Topic: Industry Developments

A New Type of ILS Investment – Cyber Insurance CAT Bonds

by Rob Evans, Molly McGinnis Stine and John Emmanuel | Jan 25, 2023 | , , , |

Specialty insurer Beazley sponsored the first Cyber Insurance Catastrophe (CAT) bond recently, a new type of ILS or insurance linked security issued by a Bermuda entity. They announced the $45 million private placement on January 9, 2023. The bonds provide investors with a generous floating rate of interest and a return of principal in one year, provided that no single catastrophic event occurs across Beazley’s portfolio of cyber insurance policies that results in more than $300 million of losses. Any losses above $300 million incurred by Beazley on those policies as a result of that one event would be absorbed by the investors, up to the $45 million principal amount. The deal was marketed under an NDA, so not all of the details are available, but the bonds will not protect against losses from a state-sponsored cyberattack, which is typically excluded from cyber insurance policies as an act of war.

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Locke Lord to Sponsor The Insurance Forum on November 2

by Locke Lord | Oct 6, 2022 | , , |

Locke Lord is a proud sponsor of The Insurance Forum on November 2, 2022 in Chicago. The program is offered in person and virtually. Locke Lord Partner Patrick Byrnes will moderate, and Senior Counsel Kenneth Suh and Associate Alexander Cox will serve as panelists, for “BIPA – The Familiar Face of Biometric Data Regulation.”

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SEC and the NAIC Propose Significant New Climate Reporting Requirements

by Rob Evans and Brittany Batts | Apr 4, 2022 | , |

On March 21, the Securities and Exchange Commission and the National Association of Insurance Commissioners both proposed significant revisions to climate disclosure rules. If adopted, these rules would require affected insurers to disclose climate-related risk assessments and management at the board and C-Suite level and, in some instances, Scope 3 greenhouse gas emissions.

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New Jersey Passes Legislation Requiring Insurers to Apprise Insureds of Particular Aspects of Their Business Interruption Coverage

by Alan Levin | Apr 5, 2021 | , , , |

Both the New Jersey Assembly and Senate recently passed identical legislation that would ‎require insurers offering commercial coverage for loss or damage to property, including business ‎interruption, to provide insureds with a general summary of common insurance clauses in policies ‎for loss of use and occupancy of a commercial property, along with a disclosure relating to ‎pandemic and virus losses.‎

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Locke Lord QuickStudy: Excess Lines Association of New York Publishes Guidance on New York Group P&C Policies

by Zachary Lerner | Jun 19, 2019 | , , , |

On June 17th, the Excess Lines Association of New York (“ELANY”) published Bulletin No. 2019-19 (the “Bulletin”) detailing New York’s substantial restrictions on group property and casualty insurance policies. The Bulletin echoes some of the remarks at the most recent Surplus Lines Law Group Meeting where this author provided details on the growing regulatory concerns as to group P&C policies.

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Chairs and Vice Chairs of Task Forces and Working Groups of the NAIC’s Market Regulation and Consumer Affairs (D) Committee for 2019 Announced

Feb 11, 2019 | , |

Director Chlora Lindley-Myers (MO), 2019 Chair of the Market Regulation and Consumer ‎Affairs (D) Committee of the National Association of Insurance Commissioners (NAIC), ‎announced on February 8, 2019 on a committee conference call the names of the regulators who ‎will act as Chairs and Vice Chairs of the D Committee’s Task Forces and Working Groups for ‎the coming year. ‎

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