Insurance

News

Melbourne

Clydes expands Down Under with partner trio from Norton Rose Fulbright

Clyde & Co has snagged three partners from Norton Rose Fulbright, as the firm bulks up in Melbourne. Nicole Wearne, Ganga Narayanan and Mark Attard have joined Clydes from Norton Rose, expanding the firm’s contentious and non-contentious insurance work. Wearne acts for local and overseas insurers in professional indemnity, class action defence and management liability. […]

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 […]

Analysis

Home office
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For some firms WFH policies were a tick-box thing. Not any more.

Within the space of five days from Monday 16 March, working from home (WFH) became the new normal for the vast majority of the population. Lives and habits changed instantly. You’ve probably already enjoyed at least one Zoom cocktail party, reacquainted yourself with your children and perhaps joined an online choir? From a legal market […]

Turning corporate lawyers into restructuring specialists won’t be easy

As companies continue to look to the government for survival in the coming weeks, restructuring practices across the City, which had been kept arguably lean until now, are sure to need extra hands in the coming months. Across law firms, corporate associates are poised to be drafted onto restructurings and workouts. The mass redeployment of […]

Smiling frogs: the mid-tier firms bouncing back

Last summer, one of The Lawyer’s cover stories focused on the UK mid-tier. It put forward the proposition that many of the firms outside the UK top 50 were ‘boiling frogs’ – surfing comfortably on the surprisingly small amount of growth needed to maintain market position without necessarily adapting to the slowly changing conditions that […]

podcast

The ups and downs of US firms in London

In this episode The Lawyer editor Catrin Griffiths and deputy editor Matt Byrne discuss the impact of coronavirus, the latest US financials season, and whether law firms are actually listening to their clients on one of the biggest issues in the world today.

New QCs at a time of change: the silks of 2020

As 114 new silks celebrated their success in the 2020 Queen’s Counsel appointments, they were also marking the end of an arduous selection procedure – all for the honour, pride and privilege of securing those two prestigious letters that can reshape a legal career.  Finally gaining the QC kitemark gives some barristers a sense of […]

Featured Briefings

Coronavirus: impact on insurance

The Coronavirus, COVID-19 has raised numerous important legal issues. However, one issue has assumed an even higher profile with the recent classification of the virus as a pandemic. This is the question of what claims can be made under the different insurance products on the market to cope with the losses, whether direct or indirect, that Portuguese businesses have been facing.

COVID-19 and the Cayman Islands’ insurance sector

By Alex Potts QC COVID-19 is likely to present unprecedented challenges for the insurance industry, across all Iines of business, both domestic and international. Between the increasing number of confirmed infections worldwide, and the steps being taken in response by Governments and the private sector, COVID-19 has the potential to give rise to very significant […]

Coronavirus (Portugal): Managing the impacts of COVID-19

Globally, companies are beginning to feel the effects of the spread of Coronavirus (COVID-19). This recent phenomenon confronts companies with enormous challenges with regard, namely, to labor issues, relating to the processing of personal data, public health, contracts, insurance, corporate governance, tax obligations and sanctioning aspects. Know the main impacts that COVID-19 may have on […]

Covid-19: Insurance considerations for business disruptions in Canada

By Scott W. Beattie, Kevin Kolumbus, Rachel B. Runge It has been more than a month since the World Health Organization declared Coronavirus Disease 2019 (“COVID-19”) a Public Health Emergency of International Concern. Several people in the United States have become infected despite having no known connection to a previous case, and Canada confirmed its […]

New ILS funds will be impressive in size

As insurance and reinsurance linked investing remains popular among investors and an attractive source of protection to cedents, new insurance-linked securities (ILS) funds are still being formed and we should expect them to be “impressive in size”, Brad Adderley a Partner at law firm Appleby Bermuda said recently. Speaking to A.M. Best TV at our […]

Bermuda’s high regulatory standards are internationally recognised

By Julie E. McLean Bermuda’s success in meeting the highest international standards of regulatory compliance has been confirmed with recent recognition from a number of international bodies focused on taxation, anti-money laundering, insurance regulation and aviation safety. The island was amongst those moved to the EU’s list of fully cooperative tax jurisdictions on 18 February. […]

Insurance & Reinsurance: Portugal

By Helena Vaz Pinto, António Mendes de Almeida, Ana Lickfold de Novaes e Silva, Carlos Couto 1. Basis of Insurance and Reinsurance Law 1.1 Sources of Insurance and Reinsurance Law Portugal is a civil law system. The main source of law is statutory law. Consequently, court decisions do not have the same preponderance as in […]

IFLR – For a rainy day – Corporate Cyber Insurance

By Dr. Reto M. Jenny, Dr. Gion Christian Casanova With digitalisation becoming ever more prevalent in everyday life and the internet of things on the horizon, it has become evident that with increasing electronic efficacy and ease comes a greater and more demanding risk assessment for a whole range of new threats to companies embracing […]

Introducing IFRS 17 on insurance contracts

IFRS 17 Insurance Contract (International Financial Reporting Standards) is the new accounting standards for insurance contracts. IFRS 17 was introduced on May 2017 by International Accounting Standards Board (IASB) and it is a profound development on setting out a common global accounting standard on measurement, recognition of profit and loss, presentation and disclosure of insurance […]

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 […]

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