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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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    30 Sep 19
    Ad­vising the Board on In­solv­ency Risk
    23 Jan 20
    In­sur­ance 2020: Op­er­a­tion­al Re­si­li­ence to Re­cov­ery & Res­ol­u­tion -...
    Post Leh­man, reg­u­lat­ors all over the world in­tro­duced le­gis­lat­ive meas­ures to pre­vent banks be­ing “too big to fail”. Now the reg­u­lat­ory net is be­ing more widely cast across the fin­an­cial ser­vices...
    10 October 2018
    IRG Fin­an­cial Lines Sem­inars
    23 Jan 20
    In­sur­ance 2020: Op­er­a­tion­al Re­si­li­ence to Re­cov­ery & Res­ol­u­tion -...
    Post Leh­man, reg­u­lat­ors all over the world in­tro­duced le­gis­lat­ive meas­ures to pre­vent banks be­ing “too big to fail”. Now the reg­u­lat­ory net is be­ing more widely cast across the fin­an­cial ser­vices...
    9 August 2018
    CMS Hong Kong main­tains growth mo­mentum adding In­sur­ance...
    21 Jan 20
    Brexit news for fin­an­cial ser­vices firms - from 14 Decem­ber 2019 to...
    1. BoE: Fin­an­cial Sta­bil­ity Re­port The latest edi­tion of the Re­port in­cludes de­tails of the res­ults of the UK banks stress test and re­ports on the re­si­li­ence of the UK fin­an­cial sys­tem to Brexit; the...
    13 December 2017
    CMS strengthens In­sur­ance of­fer­ing with three-strong...
    21 Jan 20
    In­sur­ance 2020: In­sur­tech and the fu­ture of re­tail in­sur­ance
    A key fo­cus of the Open Bank­ing ini­ti­at­ive is the use of tech­no­logy to put con­sumers in con­trol of their data, mak­ing it easi­er for them to move, man­age, and make more of their money. In the in­sur­ance...
    4 December 2017
    Risk Mat­ters: In­sur­ance Sec­tor Up­date (Winter 2017/18)
    21 Jan 20
    In­sur­ance 2020: In­sur­Tech and the fu­ture of re­tail in­sur­ance
    A key fo­cus of the Open Bank­ing ini­ti­at­ive is the use of tech­no­logy to put con­sumers in con­trol of their data, mak­ing it easi­er for them to move, man­age, and make more of their money. In the in­sur­ance...
    1 May 2017
    CMS, Nabarro and Olswang com­plete largest ever mer­ger...
    Cre­at­ing a new fu­ture-fa­cing firm
    20 Jan 20
    The world's most talked about num­ber: LIBOR 2020
    LIBOR trans­ition has been firmly high­lighted as a key top­ic for 2020 with the Bank of Eng­land (the Bank), the Fin­an­cial Con­duct Au­thor­ity (FCA) and the Work­ing Group on Ster­ling Risk-Free Ref­er­ence Rates...