Oil industry climate change litigation could spill to manufacturers of all petrol products

Oil industry climate change litigation could spill to manufacturers of all petrol products

Oil industry climate change litigation could spill to manufacturers of all petrol products

If the US plaintiff bar can make mounting allegations that the oil industry should pay damages to combat the effects of climate change stick, any manufacturers of products that consume petroleum, including the motor industry, could also be in line for heavy claims, a leading lawyer has warned. Clyde & Co’s Neil Beresford said a US federal court decision on…

Growth likely for CIMA markets

Growth likely for CIMA markets

Growth likely for CIMA markets

Changes in the rules among the francophone countries signed up to the CIMA Code are bearing fruit, according to ratings agency AM Best. Below, we discuss its latest report on the region Insurers and reinsurers have some excellent opportunities for growth in the CIMA countries of francophone Africa. According to an AM Best insurance market report on the 14 countries…

Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Bermuda’s Sompo International has received the regulatory green light from the Ministry of Finance of Luxembourg to establish a new subsidiary, SI Insurance (Europe). SIIE, which will become operational later in 2018, provides the company with an underwriting platform to service its clients across the European Economic Area after Brexit. Takashi Kurumisawa has been appointed CEO of the new company.…

Beazley and DAC Beachcroft launch GDPR hotline

Beazley and DAC Beachcroft launch GDPR hotline

Beazley and DAC Beachcroft launch GDPR hotline

Cyber liability insurer Beazley has partnered with law firm DAC Beachcroft to launch a free General Data Protection Regulation (GDPR) helpline for its Beazley Beach Response (BBR) clients in the UK. Ahead of the GDPR’s implementation on 25 May 2018, the helpline has been set up to ensure clients are in compliance with the regulation and highlight any areas that…

Clyde & Co boosts insurance partner numbers

Clyde & Co boosts insurance partner numbers

Clyde & Co boosts insurance partner numbers

Law firm Clyde & Co has announced 12 new partners including six within its insurance department, taking the total number of partners worldwide to 400. The new partners include Tony Cawley for London casualty insurance, where he will be joined next month by Jennette Newman and Jonathan Edwards from BLM. Damian Rourke, technical lead of the firm’s counterfraud team and…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

AIG given green light for Brexit-proof restructure

AIG given green light for Brexit-proof restructure

AIG given green light for Brexit-proof restructure

AIG has been granted authorisation to establish two new insurance companies in Luxembourg and the UK to ensure contract certainty for clients after Brexit. The two new entities will write business currently written by London-based AIG Europe Ltd. AIG’s new European company in Luxembourg will be called AIG Europe SA. It will have branches across the European Economic Area and…

EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

The European Insurance and Occupational Pensions Authority (EIOPA) will pay specific attention to further implementation of prudential regulation, Solvency II and conduct of business supervision in 2018. In its 2017 oversight activities report addressed to the European Parliament, EIOPA says that as a priority for 2018, it will continue to focus on the close interaction with national supervisory authorities, improvements…

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

The EC’s proposed pan-European collective redress system put forward last week is much tougher on business than observers feared and would have huge implications for companies in terms of liability, insurance and risk management, a source in Brussels close to risk and insurance managers told Commercial Risk Europe. With key safeguards previously put forward by the EC to stop abuse…

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

A growing focus on privacy and tougher EU data protection laws could drive future claims against directors and officers, experts warn. The recent alleged misuse of personal data belonging to Facebook users has shone the spotlight on privacy liability just as the EU implements its General Data Protection Regulation (GDPR) on 25 May. The GDPR introduces new rights for consumers…

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