Reinsurance Contract Wordings and Disputes, Bermuda

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Course overview

In association with

 

The wording of a reinsurance contract can make or break a reinsurance company. It’s all in the detail, and it is quite common practice for the wordings, which define the obligations of the parties, to be neglected. This results in the contract being unclear about the relationship between the reinsured and the reinsurer. Unfortunately, issues such as these often cause problems between the parties at a later stage can lead to costly disputes.

In this conference, leading experts from the USA, Bermuda and the UK, give a comprehensive and up-to-date guide to the world of reinsurance wordings, with particular focus on latest trends and developments. During this conference all the important issues which need to be taken into consideration at the contract negotiation and drafting phase will be highlighted. The programme is designed to be highly practical and plenty of time will be set aside for questions and discussion

UNIQUE FEATURE

The Mock Reinsurance Dispute

The programme also includes a mock dispute session, which, exclusive to this programme, will further illustrate some of the problematic wordings that have been discussed during the conference and how they are best dealt with in the event of a dispute.

Who should attend?

• Wordings technicians
• Reinsurance technicians
• Claims managers
• Wordings specialists
• In-house lawyers
• Lawyers in private practice
• Anyone who is involved in the drafting or implementation of reinsurance wordings

What ate the key objectives?

By attending this conference, you will:
1 Master the latest developments in reinsurance wordings
2 Get-to-grips with the common clauses and legal considerations
3 Learn about the complexities of Solvency II and its effect on wordings
4 Hear about wording issues of war risk, terrorism and political violence
5 Get up-to-date with latest developments and current practice of
event clauses for property catastrophe contracts
6 Find out more about the defining the loss and aggregation clauses
7 Gain knowledge of choice of law clauses from an international
perspective
8 Understand about the role of dispute resolution clauses
9 Experience how disputes arising

Programme - Day 1

5 October 2011

In association with

 

0900 Registration and refreshments

0930 Chair’s Introduction
Larry P. Schiffer, Partner, Dewey & LeBoeuf LLP, USA

0945 War risk, terrorism and political violence – Wording issues

• Risk analysis and coverage issues
• Clear delineation of wording on causation and aggregation
• Identifying the connection needed between the excluded political violence event and the losses suffered
• Political violence exclusion clauses
• Identifying which exclusions apply to which event and evidence issues
• Understanding the causal connect elements
• Gathering evidence in volatile situations
• Wording difficulties

Hermes Marangos, Partner & Head of International, Davies Arnold Cooper LLP, UK

1030 Refreshments

1045 Event clauses for property catastrophe contracts
A panel session focusing on the issues relating to event clauses in property catastrophe contracts addressed from the relevant viewpoints.

1. The seller’s viewpoint
Julie Pollack, Senior Legal Counsel, Contracts Hub, P&C Armonk and Toronto, Swiss Reinsurance America Corporation, USA
2. The Ceding company’s viewpoint
Deborah Giss Stalker, Deputy General Counsel, Ace Group, USA
3. The Broker’s viewpoint
Nicole Blanche Geurin, JD, Towers Watson, Philadelphia, USA

1215 Questions

1230 Lunch

1400 Defining the loss/aggregation clauses

• Functions of aggregation
• Key applications of aggregation principles
• Applications of the relevant test for aggregation of loss
• Recent cases on aggregation – lessons learnt

Professor Robert Merkin, Professor of Commercial Law, Southampton University, and Consultant to Norton Rose, UK

1445 Solvency II and its effect on contract wordings

• The likely impact on reinsurance contract wordings following the implementation of Solvency II
• Understanding counterparty risk management
• What is loss-given default?

Patrick Devine, Legal Counsel, Chadbourne & Parke London LLC, UK

1530 Refreshments

1545 Choice of law clauses

• Bermuda law on choice of law – navigating the common law principles
• English rules applicable to choice of law – The Rome Convention and the Rome I Regulation
• Incorporation of choice of law from insurance to reinsurance
• The US position on choice of law in reinsurance
• Floating choice of law clauses
• Choice of law in arbitration
• Some sample clauses

Anthony Menzies, Partner, Taylor Wessing, UK
Susannah Wakefield, Partner, Taylor Wessing, UK
David A. Attisani, Partner, Choate Hall & Stewart LLP, USA

1700 Questions

1715 Close of day one

1730 Cocktail and networking hour

Programme - Day 2

6 October 2011

In association with

 

0900 Refreshments

0930 Chair’s Introduction
Larry P. Schiffer, Partner, Dewey & LeBoeuf LLP, USA

0940 An update on Follow-the-Settlements

• The purpose of the following clause from the US perspective
• Recent cases in the US on the follow-the-settlements
• Implying following-the-settlements into reinsurance contracts in the US
• Effect of a follow the settlements clause in English law
• Follow the settlements clauses and claims clauses

Larry P. Schiffer and Professor Robert Merkin

1045 Refreshments

1100 Dispute resolution clauses

• Review of different types of dispute resolution clausesand their origins
• Advantages and disadvantages of arbitration clauses
• Advantages and disadvantages of arbitrating in London, Bermuda or the US
• Different rules of law which apply
• Incorporation of jurisdiction clause from insurance toreinsurance

Katie Tornari, Senior Associate, Insurance & Reinsurance Litigation Department, Marshall Diel & Myers, Bermuda
Anthony Woodhouse, Partner, Insurance and Reinsurance, Lawrence Graham LLP, UK

1215 Introduction to the mock dispute
Based on a scenario that will be distributed to delegates, this session features a mock multi-jurisdictional dispute based on contract wording issues. Participants will act as advocates, arbitrators and witnesses.

 

1245 Lunch sponsored by

The expert faculty

Conference chair

Larry P. Schiffer is a partner in the New York office of Dewey & LeBoeuf LLP. He practices in the areas of commercial, insurance, and reinsurance litigation, arbitration, and mediation, including insolvency and runoff. He also provides advice on coverage and contract wording issues for a wide variety of insurance and reinsurance relationships. He is active in legal and industry associations where he has held various leadership positions. Larry has lectured and has been widely published on reinsurance and other insurance topics for the American Bar Association, AIRROC, American Conference Institute, ARIAS*U.S., C5 and Falconbury. He is a member of the American Bar Association’s Tort Trial & Insurance Practice Section, where he was Chair of the Excess, Reinsurance & Surplus Lines Committee and currently is Vice- Chair, webmaster, and listserv manager of that committee, and a past two-time chair and current member of the TIPS Technology Committee. He is Chair of the ARIAS*U.S. Technology Committee and was Chair of the New York State Bar Association Committee on Association Insurance Programs for nine years. He has been recognized by Chambers & Partners, Legal 500, Who’s Who of Insurance & Reinsurance Lawyers, and other listings.

 

Expert presenters

David Attisani is co-chairman of Chaote Hall’s Insurance & Reinsurance Group, which is the leading practice of its kind in the US-ranked first for Reinsurance (Reactions, 2010 Legal Survey). He is also a member of the firm’s Executive Committee, and Co-chairman of the ABA’s Reinsurance Subcommittee. David has been named one of Law360’s “10 Most Admired Insurance Attorneys in America” for 2010—among 65 lawyers in 7 practice areas out of 1016 nominations from 100 firms. He was also elected to The International Who’s Who of Insurance & Reinsurance Lawyers (2005-2011), and to the World’s Leading Insurance and Reinsurance Lawyers (2006-2009). David was also elected to Best of the Best USA (2009-2011) in Insurance & Reinsurance, along with only 25 other US industry professionals. He has been named a Massachusetts Super Lawyer.

Tom Daly is the Managing Partner of Horseshoe Insurance Advisors US LLC. He is also responsible for the development of the insurance and reinsurance claims consulting activities as well as litigation support and runoff management activities. Tom has 30 years of experience in handling casualty and property insurance and reinsurance claims. He has a demonstrated track record and expertise in many areas including property, both primary and catastrophe business, professional liability general liability, oversight of third party administrators, due diligence and acquisitions.

Patrick Devine is Legal Consultant in the London office of Chadbourne & Parke LLC. He is a corporate insurance specialist with extensive experience advising the UK company, Lloyd’s and international (re)insurance markets on corporate, regulatory, compliance, regulatory enforcement, and transactional matters including commercial agreements, contract interpretation, drafting, alternative risk transfer and litigation support. His practice encompasses the establishment and operation of (re)insurance vehicles including all aspects of corporate governance, regulation, product development, distribution and exit strategies for start ups, branches, agencies, captives, mutuals, special purpose vehicles and intermediaries.

Nicole Blanche Geurin joined Towers Watson in the fall of 2006 with over ten years of legal and regulatory experience primarily in insurance and reinsurance contracts and claims. She is responsible for managing the contracts and claims operations within North America and providing collections support for all Towers Watson clients, with special attention to the more reticent markets and those clients with escalating disputes. As the SVP of the Contract Analysis and Support Team (“CAST”) she assists with reinsurance and service contract drafting and wording discussions for all lines of property and casualty and life and health business ceded through the reinsurance brokerage operations.

Jens Juul is based in Bermuda where he is Honorary Consul of Sweden, Bermuda, and a Certified Arbitrator (ARIAS•US). From 1986 he was Managing Director of GTE Re Bermuda, which he left in 1988 to found Scandinavian Re, the pioneering finite risk reinsurer where he was Founding President and CEO until 2002. Since then Jens has been actively involved with a number of reinsurance dispute resolutions and has sat on six reinsurance arbitration panels and provided expert testimony to the US Federal Court.

Hermes Marangos is a partner and Head of International in the London office of Davies Arnold Cooper. He is a well-known international insurance and reinsurance lawyer. He has qualified both as a barrister and solicitor and he has over 20 years’ experience working for leading insurers and reinsurers on high value disputes, particularly in Latin America, the Mediterranean basin and Asia. Within Latin America, he has led teams on major litigation relating to financial institutions, liability, construction/engineering and energy. He also advises clients on regulatory and corporate matters. He is a co-author of a leading textbook on Reinsurance Law, a co-author of the book, War Risks and Terrorism.

Anthony Menzies is a partner in the Commercial Disputes Practice Group of Taylor Wessing in London and a member of the firm’s insurance group. He advises on direct and reinsurance claims and coverage disputes, often with an international element, particularly involving insureds, insurers or reinsurers in the US, Bermuda and the Caribbean. Anthony has acted in some of the highest profile disputes in the insurance market in recent years, as well as numerous claims conducted by way of confidential arbitration. He also advises on the drafting of policy wordings and on settlements and commutations.

Robert Merkin is a Professor of Commercial Law at Southampton University and a consultant at Norton Rose. He has written many books on a variety of subjects and is best known for his books and articles on insurance, reinsurance and related matters. His works include Butler and Merkin on Reinsurance Law (which won the inaugural British Insurance Law Association price in 1986), Colinvaux and Merkin’s Insurance Contract Law, The Law of Motor Insurance (with Jeremy Stuart-Smith QC) and Arbitrtion Law. Professor Merkin is President of the British Insurance Law Association, Vice-President of the International Association of Insurance Law (AIDA) and consultant to the English and Scottish Law Commissions. He sits as an arbitrator.

Eridania Perez is a partner in the New York office of Dewey & LeBoeuf. Eridania practices in the areas of commercial litigation and arbitration, including insurance and reinsurance disputes. She has tried and arbitrated cases involving a wide range of contract disputes, as well as complex fraud and misrepresentation claims, breaches of warranties and representations, stock and asset purchase agreements, and insurance and reinsurance disputes. In addition, she regularly advises non-US companies regarding defense and strategy in potential United States litigation and arbitration proceedings on contract and agency disputes, among others. Eridania has been recognized in Legal 500 US Rankings for the past three years, and has published and presented on various topics.

Julie Pollack is a Senior Vice President and Senior Legal Counsel for Swiss Reinsurance America Corporation, based in Armonk, New York. She is currently the Head of Contracts Management for U.S. P&C Direct Global/National and Speciality, Canada and Latin America business. Prior to assuming that role, she held the position of Associate General Counsel with Swiss Re America.

Deborah Giss Stalker is Deputy General Counsel for ACE, is responsible for the Global Reinsurance transactions (non-contentious reinsurance matters) of the ACE Group. Finally, Deborah acts as General Counsel for both ACE INA Overseas Insurance Company Ltd. and ACE’s protected cell captive operations within the ACE Group. Before moving in-house in 2000, Ms. Stalker was in private practice for 11 years focusing on transactional work in the insurance industry. In 2000, Deborah left outside practice and joined Liberty Mutual Insurance Company in Boston. In 2001, she was promoted to General Counsel of one of Liberty Mutual’s business units – Regional Agency Markets (now known as “Liberty Mutual Agency Markets”) and was responsible for the overall legal matters of this $4.4B business unit.

Katie Tornari is a senior associate in the Insurance and Reinsurance Department at Marshall Diel & Myers. Katie qualified in 2001 at Edwards Angell Palmer & Dodge UK LLP (formerly Kendall Freeman) in London after completing her training with that firm. She works on a range of complex insurance and reinsurance disputes. Katie has significant experience in handling large insurance coverage disputes in arbitration and, in particular, disputes concerning the Bermuda form. She also has extensive experience of arbitrations which have addressed various complex highly contentious London Market issues for both solvent and insolvent reinsurance companies.

Susannah Wakefield is a partner in the London office of Taylor Wessing in insurance and reinsurance litigation and arbitration. She brings her unique background and experience in (re)insurance dispute work, having practised for many years in New York and Bermuda as well as in London. Susie has advised Bermuda, U.S., and London Market insurers and reinsurers in litigation in federal and state courts in New York, in the Supreme Court of Bermuda, in the High Court and in arbitration. She has represented clients in complex, multi-million dollar disputes, including cases with substantive international and multi-jurisdictional aspects. Susie advises on a range of (re)insurance matters, including insurers/reinsurers on complex policy wording reviews, claims involving allegations of fraud, misrepresentation and non-disclosure and much more.

Jan Woloniecki is Senior Counsel and Head of Litigation at Attride-Stirling & Woloniecki in Bermuda where he specializes in complex civil litigation and international commercial arbitration, private international law, insurance, reinsurance and insolvency, banking law and telecommunications law. In addition to his practice as an advocate before the Bermuda courts, he has an extensive international arbitration practice, and has accepted appointments as an arbitrator in international arbitrations (ICC/LCIA) and domestic (Bermudian) arbitrations.

Antony Woodhouse is Partner, Insurance and Reinsurance, Lawrence Graham, London advising insurance and reinsurance companies, Lloyd’s syndicates and intermediaries in litigation, mediation and arbitration. He contributed the chapter on the Bermuda form to The Reference Handbook on the Comprehensive General Liability Policy, published by the American Bar Association in 2010. He has been recognized as a leading insurance lawyer by Intelligent Insurer (2009).

The Fairmont Hamilton Princess

Hamilton, HM CX Bermuda
Tel: +1 441 295 3000 • Fax +1 441 295 2616
Web: Fairmont Hamilton Princess

Among the hibiscus and oleander, on the shores of a picturesque natural harbor, The Fairmont Hamilton Princess Hotel, is an elegant tribute to the old world splendor that is Bermuda. Take a dip in your choice of fresh or saltwater pool or catch the complimentary ferry over to our private Fairmont Beach Club in Southampton.

Accommodation

Falconbury have arranged a preferential rate with the Fairmont Hamilton Princess. In order to take advantage of this please contact the Fairmont Hamilton Princess on +1 441 295 3000, quoting Falconbury and the Reinsurance Contract Wordings and Disputes conference at your earliest convenience to avoid disappointment.

Past delegates’ comments

Some of the comments received by participants on this course:

“Excellent level of detail, v. Knowledgeable presenters, good documentation”

Christina Ouerfelli, Partner Reinsurance Europe Ltd

“Speakers were very confident and knowledgeable”

Simon Pond, Enstar EU Ltd

Main sponsor and advisor

Dewey & LeBoeuf is a full-service law firm providing counsel throughout the Americas, Europe, Russia/CIS, the Middle East, Asia and Africa. With more than 1,100 lawyers in major financial and commercial centers, the firm represents national and global corporations, financial institutions and government agencies in their most complex legal matters. Dewey & LeBoeuf is known for its preeminence in the insurance and reinsurance industry. The firm has distinguished itself through market-leading practice groups in areas such as mergers and acquisitions, complex litigation, intellectual property litigation, white collar and government investigations, international trade, capital markets, structured finance and private equity and tax. The firm has been named “Best Law Firm” for nine consecutive years by the readers of Reactions magazine, and we were also recognized in 2011 by readers of Reactions as the Overall Winner for Insurance Regulatory and the Winner, Litigation and Dispute Management for the US. Dewey & LeBoeuf was also just named 2011 Insurance Law Firm of the Year at the Chambers USA Awards for Excellence Reception. Additionally, we have been ranked “No. 1 in Insurance Transactional and Regulatory in New York” by Chambers USA for the past six years.

For additional information, please visit www.dl.com.

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Client portfolio

Our client portfolio for this course includes the following companies:

Ace Bermuda	Conyers Dill & Pearman BVI	Nationale Borg
Aegis Insurance Service Inc	Cox Hallett Wilkinson	Oil Management Services Ltd
Aeolus Ltd	Crowell & Moring LLP	PartnerRe Ltd
Allied World Assurance Company Ltd	Day Pitney LLP	Platinum Underwriters Holdings Ltd
Alterra Bermuda Ltd	Elementum Advisors, LLC	REcentis Intermediaries, LLC
Amlin Bermuda	Harbor Point Re Ltd	Renaissance Reinsurance
Amlin Bermuda Ltd	Hiscox Insurance Company (Bermuda) Ltd	Sirius International
Anderson Kill & Olick, PC	Horseshoe Insurance Advisors US, LLC	Taylor Wessing
Appleby	Iron-Starr Excess Agency Ltd	The Bank of Bermuda Ltd
Arch Insurance	Ironshore Insurance Ltd	Torus Insurance (Bermuda) Ltd
Arch Reinsurance	Lancashire Insurance Company Ltd	Trott & Duncan
Ariel Holdings Ltd	MS Frontier Re	Validus Holdings Ltd
Aspen Insurance Ltd	Maiden Global Servicing Company, LLC	Veris Consulting LLC
Beazley	Manufacturers P&C Ltd	Walker Sorensen LLP
Blaney McMurtry LLP	Mello Jones Martin	XL Capital Ltd
Colonial Group International	Montpelier Re	XL Re Ltd
Conyers Dill & Pearman	Montpelier Underwriting Services Ltd

Sponsorship opportunities

The Bermuda programme is still being developed and so this is an ideal time to be in at the start of this great opportunity to reach senior decision makers within the international reinsurance industry.

The sponsorship packages we have available are exclusive, flexible and supported by a global direct marketing campaign in print and on-line.

To find out more view our sponsorship page

Ehi Alonge

Sponsorship and Partnerships Manager
Tel: +44 (0)20 7729 6677
For more information contact us now.