Legal/ Regulatory

Gallagher and Ardonagh bitter dispute finally begins in UK High Court

The trial that few thought would ever happen has just begun between the UK subsidiary of broking heavyweight Gallagher and the private equity-owned former Towergate empire, now known as Ardonagh Group.

Drinker Biddle continues build out with another Carlton Fields hire

Nationwide law firm Drinker Biddle has appointed Jason Gould class action litigator in Washington, DC.

Lloyd's Brussels gets Monaco licence for Brexit

Lloyd’s Brussels has received authorisation to underwrite insurance and reinsurance risks located in Monaco after Brexit.

Drinker Biddle hires 17-strong rival legal team

Drinker Biddle & Reath LLP, the nationwide law firm that specialises in representing and defending (re)insurers, has recruited a seventeen-strong team of lawyers which includes 14 new partners from a rival firm.

UK Security Minister unveils new £10mn public-private terrorism partnership

The UK’s Minister of State for Security in the Home Office Ben Wallace has unveiled a new national security public-partnership initiative backed by Pool Re, the terrorism mutual funded by the UK insurance industry.

Berkshire Hathaway forms Irish insurer ahead of Brexit

Berkshire Hathaway European Insurance (BHEI) has been granted a certificate of authorisation by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA).

Why two fired CatCo executives believe Markel owes them $70mn

Tony Belisle and Alissa Fredricks last week sued Markel for incentive payments, saying they were wrongfully dismissed and the US insurer used unlawful means to uncover their personal relationship. The Insurer takes a closer look at their complaints.

Trust Re submits delayed 2017 accounts to regulator

Ailing carrier Trust Re has finally filed its long-delayed 2017 financial results to its domestic regulator, the Bank of Bahrain, The Insurer understands.

Brit’s third-party capital expands to $440mn

Fairfax-owned Lloyd’s insurer Brit now manages approximately $440mn of third-party capital across its Versutus sidecar, onshore ILS platform Sussex Capital and its Lloyd’s Syndicate 2988.

Belisle and Fredricks sue Markel over CatCo dismissal

The two former Markel CatCo executives that were fired in January have sued Markel, alleging they have been denied more than $70mn in incentive payments.

Was it all worth it?

The London insurance market is vital to both the City of London and UK plc; its direct contribution to the UK economy is estimated at 1 percent and it accounts for over 26 percent of the total contribution from the Square Mile.

$6bn+ now written in London through broker facilities

£4.8bn ($6.2bn) of gross written premium in the London market is now placed through facilities operated by brokers, according to a wide-ranging study by UK regulator the Financial Conduct Authority (FCA) published today.

FCA probe findings evidence of broker value: Liiba’s Croft

The findings of the newly-released final report into the FCA’s wholesale insurance broker review has provided insurance intermediaries with a “clean bill of health”, the CEO of the London and International Insurance Brokers’ Association has said.

Wholesale brokers in the clear following FCA probe

The Financial Conduct Authority has found no evidence of “competition concerns” following its wide-ranging study into broker activities in the London wholesale market in a massive win for market brokers.

London brokers steel themselves for potential FCA bombshell

There may be some sleepless nights among senior London market broker executives tonight as they prepare themselves for the UK regulator to publish its long-awaited results into the wholesale broker market in a few hours’ time.

Maiden faces class action lawsuit over AmTrust relationship

A class action lawsuit has been launched against Maiden Holdings alleging the reinsurer and some of its former officers misled investors over underwriting and risk management controls relating to its reinsurance of AmTrust.

Lloyd’s reveals plan to update TPA oversight

Lloyd’s has revealed plans to update its oversight of third-parties by implementing a new risk-based approach, streamlining procedures and tightening the controls on claims administrators.

PRA orders Lloyd’s and UK insurers to develop silent cyber action plan

UK insurers have been instructed by the Prudential Regulation Authority (PRA) to develop detailed plans setting out how they are reducing their exposures to so-called silent cyber losses.

Ardonagh drags Pat Gallagher into bitter UK poaching dispute

Bishopsgate has won a court application for access to documents from rival broker Alesco and its parent Gallagher but failed in its claim for costs as the war of attrition between the industry’s fourth largest broker and The Ardonagh Group continues.

Travelers gains regulatory nod for Irish post-Brexit hub

Travelers Europe has been granted a licence by the Central Bank of Ireland for a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland.

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