Archives: Industry News

Subscribe to Industry News RSS Feed

Caught Between a Rock and a Hard Place?

Elite Insurance (“Elite”) entered the UK insurance market in 2005 with a promise to address risk like no other insurer. It said that it would focus on individual insurance needs, rather than adopting a “one size fits all,” when writing property and construction professional indemnity and legal expenses risks.   Rapid expansion followed with Elite offices … Continue Reading

The Constitutional Challenge to Florida Unclaimed Property Law

In 2016, the Florida legislature amended its unclaimed property law to require life insurance companies to conduct annual Death Master File (“DMF”) searches on active and terminated policies dating back to 1992. Fla. Stat, § 717.107.  One life insurer immediately filed suit against Florida’s Chief Financial Officer and the Florida Dept. of Financial Services to … Continue Reading

Lloyd’s of London Announces Opening of Brussels Office to Safeguard Business Post-Brexit

On 30 March 2017, Lloyd’s of London confirmed that it will establish a new subsidiary in Brussels, which will be operational for the 1 January renewal season in 2019. The announcement follows on immediately from the UK Government’s formal triggering of the Brexit process on 29 March 2017. Lloyd’s move is specifically designed to avoid the … Continue Reading

The US/EU Covered Agreement — Why Is It Relevant to Disputes?

On January 13, 2017,  Federal Insurance Office (“FIO”) submitted to the US Congress a Covered Agreement negotiated with the EU  addressing:  (1) group supervision;  (2) reinsurance;  and (3) exchange of information between regulators.  Once fully implemented, the Covered Agreement eliminates EU collateral and local presence requirements for US insurers operating in the EU, and eliminates … Continue Reading

Important New Law in the UK Relating to Payment of Insurance Claims

At the moment, English law says that insurers and reinsurers are not under a positive duty to pay valid claims within a reasonable time.  If an insurer/reinsurer delays in paying a claim, or fails to pay at all, an insured/reinsured can only claim the sums due under the policy and interest.  An insured/reinsured cannot claim … Continue Reading

Could the Insurance Act 2015 Lead to an Increase In Insurance Disputes?

In my last blog post, I looked in overview at the Insurance Act 2015 (the “Act“), which comes into force in England and Wales on 12 August 2016 and revolutionises insurance contract law. This post looks at the potential for disputes arising from the new provisions of the Act, and how insurers could look to manage … Continue Reading

Frontal Assault on Bellefonte at Second Circuit

Those of you who dabble in reinsurance disputes are familiar with Bellefonte Reins. Co. v. Aetna Cas. & Sur. Co., 930 F.2d 910 (2d Cir. 1990) and its progeny. Many trees have been sacrificed explaining and arguing for and against the “rule” set in Bellefonte and its affect on claims expenses and limits in facultative certificates … Continue Reading

A Merger Here, A Combination There — So Goes the Insurance and Reinsurance Industry

The insurance and reinsurance industry has a cyclical history of consolidation and start-ups. While there are plenty of startups these days funded by private equity, hedge funds and pension funds, the consolidation trend has moved into overdrive. In just the past few weeks, blockbuster mergers have been announced between XL and Catlin to form XL Catlin, … Continue Reading
LexBlog