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We have previously reported on the UK Financial Services Authority’s (FSA) temporary ban on the short selling of stocks in the UK financial sector (which has now expired) and the ongoing disclosure requirements in relation to new and existing short positions. 

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Read More UK: FSA Extends Short Selling Disclosure Requirements

In Chartbrook Ltd v Persimmon Homes Ltd [2009] UKHL 38, Persimmon appealed three issues relating to the construction of a payment clause in a contract for the redevelopment of Chartbrook’s land by Persimmon. Persimmon contended that (1) its construction of the clause was correct (2) the rule on excluding pre-contractual negotiations as an aid to construction of a contract should be reversed (3) rectification of a contract should be based on an objective, rather than subjective, assessment of the parties’ common intention. 

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Read More UK: Construction of a Contract – House of Lords Delivers Significant Decision

In ‘Brent London Borough Council (Appellant) v Risk Management Partners Ltd. (Respondent) & (1) London Authorities Mutual Ltd. (2) Harrow London Borough Council (Interested Parties) (2009)’ [EWCA Civ 490] the Court of Appeal held that the actions of Brent London Borough Council (Brent), specifically in relation to its decision to abandon a tender process for insurance cover in favour of a mutual insurer in which it was a participating member, were beyond the authority granted to it by Parliament. …
Read More UK: Court of Appeal Ends Local Authorities’ Insurance Venture

On 25 June 2009, the High Court approved the statutory transfer of the 1992 and prior non-life business of members and former members of Lloyd’s to Equitas Insurance Limited by way of Part VII transfer under the Financial Services and Markets Act 2000 (FSMA). 

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Read More UK: Equitas Part VII Transfer Approved by High Court

In Flexsys America LP v XL Insurance Co Ltd [2009] EWHC 1115 (Comm) the Claimant, Flexsys America LP (Flexsys) sought to recover the balance of its legal costs from the defendant XL Insurance Company (XL) under a Master Policy when its Local Policy (which covered Flexsys), taken out with XL Select, was exhausted. It also sought a declaration that it was entitled to be indemnified by XL in respect of the potential damages to a third party, Korean Kumo Petrochemical Company Limited (KKPC), and its costs of defence. 

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Read More UK: Interpreting the Drop Down Clause in a Master Policy

Aon recently released an updated “Terrorism Threat Map” in which it indicates the current threat of terrorist attacks across the world.  The Map shows a trend towards fewer terrorist attacks in the Middle East but increased activity in southeast Asia. …
Read More Aon’s Terrorism Threat Map Identifies a Shift in Terrorism Risk