beachcroft continues its Spanish expansion, as it gains a 20-lawyer team in Madrid from local firm Asjusa Abogados. The firm has integrated its Spanish office with lawyers joining from Asjusa, a boutique insurance and civil responsibility firm – specialising in Spanish healthcare law. Three partners and 20 lawyers – specialising in professional liability and […]

Handshake

Clifford Chance and Skadden drafted in on £3.2bn Swiss Re subsidiary sale

An eight-strong partner team from Clifford Chance and a five-partner one from Skadden Arps Slate Meagher & Flom have taken the lead on the £3.2bn sale of ReAssure, a subsidiary of Zurich-based insurance company Swiss Re, to UK insurer Phoenix Group Holdings. As part of the deal, which will be completed in mid-2020 and is currently […]

Clydes hires NEDs to bring the “voice of the client” into the boardroom

Clyde & Co has appointed two non-executive directors (NEDs) to its management board – the first time such a position has been created at the firm. Former Lloyd’s of London CEO Dame Inga Beale and former Grant Thornton US CEO Stephen Chipman will join Clydes’ board in the new year, as independent board members. Clydes […]

DAC Beachcroft snares five-partner insurance team from BLM

DAC Beachcroft has added further depth to its Scottish offering, picking up a five-partner team from insurance specialist BLM. The team, made up of insurance litigation partners Louise Gallagher, Gillian Rushbury, Rachel Rough, Iain Buchanan and Jamie Varney join DACB’s Glasgow office today. The departing team are all from ex-Scottish practice HBM Sayers, which merged […]

Analysis

buckingham palace

By royal appointment: the monarchy’s go-to lawyers

With Harry and Meghan announcing they will step back as senior royals and work to become financially independent, The Lawyer looks back at the royal family’s legal representation. Farrer & Co Farrer & Co has been the royal’s established advisers since the 1930s – Sir Leslie Farrer was the personal adviser to George VI and […]

Global Corporate 50: Here’s what the M&A teams are expecting for 2020

Considering the volatile year that the corporate world went through in 2019, and the number of companies, mostly retailers, that have been placed into administration or filed for insolvency in the UK alone, it was refreshing to see that a number of firms contacted for The Lawyer’s Global Corporate 50 report had a positive outlook […]

Featured Briefings

Major Kazakhstan legislation changes that happened in 2019

By Marina Kahiani, Dinara Otegen, Dilbar Kassymova, Sabina Rysbekova Legislative Novelties In Kazakhstan in 2019: In 2019, the process of making important amendments to the legislation of Kazakhstan, including banking and financial laws, continued. The financial regulator (the National Bank of the Republic of Kazakhstan) was reorganised by spin-off of a new body which would […]

Bermuda economic substance update – Key amendments enacted

Following continued discussions with the EU’s Code of Conduct Group and the OECD, Bermuda has passed amendments to its economic substance laws to more closely align Bermuda’s regime to that of other 2.2 jurisdictions. The Economic Substance Amendment (No. 2) Act 2019 and the Economic Substance Amendment (No. 3) Regulations 2019 came into force on […]

Guernsey’s new economic substance requirements – Application to the insurance industry

By Christopher Anderson This briefing note focuses on the application of Guernsey’s economic substance requirements to the insurance industry, taking into account the latest developments in guidance and legislation, and covering: what is in scope; in-scope companies; CIGAs; outsourcing; adequate physical presence; written resolutions; compliance and monitoring; anti-avoidance; and practical steps towards compliance. BACKGROUND Like […]

Bermuda economic substance amendments, 2019

The Government has been engaged in active dialogue with the EU Code of Conduct Group and the OECD during the last 6 months to ensure equivalency with other 2.2 jurisdictions. This has culminated in the introduction of the Economic Substance Amendment (No. 2) Act, 2019 and a further iteration of the Economic Substance Regulations. The […]

NAIC grants Bermuda reciprocal jurisdiction status, affecting (re)insurers’ requirements to post collateral

By Sophia Greaves, Charles G.R. Collis, Chris Garrod, Chiara T. Nannini The National Association of Insurance Commissioners (NAIC) has reaffirmed Bermuda as a Qualified Jurisdiction, ensuring continued efficiency in the cross-border operations of Bermuda (re)insurers in the US market. It has also designated the island a Reciprocal Jurisdiction effective from 1 January 2020, giving Bermuda […]

Financial services regulation round-up – December 2019

By Noline Matemera Banking Open Banking update on banks’ implementation of the Customer Experience Guidelines Open Banking has published an overview of how the six largest banks in Great Britain and the three largest banks in Northern Ireland (known collectively as the CMA9) have implemented the Customer Experience Guidelines (CEG) and the measures the Open […]

Manchikalapati & others v Zurich Insurance PLC

By Martin Scott, Paul Hargreaves On 5 December 2019 the Court of Appeal handed down its judgment following appeals against the decision of HHJ Stephen Davies in Zagora Management Ltd v Zurich Insurance Plc [2019] EWHC 140 (TCC). Save in one important respect, the Court of Appeal’s judgment essentially upheld the decision of HHJ Davies […]

Insurer’s beware: Providing a defence in the absence of a non-waiver agreement or reservation of rights may lead to duty to defend and indemnify, notwithstanding applicable policy exclusions

By Belinda A. Bain, Fatima Zahra This was the cautionary tale from the Ontario Court of Appeal’s recent decision in Commonwell Mutual Insurance Group v Campbell.[1] In the Campbell case, the insured was operating his employer’s dirt bike when he collided with an all-terrain vehicle (ATV) and was sued in negligence in connection with the […]

Introduction of the new collateralised insurer class

By Brad Adderly Members of the ILS Bermuda Market Intelligence workstream hosted a roundtable to discuss the Bermuda Monetary Authority’s introduction of the new Collateralised Insurer class. Bermuda Business Development Agency (BDA) CEO Andy Burrows welcomed panelists and applauded the work of ILS Bermuda in its efforts to support the promotion of the jurisdiction and […]

ATE Insurance Premiums – one door closed, another opened?

By Eamonn Hurley-Flynn In July 2019 the Court of Appeal judgment was handed down in the joint appeals of West v Stockport NHS Foundation Trust and Demouilpied v Stockport NHS Foundation Trust [2019] EWCA Civ 1220. The judgment dealt with the contentious issue of recoverable ATE premiums and how they can be properly challenged. Background Both cases concerned relatively […]

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