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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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    24 September 2020
    The FCA Test Case: Video Series
    Our short six part video series ex­plore the im­me­di­ate im­pact on brokers, BI in­surers, re­in­sur­ance re­cov­er­ies, re­in­sur­ance claims, reg­u­lat­ory con­sid­er­a­tion.
    17 September 2020
    New Scot­tish class ac­tion pro­ced­ure - how will the re­gime work? Part 2: ...
    A new mech­an­ism for group pro­ceed­ings came in­to ef­fect in Scot­land on 31 Ju­ly 2020 (see the rules here). We have already com­men­ted on the cer­ti­fic­a­tion stage of the new re­gime (see here). In this short...
    1 September 2020
    CMS bol­sters in­sur­ance team with key part­ner hire in Lon­don
    CMS bol­sters in­sur­ance team with key part­ner hire in Lon­don as Dav­id McK­ie joins CMS. Find out more.
    16 September 2020
    FCA Up­date and Guid­ance fol­low­ing judg­ment in the Busi­ness In­ter­rup­tion...
    The much-awaited de­cision in the FCA’s High Court test case in re­la­tion to non-dam­age busi­ness in­ter­rup­tion (BI) in­sur­ance policies and their re­sponse to the COV­ID-19 pan­dem­ic was pub­lished yes­ter­day...
    20 May 2020
    FCA ac­cel­er­ates di­git­al sand­box pi­lot to sup­port firms amidst the COV­ID-19...
    The FCA has set out its pro­pos­al to ac­cel­er­ate the di­git­al sand­box pi­lot to sup­port in­nov­at­ive firms amidst the Cov­id-19 Pan­dem­ic. In an art­icle ori­gin­ally pub­lished in the Thom­son Re­u­ters, Sam Robin­son, Susann Altkem­per and Yas­min Jo­hal ex­plain the di­git
    16 September 2020
    FCA Up­date and Guid­ance fol­low­ing judg­ment in the Busi­ness In­ter­rup­tion...
    The much-awaited de­cision in the FCA’s High Court test case in re­la­tion to non-dam­age busi­ness in­ter­rup­tion (BI) in­sur­ance policies and their re­sponse to the COV­ID-19 pan­dem­ic was pub­lished yes­ter­day...
    27 April 2020
    COV­ID-19 In­sur­ance Im­plic­a­tions
    The COV­ID-19 pan­dem­ic has ex­trac­ted a ter­rible toll on hu­man life and has caused sig­ni­fic­ant dis­rup­tion to busi­ness and in­vest­ment world­wide. The true eco­nom­ic im­pact of the pan­dem­ic re­mains to be de­term­ined and one is­sue in­sur­ance mar­ket par­ti­cipants are
    02 September 2020
    Group Lit­ig­a­tion Or­ders and the pit­falls of mak­ing ap­plic­a­tions pre­ma­turely
    A re­cent County Court de­cision to dis­miss an ap­plic­a­tion for a Group Lit­ig­a­tion Or­der (GLO) made on be­half of 26 dent­al pa­tients provides fur­ther guid­ance as to when the court will per­mit this form of...
    30 September 2019
    Ad­vising the Board on In­solv­ency Risk
    Ad­vising the Board on Com­pet­i­tion Law Risk Re­port from CMS dis­cusses the risks re­lated to In­solv­ency. Find out more.
    11 August 2020
    In­tergen­er­a­tion­al dif­fer­ences and the fu­ture of fin­an­cial ser­vices
    The Fin­an­cial Con­duct Au­thor­ity (FCA) has pub­lished its Feed­back State­ment on last year's Dis­cus­sion Pa­per (DP/2) on In­tergen­er­a­tion­al Dif­fer­ences. In­tergen­er­a­tion­al fair­ness is an in­creas­ingly press­ing...
    10 October 2018
    IRG Fin­an­cial Lines Sem­inars
    This bro­chure in­cludes a se­lec­tion of the talks that we can of­fer to in­sur­ance pro­fes­sion­als that fo­cus on Fin­an­cial Lines claims. Each of these can be tailored to in­cor­por­ate in­dustry spe­cif­ic de­vel­op­ments or any le­gis­lat­ive changes that im­pact upon your
    11 August 2020
    In­tergen­er­a­tion­al dif­fer­ences and the fu­ture of fin­an­cial ser­vices
    The Fin­an­cial Con­duct Au­thor­ity (FCA) has pub­lished its Feed­back State­ment on last year's Dis­cus­sion Pa­per (DP/2) on In­tergen­er­a­tion­al Dif­fer­ences. In­tergen­er­a­tion­al fair­ness is an in­creas­ingly press­ing...