Insurers and insurance distributors don’t usually think of themselves as emerging companies. These industries “emerged” more than 300 years ago; and they’ve been growing and developing ever since. So why is Cooley being asked about #InsurTech and Peer-to-Peer (P2P) insurance so often? Answer: because these things are real, they’re growing, and they’re coming to EC3. (In fact, they’re already here.)
On 17 March, the European Commission published the preliminary findings of its review of the Insurance Block Exemption Regulation (“IBER”). The IBER provides a safe harbour from the EU law prohibition of anticompetitive agreements for specific types of insurance industry practice that fall within its scope.
In Heneghan v Manchester Dry Docks Ltd & Ors  EWCA Civ 86, the Court of Appeal considered whether the Fairchild exception should be applied in a case of multiple exposures to asbestos leading to lung cancer. Like mesothelioma, lung cancer is regarded as an “indivisible” disease – the severity does […]
Lloyd’s Chief Risk Officer, Sean McGovern, spoke to the Insurance Institute of London yesterday about the impact of a possible Brexit on insurers, reinsurers and brokers. The speech was delivered at a sensitive time, and with some urgency: most commentators expect UK / EU negotiations to finish next week; with […]
Commercial Court considers notification and retroactive date clauses in professional indemnity policy
In ARC Capital Partners Ltd v Brit Syndicates Ltd and QBE Underwriting Ltd  EWHC 141 (Comm) Mr Justice Cooke held that an exclusion clause in a professional indemnity insurance policy which excluded coverage for claims “in any way involving” acts committed prior to a certain cut-off date would not […]
In January 2016 the Insurance Fraud Taskforce produced its final report into the serious issue of fraud in insurance, a problem which is reported to cost more than £3bn each year.
In XL Insurance Company SE v AXA Corporate Solutions Assurance  EWHC 3431 (Comm), the Commercial Court has held that, pursuant to Article 4 of EU Regulation 1215/2012, it had no jurisdiction to hear a dispute between a French insurance company, AXA Corporate Solutions Assurance (“AXA”) and its UK based […]
Part VII Transfers – when is the Independent Expert obliged to disclose the documents he relies on, as he prepares his report?
In Excess Insurance Company Limited & others, the Court was asked to sanction the transfer of an insurance business from three different insurers to a fourth. The Prudential Regulation Authority and Financial Conduct Authority had no objections; and the Independent Expert (IE) had concluded that, “…the security provided to policyholders would be equivalent or improved after […]
In two recent cases, the Commercial Court has looked at the question of serious irregularity under s.68 of the Arbitration Act 1996. In both instances the Court concluded that there was no serious irregularity and the Awards of the respective tribunals were upheld. Findings of serious irregularity are rare, not […]
The UK government has proposed amendments to the Bank of England and Financial Services Bill (the Bill), which if enacted, would pave the way for Insurance Linked Securities (ILS) and collateralised reinsurance business activity in London.