Jurisdictions

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The High Court decision in Alberta v Katanga dealt with two separate questions that are of interest. The first regards allocation of jurisdiction where the defendant is domiciled in an EU member state. It concerns the meaning of a company’s “central administration” under the EC Regulation that determines which European Union member state’s court has jurisdiction to hear a dispute, Council Regulation (EC) No. 44/2001 (Regulation). 

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Read More UK: Alberta v Katanga – Jurisdiction and Service Out of Jurisdiction

According to reports, Goldman Sachs recently agreed to pay $100.5 million to policyholders of the now defunct General American Life Insurance to settle a pending lawsuit brought by General American in which it alleged that Goldman Sachs provided bad advice to the company.  Other defendants named in the suit previously settled with General American. …

Read More Goldman Sachs to Pay $100.5 million to Policyholders of General American Life Insurance

A Florida appeals court recently ruled that while a state statute provides for the award of “reasonably foreseeable” damages resulting from insurer bad faith, a jury is not free to award such damages without any supporting evidence. …
Read More Florida State Appeals Court Reverses Jury Award of Bad Faith Damages

Advisen recently issued three reports, on the D&O market, E&O market and the financial services industry, containing predictions on the impact of the subprime/credit crisis on insurers worldwide.

With respect to D&O claims, Advisen predicts $5.9 billion in losses for claims during 2007, 2008, and 2009.  This amount

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Read More Industry Analyst Predicts Impact on D&O and E&O Insurers to Total $9.6 Billion

We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through Parliament (our most recent post can be found by clicking here). The LRO has now been approved by both Houses of Parliament and is expected to come into force on Wednesday 19 November 2008. 

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Read More Parliament Approves Lloyd’s Reform Order; Lloyd’s Consults on Changes to its Rules

At the Future of General Insurance conference on 5 November 2008, Sarah Wilson, the FSA’s insurance sector leader, warned that the insurance industry might find itself under pressure if it fails to reform its practices regarding contract fairness and customer relations. She added that the FSA will be taking a keen look at the sector, particularly in light of the added risks it faces in the current economic climate. …
Read More UK: FSA’s Message to the Industry at the Future of General Insurance Conference

The Eleventh Circuit recently held that an excess Directors and Officers (“D&O”) insurance policy did not cover its insured’s attorney’s fees after the primary policy’s limits were depleted. …
Read More Eleventh Circuit Finds that Excess D&O Policy Did Not Cover Attorney’s Fees After Exhaustion of Primary Policy’s Limits

In the case of HLB Kidsons v Lloyd’s Underwriters subscribing to Lloyd’s policy No 621/PK1D000101 & Others [2008] EWCA Civ 1206, the Court of Appeal has given useful guidance on when notification of circumstances which may give rise to a claim is effective. Kidsons was a firm of chartered accountants who sold tax avoidance products through its subsidiary Solutions @ Fiscal Innovation Limited (S@FI). …
Read More UK: Court of Appeal Gives Guidance on When Notification of Circumstances is Enough

In Markel Capital Limited v (1) Gothaer Allgemeine Versicherung AG (2) Continentale Sachversicherung AG and Bloemers & Partners Limited [2008] EWHC 2517 (Comm), the Court was asked to consider a summary judgment application by Markel in respect of its claim for a declaration of non-liability on the ground that a condition precedent to its liability had not been satisfied. The Court also heard an application by the Defendant reinsureds against the broker, Bloemers & Partners, who broked the reinsurance contract to Markel on their behalf. 

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Read More UK: English High Court Examines Whether a Claims Co-Operation Clause had been Agreed as a Term of a Reinsurance Contract