Insurance Law

Sharia-compliant insurance underwriting has potential for growth in Western market

By Legal Week | June 6, 2013

In May, Cobalt Insurance Holdings launched the world's first sharia-compliant managing general agent, Cobalt Underwriting Services. The London-based entity will, among other things, underwrite a variety of global risks on behalf of major insurance companies interested in offering sharia-compliant insurance and reinsurance through the London market. Sharia-compliant (or Islamic) insurance – widely known as takaful – has existed in one form or another for more than 1,000 years. However, it is only in the past four decades that it has experienced real momentum. The catalyst for the growth of the industry was the ruling in 1985 by the Islamic Fiqh Academy in Saudi Arabia that conventional insurance policies were haram (forbidden) according to sharia law, but that an alternative policy conforming to the principles of Islamic dealings founded on the basis of charity and co-operation was permissible.

1 minute read

Compare the Market owner acquires £100m firm in major UK legal takeover

By Gerard Starkey | May 31, 2013

Claims firm Minster Law has been acquired by insurance business BGL Group - the owners of comparethemarket.com - in a deal which marks the largest outright sale of a UK law firm to date. The deal was made possible after Minster, which has annual fee income of £107m, received approval from the Solicitors Regulation Authority (SRA) to convert to an alternative business structure (ABS).

1 minute read

Kennedys to merge with aviation firm Gates and Partners

By Anna Reynolds | May 31, 2013

Kennedys is to merge with specialist aviation and aerospace law firm, Gates and Partners from tomorrow (1 June) after partners at both firms approved the tie-up. The union, under the Kennedys banner, will allow Kennedys to provide full legal advice to the the aviation sector and will strengthen its aviation and liability offering to its insurance and reinsurance clients.

1 minute read

Brick Court secures global mediation capacity

By Anna Reynolds | May 16, 2013

Brick Court Chambers has secured its first major international mediation capacity through an alliance with leading New Zealand mediator Geoff Sharp. Sharp is one of three new door tenancies secured by the London set, alongside Scotland-based John Sturrock QC and Fidelma Macken in the Republic of Ireland. He will remain a member of Clifton Chambers in Wellington, and is admitted to practise as a barrister in New Zealand, as well as being an accredited mediator in Australia.

1 minute read

Slaters and Parabis drive further consolidation in UK personal insurance market with merger spree

By Gerard Starkey | May 9, 2013

Slater & Gordon and Parabis have both unveiled major plans for UK expansion this week, in the latest examples of consolidation in the tightly fought UK personal insurance (PI) market. Australia-listed Slaters, which last year entered the UK through the £53.8m takeover of Russell Jones & Walker (RJW), is set to continue its push into the market with the proposed A$35.5m (£23.4m) triple acquisition of UK firms Simpson Millar, Goodmans Law and the PI practice of Taylor Vinters. Slaters has agreed terms on the three purchases, with the deals expected to be completed between August and December, while the firm is also expecting to make further acquisitions over the next six to 18 months.

1 minute read

Slater & Gordon in UK takeover triple as listed firm plans $64m raising

By Gerard Starkey | May 7, 2013

Slater & Gordon is set to continue its push into the UK market with the proposed $35.5m (£23.3m) triple acquisition of personal injury (PI) law firms Simpson Millar, Goodmans Law and the PI arm of Taylor Vinters.

1 minute read

Plexus and Greenwoods in £90m tie-up as Parabis kickstarts post-PE growth

By Gerard Starkey | May 7, 2013

Plexus Law is to merge with insurance dispute resolution firm Greenwoods in a deal that will create a £90m defendant insurance litigation business. Plexus is part of the Parabis Group, which last year sold a majority stake in its business to private equity house Duke Street, handing it a war chest of around £50m to fund ambitious expansion plans.

1 minute read

Clydes gets go-ahead to launch in Beijing as global growth continues

By Elizabeth Broomhall in Hong Kong | May 6, 2013

Clyde & Co has become the latest international firm to secure a licence to open in Beijing, and is set to launch its office in the coming months. The UK outfit applied for a licence in the Chinese capital at the beginning of last year, in the hopes of tapping the outbound investment market driven by state-owned enterprises.

1 minute read

Aviva kicks off tender for new panels; magic circle duo take top-level roles

By Alex Newman | May 2, 2013

Aviva has launched a major review of its external legal advisers that will see the insurance giant create its first group global and UK legal panels. Aviva's overall head of legal and company secretary Kirsty Cooper (pictured) and Aviva group general counsel Monica Risam are leading the review, with around 25 firms invited to pitch for places when tender documents were sent out three weeks ago.

1 minute read

Irwin Mitchell and Holman Fenwick announce expanded partner rounds

By Anna Reynolds | April 17, 2013

Irwin Mitchell and Holman Fenwick Willan have both unveiled significantly expanded partnership rounds for 2013, with Irwin Mitchell's 13 promotions including four non-lawyers. The quartet have been promoted to the rank of associate director - a role equivalent to partner at Irwin Mitchell. The are: Manchester-based head of talent and resourcing Janet Sandford, head of group communications Mark Duffell, and two members of the firm's operations team - David Robinson in the motor department and Danny Varhalamas in the private client legal services team.

1 minute read

Daily Business Review

Insurance Woes: Fla. Legislators Address Crisis but Court May Stall Progress

By Whitney Dutton | July 7, 2022

Florida legislators stepped up to address the homeowners' insurance crisis by cranking out an insurance reform bill at the last-minute special session called by the governor. But despite the progress, the court may declare the law void, because of a constitutional challenge filed by a contractors group.

5 minute read

New Jersey Law Journal

NJ Appeals Court: Pandemic Shutdowns Don't Excuse Construction Company From Settlement Obligation

By Colleen Murphy | July 5, 2022

Finding that pandemic shutdowns did not create circumstances warranting application of the "doctrine of impossibility," the Appellate Division has refused to let a construction company out of a settlement agreement reached with its insurer over unpaid workers' compensation premiums as a result of misclassifying workers and understating payroll.

4 minute read

Daily Business Review

Courts Across the Country Say Physical Damages Are Required to Trigger Business Interruption Claims

By Brett Carey | July 5, 2022

Much has changed in the last two years. The proliferation of vaccines and new, life-saving treatments has allowed the world to emerge from the pandemic. In addition, courts are now overwhelmingly finding that COVID-19 business interruption claims are not covered, reasoning that "direct physical loss" means something more than economic loss.

5 minute read

New York Law Journal

Professional Liability Insurance Policy Covers Criminal Defense of Indicted 'Lottery Lawyer,' Judge Rules

By Jane Wester | July 1, 2022

Jason Kurland, a former partner at Rivkin Radler who represented the winners of lottery jackpots, had a professional liability insurance policy through Fireman's Fund Insurance Co.

3 minute read

Law.com

Law.com Litigation Trendspotter: Hope Dims—but Persists—for Plaintiffs in COVID-19 Business Interruption Cases

By Zack Needles | June 30, 2022

In recent weeks, insurance companies have racked up even more wins in business interruption cases. But earlier this month, a state appellate court broke rank, providing a potential avenue to victory for some policyholders even as so many others have proven to be dead ends.

5 minute read

New York Law Journal

The Anti-Kickback Statute's Role in Health Insurance Fraud Cases

By Michael A. Sirignano | June 30, 2022

The AKS and FCA are two of the most important federal fraud and abuse laws applicable in the health care context and, when acting in tandem, their power is multiplied.

10 minute read

New York Law Journal

Bad Faith Claims Against Insurers

By Alan W. Clark | June 29, 2022

It is readily apparent that proving bad faith against an insurer for failure to settle within the policy limits is very difficult, especially in medical malpractice cases where there are usually opposing experts for each side raising questions about the defendant's liability.

14 minute read

The Legal Intelligencer

Pa. Supreme Court Eyes Invalidating Regular Use Exclusion in UM/UIM Auto Policies

By Max Mitchell | June 28, 2022

In an October ruling, a three-judge Superior Court panel found that the regular use exclusion violated the clear language of the MVFLR.

4 minute read

Daily Business Review

Review Commercial Contracts and Insurance Policies Ahead of Hurricane Season

By Philippe Lieberman and Marko Cerenko | June 28, 2022

Having a clear understanding of each party's obligations and ensuring compliance before the storm is the best way to try to avoid the potential legal and monetary pitfalls from a storm.

5 minute read

Daily Business Review

Citizens Insurance Faces Hefty Legal Costs

By Jim Saunders | June 24, 2022

Citizens has seen massive growth in its number of policies during the past two years, which results in needing to defend more lawsuits.

3 minute read