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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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    1 May 2017
    CMS, Nabarro and Olswang com­plete largest ever mer­ger...
    Cre­at­ing a new fu­ture-fa­cing firm
    10/09/2018
    Brexit and the in­sur­ance sec­tor – in­form cus­tom­ers about Brexit’s...
    The European In­sur­ance and Oc­cu­pa­tion­al Pen­sions Au­thor­ity (“EIOPA”) provided an opin­ion on in­form­ing cus­tom­ers about the im­pact of the with­draw­al of the United King­dom from the European Uni­on (“Opin­ion”).
    01/09/2014
    10 things every in­surer should know about Cent­ral East­ern...
    13/06/2018
    EU tem­por­ary meas­ures on CF­Ds and bin­ary op­tions
    On 22 May 2018, the European Se­cur­it­ies and Mar­kets Au­thor­ity (“ESMA”) ad­op­ted two de­cisions im­ple­ment­ing tem­por­ary product in­ter­ven­tion meas­ures. These de­cisions re­strict the mar­ket­ing, dis­tri­bu­tion and sale of con­tracts for dif­fer­ence (“CF­Ds”) and bin­ary.
    Iain Batty
    17/07/2014
    Risk Mat­ters: In­sur­ance Sec­tor news­let­ter Sum­mer 2014
    High­light­ing top­ic­al is­sues for in­sur­ance sec­tor par­ti­cipants
    18/05/2018
    EU Product Li­ab­il­ity Dir­ect­ive still an ad­equate tool, ac­cord­ing to...
    On 7 May 2018, the European Com­mis­sion pub­lished its fifth re­port on the per­form­ance of the EU Product Li­ab­il­ity Dir­ect­ive (Dir­ect­ive/85/374/EEC) in the mem­ber states. The dir­ect­ive in­tro­duced the concept of strict li­ab­il­ity for pro­du­cers of de­fect­ive products.
    28/03/2014
    Tax In­sur­ance Cap­ab­il­ity
    17/11/2017
    In­sur­ance Dis­tri­bu­tion Dir­ect­ive: Pro­pos­al to post­pone ap­plic­a­tion...
    The In­sur­ance Dis­tri­bu­tion Dir­ect­ive (the “IDD”) came in­to force on 22 Feb­ru­ary 2016; the cur­rent dead­line for trans­pos­i­tion by mem­ber states is 23 Feb­ru­ary 2018. Re­cently, the European Par­lia­ment’s Eco­nom­ic and Mon­et­ary Af­fairs Com­mit­tee (“ECON”) re­com­men­ded.
    18/02/2014
    Cor­por­ate Talk: Is­sue 2 - Feb­ru­ary 2014
    What's hap­pen­ing in the mar­ket
    28/03/2017
    On the road to autonom­ous vehicles
    Con­nec­ted and autonom­ous vehicle (“CAV”) tech­no­lo­gies are set to have a pro­found so­cial and eco­nom­ic im­pact world­wide and con­tin­ue to ac­cu­mu­late a great weight of ex­pect­a­tion. Ad­voc­ates ar­gue that CAV tech­no­lo­gies will im­prove road safety, ease con­ges­tion and.
    5/11/2013
    In­sur­ance: Cov­er­age de­fences in Europe
    05/07/2016
    Leg­al de­vel­op­ments in product li­ab­il­ity: With re­strict­ive le­gis­la­tion...
    The med­ic­al in­dustry is un­der in­creas­ing leg­al pres­sure these days ow­ing mainly to a con­sumer-friendly risk en­vir­on­ment. This is evid­ent from re­strict­ive le­gis­la­tion and re­cent land­mark cases, such as the PIP case, con­cern­ing a French com­pany that sup­plied.