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This article examines some potential issues for UK re/insurers following the referendum vote for the UK to end its membership in the EU.

Prolonged period of uncertainty but “business as usual”?

One of the most significant concerns is that Brexit will bring about a prolonged and indefinite period of uncertainty…

Read More Brexit And The Re/Insurance Industry

The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength.

Davis recently retired from the New York State Department of Financial Services (“the Department”)…

Read More ELANY Hires Former New York Regulator as Financial Director

The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion.  Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.

“2.228 Global reinsurance – the government announced at Autumn Statement 2014 that it…
Read More George Unleashes the Giant Peach

In a market bulletin published on 14 February 2012, Lloyd’s announced a new Code of Practice and Guidance note in relation to the transfer of interests in Lloyd’s corporate members. Greater consideration is now being given to acquiring interests in corporate members as a means of acquiring underwriting capacity outside of the capacity auctions. …
Read More UK: Transfer of Interests in Lloyd’s Corporate Members

On October 6, 2011, the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with Lloyd’s of London to 20% pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Florida Agrees to Reduce Collateral Requirements for Lloyd’s

As previously reported in this blog, President Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (the “Iran Sanctions Act”) in July, following the less stringent sanctions passed earlier by the U.N.  For a more detailed discussion of the Iran Sanctions Act, see here.  Canada, the European Union and Australia soon followed with similar sanctions aimed at Iran’s financial and energy sectors. …
Read More Lloyd’s Market Drafts Exclusion to Ensure Compliance With Iran Sanctions

Britain’s The Sun reports that Robertson Taylor – music industry broker for Lloyd’s of London – is reportedly handling a claim of approximately $18 million for the now infamous back injury incurred by U2’s front man Bono during U.S. tour rehearsals.  Bono required emergency surgery, and U2 had to subsequently postpone their U.S. summer tour and cancel their headlining appearance at the Glastonbury Festival. …
Read More Bono’s Back Injury is Underwriters’ $18 Million Pain