International Trade Insurance

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U.K. Court Dismisses Retrocessionaire’s Defense In “Follow The Settlements” Dispute

A British retrocessionaire sued its retroceding reinsurer in a coverage dispute regarding the “follow the settlements” doctrine. The primary insurer at issue, ACE INA Overseas Insurance Company, insured Tesco, which operated...more

Capital Thinking: Homeland Security

Legistlative Activity - Reid Files Motion to Proceed on Terrorism Risk Insurance Bill - On July 9, Senate Majority Leader Harry Reid (D-NV) filed a motion to proceed to the Terrorism Risk Insurance Program...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

Florida Jury Rejects Foreign Insurer’s Claims

A Florida jury rejected all claims made by Instituto Nacional de Seguros (“INS”), a Costa Rican insurer, against two reinsurance brokers, Hemispheric Reinsurance Group, LLC and Howden Insurance Brokers, Ltd. As previously...more

FIO Focus, Issue 55

Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the...more

Overview of Recent Trends in Warranty Insurance in M&A Transactions

In the current economic climate, the appetite of purchasing parties to take on risk in an M&A transaction has greatly decreased. At the same time, sellers remain under intense pressure to contain outstanding liabilities, and...more

Court of Appeal Upholds Dismissal of Class Action in Mandeville v Manulife

In the most recent class action decision released by the Ontario Court of Appeal, Mandeville v The Manufacturers Life Insurance Company, 2014 ONCA 417, Justice Gillese, writing for a unanimous Court, upheld the trial decision...more

Connecticut Amends Law Concerning Captive Insurers

Connecticut has amended its law concerning captive insurers doing business in the state to include, in part, a new provision on how foreign captive insurers can become Connecticut domestic companies and revisions on how...more

Insurance recovery issues following Vietnam unrest

Recent turmoil and violence at manufacturing parks throughout Vietnam over the last few weeks is impacting both local and global manufacturers and the complex supply chains currently utilised by MNCs could mean relatively...more

FIO Focus, Issue No. 52

Treasury's Inspector General Releases Audit Report for the Federal Insurance Office - On May 14, 2014, the Office of the Inspector General (OIG) of the U.S. Department of the Treasury released its audit report of the...more

Insurance Company Resolves Apparent Cuba Sanctions Violations

On May 8, OFAC released enforcement information regarding “apparent violations” of the Cuban Assets Control Regulations by Canadian subsidiaries of a U.S. insurance company. The U.S. company self-reported 3,560 apparent...more

A Slow-Burning Fuse: Climate Change From The Risk Management Trenches

This morning was the only professional session on climate change at the 2014 annual conference of RIMS, the Risk and Insurance Management Society, the preeminent risk management trade group in the country. ...more

Association of British Insurers Releases New Best Practice Guidelines for Lock-Up Periods

The Association of British Insurers’ guidelines recommend greater transparency in disclosures relating to lock-up agreements. On 14 April, the Association of British Insurers (ABI) published best practice...more

Business Litigation Report -- April 2014

In This Issue: -- Main Article: DOJ’s Use of Expansive Legal Theories Broaden FCPA Jurisdiction -- Noted With Interest: Proposed Amendments to the Federal Rules Aim to Lessen Burden of Discovery --...more

NAIC Report: 2014 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Spring National Meeting in Orlando, Florida from March 29 through April 1. Typical for the first national meeting of the year, much activity was focused...more

Insurance and Reinsurance Newsletter: Italy - April 2014

1. IVASS (ITALIAN INSURANCE SUPERVISORY AUTHORITY) – NEW REGULATIONS ON COMPLAINTS MANAGEMENT - On 1 April 2014, the draft measure containing amendments to ISVAP (former Italian Insurance Supervisory Authority)...more

An American Policyholder in London: English Choice of Law Clauses in United States Insurance Policies

While certainly not the norm, it is not uncommon for insurance policies issued to companies based in the United States, particularly large commercial and excess policies brokered on the London Market, to contain choice of law...more

Is It Time To Include Mandatory Arbitration Clauses In All Reinsurance Policies? Mandatory Clauses Could Avoid Unnecessary Future...

Recent reports on the continued easing of collateral requirements for non-US reinsurers that operate in the US, raise the question: with the anticipated, increased presence of non-US reinsurers state-side, will more...more

The Qatar Financial Centre Regulatory Authority Issues New Rules for Insurance Firms Operating from the Qatar Financial Centre

The Qatar Financial Centre Regulatory Authority (“the QFCRA”) has recently issued new rules which amend the Insurance Business Rules 2006 (PINS) (the “2006 Rules”). The Insurance Business (Risk Management Capital Adequacy and...more

How To Navigate London's Aviation Insurance Claims Process

Maintaining appropriate insurance is critical for the entire aviation industry. Many US-based airlines, aircraft owners/financiers, and aircraft lease servicers devote significant resources at the front end, setting up their...more

Insurance and Reinsurance Newsletter: Claims Settlement: English Commercial Court Considers Lead Underwriter's Duties To Following...

In San Evans Maritime Inc and others v Aigaion Insurance Co SA1, the English Commercial Court considered whether the following underwriter was obliged to follow the settlement of the lead underwriter on one policy, in...more

New FATCA Regulations Address Certain Concerns of the Insurance Industry

On February 20, Treasury and the IRS issued new final and temporary Foreign Account Tax Compliance Act (FATCA) regulations. In brief, the new FATCA regulations provide positive changes with respect to several issues raised...more

Court Holds Excise Tax Does Not Apply to Foreign Retrocessional Reinsurance

In Validus Reinsurance, Ltd. v. United States, No. 13-0109 (ABJ), 2014 WL 462886 (D.D.C. 2014), the U.S. District Court for the District of Columbia found that although foreign reinsurance contracts covering certain U.S....more

Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown Part II: Getting Ready

As discussed in Part I of our Client Alert, “Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown,” dated August 22, 2013, the Financial Stability Board (FSB) is studying the application of the key...more

February 2014: London Litigation Update

Parallel Judicial Proceedings in Europe: “The Alexandros T” [2013] UKSC 70. In a landmark decision, the U.K. Supreme Court has provided parties with a meaningful way to discourage opponents from commencing proceedings in the...more

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