This article addresses the legal and practical issues for lenders on leveraged buy-outs in relation to taking security over warranty and indemnity insurance policies. This article first appeared in the March issue...more
Following the death of political activist Aleksey Navalny and to mark the second anniversary of Russia’s invasion of Ukraine, the United States, EU and UK adopted a series of amendments to their respective economic sanctions...more
UK Government introduces new sanctions measures and extends the reporting obligations to Cryptoasset exchange and custodian wallet providers. The UK Government has implemented new restrictions in relation to investments in...more
From 15 June 2022 the Economic Crime (Transparency and Enforcement) Act 2022 will introduce changes to the enforcement of UK sanctions laws that parallel enforcement powers held by the Office of Foreign Assets Control...more
The Court of Justice of the EU has interpreted for the first time the Blocking Regulation. The ruling confirms that it is possible to terminate contracts with a US designated person without providing reasons. However, in...more
The global pandemic brought a wave of changes and developments that have impacted, and continue to impact, the insurance sector. As we look ahead, we see further change on the horizon.
Around the world, we continue to...more
7/13/2021
/ Acquisitions ,
Business Interruption ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Germany ,
Insurance Industry ,
Insurtech ,
Mergers ,
Reinsurance ,
Sanctions ,
UK
Warranty and indemnity insurance (W&I) in recent years has become a customary aspect of private equity and other M&A transactions, with investors well aware of the deal-enabling benefits (in particular, the transfer of risk...more
Financial Institutions Horizons is a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
When we conceived the Horizons series in 2018, the financial...more
12/16/2020
/ Biden Administration ,
China ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Financial Institutions ,
FinTech ,
Infectious Diseases ,
Investigations ,
Libor ,
Sustainable Business Practices ,
UK Brexit
The rapid spread of COVID-19 and the responses to it worldwide are significantly impacting how we do business. While the exact length and severity of the crisis is uncertain and impossible to model accurately at this point,...more
COVID-19 has already had a significant economic impact, which is likely to increase as Wuhan- and Italy-style lockdowns of large regions are implemented in other areas across the globe....more
3/11/2020
/ Best Practices ,
Business Continuity Plans ,
Business Interruption ,
China ,
Commercial Insurance Policies ,
Coronavirus/COVID-19 ,
Crisis Management ,
Emergency Management Plans ,
Infectious Diseases ,
Insurance Claims ,
Liability Insurance ,
Policies and Procedures ,
Policy Terms ,
Public Health ,
Risk Management ,
Triggering Event
On 14 October, President Donald Trump issued Executive Order 13894, Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Syria (EO).
...more
10/18/2019
/ Blocked Person ,
Economic Sanctions ,
Executive Orders ,
Foreign Financial Institutions (FFI) ,
Foreign Policy ,
Foreign Relations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Syria ,
Trump Administration ,
Turkey ,
Unauthorized Transactions
On 4 October 2019, the FCA published its much anticipated Interim Report on its Market Study into general insurance pricing practices (the “Interim Report“)....more
On 20 May 2019, the FCA published findings from its multi-firm review into the supervision by principal firms of their appointed representatives (“ARs“) in the investment management sector (“Investment Management Sector...more
As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts.
In the newly...more
5/22/2019
/ Artificial Intelligence ,
Business Transfer Agreements ,
China ,
Climate Change ,
Data Protection ,
General Data Protection Regulation (GDPR) ,
Health Insurance ,
Insurance Regulations ,
Reinsurance ,
Solvency II ,
Sustainable Business Practices ,
UK ,
UK Brexit
Current W&I Insurance Market: Burgeoning market and growing claims experience -
Private equity investors are well aware of the deal-enabling benefits of warranty & indemnity insurance ("W&I"). ...more
Global mergers and acquisitions transactions hit $3.5 trillion in 2018 making it the third-largest year on record for M&A by value. Within the private equity and real estate investment worlds, the insatiable appetite for...more
In R&S Pilling t/a Phoenix Engineering v UK Insurance Limited [2019] UKSC 16, the Supreme Court addressed the question of whether or not a motor insurer should be liable for property damage caused by a fire which was started...more
Executive summary:
On 21 January 2019, OFSI issued its first monetary penalty for a breach of financial sanctions, marking a significant development in the UK’s evolving sanctions enforcement landscape. ...more
On 12 October 2018 the High Court handed down judgment in a case that concerned a claim brought against insurers for payment under a marine cargo policy relating to the theft of steel billets from an Iranian port in late...more
10/18/2018
/ Blocking Statutes ,
Economic Sanctions ,
Insurance Industry ,
Insurance Litigation ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Marine Insurance ,
Policy Exclusions ,
Policy Terms ,
Shipping Cargo ,
Theft ,
UK
The updated version of the EU Blocking Regulation enters into force On 7 August 2018, the EU published: (1) Commission Delegated Regulation (EU) 2018/1100 (Amending Regulation)...more
On 6 June 2018, the European Commission ("Commission") adopted a draft Delegated Regulation expanding the scope of Council Regulation (EC) No 2271/96 ("EU Blocking Regulation") to include the extra-territorial aspects of the...more
6/8/2018
/ Blocking Statutes ,
Covered Transactions ,
EU ,
European Commission ,
Extraterritoriality Rules ,
Foreign Relations ,
Iran ,
Iran Sanctions ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management
Currently the UK, as a Member State of the EU, adopts UK and EU sanctions through EU Council decisions and regulations, brought into effect in the UK by Section 2 of the European Communities Act 1972....more
Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk. We also look in detail at M&A in the industry, sanctions and...more
5/16/2018
/ Acquisitions ,
Consumer Insurance Products ,
Covered Agreement ,
Cybersecurity ,
Driverless Cars ,
IAIS ,
IFRS ,
Interest Rates ,
Life Insurance ,
Mergers ,
Regulatory Oversight ,
Reinsurance ,
Risk-Based Approaches ,
Senior Managers Insurers Regime (SMIR) ,
Technology ,
UK Brexit
Today, the Trump Administration designated multiple Russian targets, including several wealthy individuals and their companies, as Specially Designated Nationals (SDNs). These designations of major companies represent the...more
On 22 January 2018, the Council of the EU adopted two Implementing Regulations related to the EU restrictive measures targeting designated persons in Venezuela and the Democratic People's Republic of Korea ("DPRK")....more