Category: Insurance

Representation & Warranty (R&W) Insurance – Current Market Trends

Over the last decade the use of R&W insurance in merger and acquisition transactions has grown exponentially. From 2008 to 2018, the total R&W policies bound per year in North America rose from 40 deals, providing $541 million of coverage to 1500+ R&W insurance transactions, providing aggregate coverage of $38.6 […]

Licence and Registration Please: Stolen Motor Insurance Data

In Aviva Insurance Ltd v David Oliver [2019] EWHC 2824 (Comm), Aviva Insurance Ltd (“Aviva”) brought a claim against David Oliver (the “Defendant”) based on the Defendant’s misuse of Aviva’s confidential policyholder information. Aviva’s claim included: (i) breach of confidence; (ii) inducing a breach of contract; and (iii) unlawful means conspiracy. […]

D&O Coverage for Cyber and Privacy Related Exposure

It goes without saying that cybersecurity is a top D&O liability concern for organizations today. According to Willis Towers Watson’s 2018 Management Liability (Directors and Officers) U.S. Survey, respondents cited cyber risks as the most concerning D&O risk for 2019. This is not at all surprising given the many recent […]

Supreme Court rules on non-party costs order against insurer

In Travelers Insurance Co Ltd v XYZ [2019] UKSC 48, the Supreme Court considered the application of the discretion under s 51 of the Senior Courts Act 1981 to make a non-party costs order against a liability insurer, where that insurer, here Travelers Insurance Co Ltd (Travelers), was both funding […]

Mortgagee Bank Scuttled

It is rare for insurers to succeed in refusing to pay out because the insured ship was scuttled. The burden of proof on the insurers is high and the evidence may be at the bottom of the sea. The “BRILLANTE VIRTUOSO” ((1) Suez Fortune Investments Ltd (2) Piraeus Bank AE v […]

High Court grants order for pre-directions in relation to scheme of arrangement potentially affected by Brexit

In AXA Art Vershicherung AG, UK Branch and Others, Re [2019] 10 WLUK 186 Roth J considered a joint application from three companies for pre-directions with regard to a proposed business transfer scheme. The three applicants were a German company, a French company and an Irish company, all within the […]

ITC Conference Highlights

The Cooley team had a busy ITC, attending seminars and breakouts, meeting clients and contacts and immersing themselves in the world of Insurtech. More details of Cooley’s extensive work in the Insurtech space can be found here. What were the takeaways from the conference?

Big Data and Insurance – The Regulatory Approval Process for Insurtech Data Models

Data is often the key ingredient to an insurtech’s success. From the use of drone data to automatically pay insurance claims after a hurricane, to AI that can predict the likelihood of insurance fraud – big data has the potential to revolutionize the insurance industry. But before an insurtech can […]

NYDFS Guidance to Insurers to Pay Abuse Claims

The New York Department of Financial Services (DFS) has issued an industry guidance to all insurers, licensed producers, adjusters and reinsurers in light of the statute of limitations window that has been opened in New York for child abuse victim claims, advising all of the above parties that the DFS […]

Cooley team to attend Insurtech Connect

A Transatlantic team of Cooley lawyers will be heading to the Insurtech Connect conference in Las Vegas next week and is looking forward to connecting with the diverse mix of start-ups, funds and traditional insurers attending the event from around the world. The Cooley attendees are Derek Colla, Sam Tacey, […]