Insurance & reinsurance
The unprecedented challenges posed by the extraordinary recent
economic conditions are causing a significant reorganisation of
business in the insurance and reinsurance sectors. However,
the fallout from the economic downturn is far from the only issue
affecting businesses throughout the sector.
Regulatory regimes are becoming more stringent with preparations
for the implementation of Solvency II to the fore. Losses from
hurricanes Ike and Gustav continue to escalate and competition is
increasing in what is also a tough market. In addition to this, new
risks continue to emerge. Yet, in an industry based on calculating
risk, change is the one thing that is certain. Change ensures the
perpetual emergence of new opportunities.
As specialists in the insurance and reinsurance sectors, we are
able to assist clients in each phase of their business activity,
from capital raising to regulatory compliance, from international
expansion to run off and legacy management and from dispute
resolution at all levels to employment and corporate issues.
We advise UK and international insurers, reinsurers, brokers and
underwriters on a diverse range of matters, including coverage and
disclosure disputes, cross jurisdictional issues and
Our group has significant expertise in insurance and reinsurance
claims work, acting for the insured as well as for direct and
reinsurance underwriters. We also advise brokers and other
intermediaries where issues arise as to their conduct. As
insurance and reinsurance are international industries, many of our
cases involve overseas parties.
We recently acted for our client, the Assurant Group, a North
American reinsurer, in its major commercial court action against
Willis, which was noted by the Lawyer as one of the top ten cases
of 2009. Willis paid $139 million to dispose of the claim.
Together with our colleagues in funds and financial regulation,
we also advise on non-contentious matters, from contract wordings
and advice on regulatory compliance to corporate re-organisations
and schemes of arrangement.