Parana Banco, a Brazilian bank, recently sought authorization to form the country’s first ever private-sector reinsurer. Parana Banco indicated that the reinsurer, which will be named J. Malucelli Resseguradora S.A., will have nearly $40 million in capital and initially provide reinsurance cover only for surety bonds issued by J Malucelli Seguradora, the insurance unit of the bank.
Read More Brazilian Bank Seeks Authorization for Reinsurance License
Lloyd's
Lloyd’s to Apply for Admission as a Reinsurer in Brazil
By Troutman Pepper Locke on
Lloyd’s announced on 13 February that it will be making a formal application to be admitted as a reinsurer in Brazil with plans to set up its first representative office in Rio de Janeiro, subject to regulatory approval.
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EU/UK: European Commission: Competition in Business Insurance Inquiry: Responses Prepared by Insurance Bodies
By Troutman Pepper Locke on
The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry). The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action.
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.
Part VII FSMA 2000: Admiral Group plc uses Part VII to close Lloyd’s syndicate
By Troutman Pepper Locke on
UK insurer Admiral Group plc has successfully used the procedure contained in Part VII of the Financial Services and Markets Act 2000 to transfer business – a motor book – from its Lloyd’s Syndicate to Admiral Insurance Company and then close the syndicate.
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Costs: The English High Court has ruled on various costs issues following judgment in a late notification case involving the Lloyd’s Market
By Troutman Pepper Locke on
In HLB Kidsons (A Firm) v Lloyds Underwriters & Others [2007] EWCH 2699, a dispute arose over whether the claimant firm of accountants had properly notified claims to the defendant insurers.