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.
The Enterprise Bill 2015 contains clauses concerning controversial measures (originally included in, but later removed from, the Insurance Act 2015) concerning the rights of policyholders to claim damages for late payment of claims. Cooley partner David Kendall has written an article on this important issue, originally published in Insurance Day, […]
Cooley and the Insurance & Reinsurance Legacy Association (IRLA) have published a practical guide to the UK PRA’s Senior Insurance Managers Regime. The guide is available here. A fully cross-referenced version is available on request from Cooley.
An insurer’s attempt to aggregate £10 million in claims, and thereby cap its pay-out to £3 million, has been rejected by the Commercial Court in the case of AIG Europe v OC320301 LLP  EWHC 2398 (Comm). The decision turned on the interpretation of the aggregation clause and, more specifically, […]
In Brit UW Ltd v F&B Trenchless Solutions Ltd  EWHC 2237 (Comm) the Commercial Court provided guidance on the circumstances or information that are “material” to an insurer for the purposes of underwriting a risk.