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Insurance

United Kingdom

A persistently soft market is one of the few predictable elements of working in the global (re)insurance industry. Most brokers, carriers, captives and corporate risk managers have been influenced by falling prices, and with few signs of a correction, companies must innovate, cut costs, seek out merger and partnership opportunities and do more with less.

Despite intense competition, (re)insurance is a magnet for new capital keen to take advantage of the stable returns offered by an established, highly regulated industry.

Long-term advisors to companies in the market, CMS’ award-winning Insurance & Reinsurance Group has adapted to support the requirements of an industry in a constant state of change.

While CMS is a historic market leader in (re)insurance dispute resolution and policy wordings, our teams also deliver a suite of specialisms that meet the needs of insurance and risk management professionals spanning every conceivable business objective.

The firm provides unique expertise in corporate advice on mergers and acquisitions, employment law to support brokers or insurers with a team or key personnel issue, property advice, structured finance and regulatory and compliance.

The CMS Insurance Practice has worked within the insurance and reinsurance markets for over half a century, supporting both carriers and intermediaries in the UK, Europe and beyond. Our long-term involvement in the sector means that we can support clients to make the most of these new opportunities and we understand the issues businesses are facing today.

Many of our lawyers have worked in the insurance sector, which means we understand the complexities of your markets. Wherever you require guidance, our multi-disciplinary specialists can help you.

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They offer so much knowledge of the market as well as being really helpful, giving commercial insight that adds real value.

Chambers UK, 2016

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    Insurance Corporate

    2015 saw in excess of USD 100bn in merger and acquisition activity across the global (re)insurance sector, with the expectation of more to come. The successful execution of corporate transactions in the insurance market requires corporate lawyers who understand the insurance sector, its unique risks and how they can be mitigated in a pragmatic and cost-effective manner.

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    Insurance Regulatory

    Resilient since the financial crisis, the insurance sector has not escaped the regulator’s tougher, more intrusive stance. Insurers must wrestle with UK reforms such as the new Senior Insurance Managers’ Regime, whilst coping with the operational realities of the Solvency II prudential rules and the rest of the EU agenda. Long-standing concerns face the industry, including those about the role of delegated authorities and the risks in outsourcing. In personal lines, responsibility for product design and governance is a key risk for both intermediaries and insurers.

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    Life Assurance

    The commercial, economic and regulatory environment for the life assurance industry has never been more challenging. Technology, historically low interest rates, increasing longevity, and the introduction of Solvency II are driving ever greater focus on risk and capital management, asset allocation and investment strategies, and achieving competitive advantage through new product development and distribution.

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    Policy Wording & Claims

    The global (re)insurance industry has more contracts in place, containing more nuanced information than its underwriters, brokers, captives and buyers could ever hope to read. Meanwhile, regulators are demanding clarity on the market’s exposures to emerging risks such as cyber and terrorism and a well-publicised tendency towards relaxing terms and conditions has increased this risk considerably.

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    Law-Now: In­sur­ance
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    04/03/2009
    10 things every in­surer should know about Cent­ral and...
    09 Apr 20
    Su­preme Court rules that costs of com­mer­cial sur­rog­acy can be re­cov­er­able
    Last week the Su­preme Court made the land­mark de­cision that awards for dam­ages to cov­er the costs of for­eign com­mer­cial sur­rog­acy, us­ing donor eggs, can now be re­cov­er­able un­der cer­tain cir­cum­stances....
    08 Apr 20
    Pro­tect­ing Sur­vey­ors - COV­ID-19 up­date
    Dur­ing this chal­len­ging and un­cer­tain time of the COV­ID-19 pan­dem­ic, sur­vey­ors should be alert to the risks, new and old, that they face and the sup­port avail­able to them. On 1 April 2020, RICS is­sued...
    08 Apr 20
    Su­preme Court finds em­ploy­ers less likely to be vi­cari­ously li­able...
    In re­vers­ing the Court of Ap­peal’s de­cision, the Su­preme Court in Barclays Bank plc v Vari­ous Claimants has re­in­forced the abil­ity of com­pan­ies to use the “in­de­pend­ent con­tract­or de­fence” when faced...
    08 Apr 20
    First COV­ID-19 wrong­ful death suit filed in the US - What are the...
    It has re­cently been re­por­ted that the first wrong­ful death law­suit has been filed in the United States re­lated to the COV­ID-19 out­break. The case, filed in Cook County Illinois, is be­ing pur­sued by the...
    07 Apr 20
    Seni­or Man­agers and Cer­ti­fic­a­tion Re­gime (SMCR) ex­pect­a­tions dur­ing...
    This in­form­a­tion is cor­rect as of 09:30am on 7 April 2020 and will not be main­tained. The PRA and FCA have set out their reg­u­lat­ory ex­pect­a­tions for both dual and solo-reg­u­lated SMCR firms im­pacted by...
    07 Apr 20
    Dir­ect­or­s' du­ties on com­pany in­solv­ency
    A de­cision on li­ab­il­ity has re­cently been passed down which provides timely com­ment­ary on the du­ties of dir­ect­ors in the event a com­pany is in­solv­ent, or near in­solv­ent. The Court provides a re­mind­er...
    07 Apr 20
    COV­ID-19 - Coronavir­us Job Re­ten­tion Scheme - up­dated Gov­ern­ment guid­ance
    In this Law-Now we dis­cuss the up­dated Gov­ern­ment guid­ance on the Coronavir­us Job Re­ten­tion Scheme. Al­though this con­tains use­ful cla­ri­fic­a­tions, sev­er­al un­cer­tain­ties re­main, par­tic­u­larly around the...
    06 Apr 20
    Seni­or Man­agers and Cer­ti­fic­a­tion Re­gime (SMCR) ex­pect­a­tions dur­ing...
    The PRA and FCA have set out their reg­u­lat­ory ex­pect­a­tions for both dual and solo-reg­u­lated SMCR firms im­pacted by Cov­id-19, re­cog­nising that firms need flex­ib­il­ity in or­der to man­age their gov­ernance...
    06 Apr 20
    Re­in­sur­ance: COV­ID-19 claims
    Cor­rect as of 6 April 2020. This art­icle is not be­ing main­tained. Fol­low­ing an ini­tial series of dir­ect claims by poli­cy­hold­ers (which may or may not be covered), a wave of no­ti­fic­a­tions is now reach­ing...
    03 Apr 20
    Ex­ten­sions to dead­lines for pub­lish­ing and fil­ing an­nu­al ac­counts...
    In a com­bined ap­proach, the FCA, Lon­don Stock Ex­change and Com­pan­ies House have an­nounced a series of meas­ures ex­tend­ing the dead­lines for both the pub­lic­a­tion of fin­an­cial res­ults by lis­ted com­pan­ies...
    02 Apr 20
    Clin­ic­al neg­li­gence: dent­al prac­tice vi­cari­ously li­able for neg­li­gence...
    The County Court in Leeds has re­cently set an im­port­ant pre­ced­ent by find­ing a dent­al prac­tice vi­cari­ously li­able for neg­li­gent dent­al work car­ried out by an un­in­sured dent­ist who was not dir­ectly em­ployed...