Zurich Financial Services has announced that former UK prime minister, Tony Blair, is to advise the insurance based financial services giant on developments and trends in the international political environment.
Read More Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
Industry Developments
The Privy Council Overrules the Cayman Islands Court of Appeal in Respect of the Repudiation of a Health Insurance Contract
By Troutman Pepper Locke on
In Zeller v British Caymanian Insurance Company [2008] UKPC 4, Mr Zeller sought indemnification under his employer’s health insurance policy in respect of his costs of having major heart surgery.
A New Climate Change Report is Bad News for UK Insurers
By Troutman Pepper Locke on
UK insurers have been subject to increasing levels of flood and storm claims in recent years. A new report from the Marine Climate Change Impacts Partnership indicates that the trend is likely to continue.
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Read More A New Climate Change Report is Bad News for UK Insurers
Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis
A joint study conducted by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research recently concluded that there were 166 securities class action lawsuits filed in federal courts nationwide last year. This is a 43% increase from 2006. …
Read More Recent Study Finds That Securities Class Actions Increased Significantly in 2007 Due to Subprime Crisis
Further Analysis: Supreme Court Limits Securities Fraud Liability of Third Parties
By Troutman Pepper Locke on
As we reported on here, in Stoneridge Investment Partners, LLC v.Scientific-Atlanta, Inc., the U.S. Supreme Court recently declined to permit investor suits against third parties who engaged in deceptive acts that contributed to another party’s securities fraud, where the third parties had no duty to disclose their acts to the public, and where their deceptive acts were in fact not communicated to the public. …
Read More Further Analysis: Supreme Court Limits Securities Fraud Liability of Third Parties
Connecticut Supreme Court Rules that “Common Cause” Provision of Reinsurance Treaty Is Ambiguous With Respect to the Aggregation of Claims
In Hartford Accident and Indemnity Co, et al. v. Ace American Reinsurance Co., et al., No. 17625 (Sup. Ct. Conn. Dec. 25, 2007), the Connecticut Supreme Court found a “common cause” provision in a reinsurance treaty to be ambiguous for purposes of whether multiple asbestos claims could be aggregated as a single occurrence, reversing the lower court’s decision granting summary judgment to the defendant reinsurers. …
Read More Connecticut Supreme Court Rules that “Common Cause” Provision of Reinsurance Treaty Is Ambiguous With Respect to the Aggregation of Claims
Report Published on Insurance Guarantee Schemes in the European Union
On 7 January 2008 the European Commission made public a report it had commissioned on Insurance Guarantee Schemes (IGS) in the European Union. IGSs provide last-resort protection for policyholders in situations where insurers are unable to provide cover, usually due to their insolvency. They are commonly financed from levies on the insurance industry. …
Read More Report Published on Insurance Guarantee Schemes in the European Union
The English and Scottish Law Commissions Have Published Their Latest Paper on Insurance Contract Law Reform
By Troutman Pepper Locke on
The English and Scottish Law Commissions are currently engaged in a wide ranging review of insurance contract law. Since September 2006 they have published a series of Issues Papers and one formal Consultation Paper setting out their proposals for reform to the law of misrepresentation, non-disclosure, warranties and agency in the context of pre-contract information. …
Read More The English and Scottish Law Commissions Have Published Their Latest Paper on Insurance Contract Law Reform
A New Beginning for InsureReinsure.com
By Troutman Pepper Locke on
Today marks a new beginning at InsureReinsure.com and we want to welcome all of our new readers to this Blog.
Lloyd’s Insures Against Grinch
By Troutman Pepper Locke on
Posted in Bermuda, European Union, Hong Kong, Industry Developments, Lloyd's, United Kingdom, United States
Lloyd’s recently issued a press release that it has begun offering a new type of cover – an event cancellation policy that will indemnify insureds for their losses if Christmas is cancelled, postponed, interrupted, curtailed or relocated due to the Grinch’s actions.