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The Law of Reinsurance in England and Bermuda, 5th Edition (Mainwork + 1st Supplement)

The Law of Reinsurance in England and Bermuda, 5th Edition (Mainwork + 1st Supplement)

Author: Terry O'Neill; Jan Woloniecki
Publisher: Sweet & Maxwell U.K.
ISBN: 9780414101999
Published In: November 2021
Format: Hardback + Paperback
Jurisdiction: Bermuda, U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

List Price: HKD 6,900.00

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Description
Contents
Author

Details
The Law of Reinsurance has established itself as the definitive guide on reinsurance law and practice in England and Bermuda.

This title not only addresses the core principles of reinsurance contracts and regulation but also relevant areas of agency law and dispute resolution procedure. It is relied upon as comprehensive and trusted text that continues to clarify a complex area of law.

The 5th edition of The Law of Reinsurance has undergone a major revision:
- Chapter 3 addresses another attempt by the Supreme Court to restate the law on the interpretation of contracts.
- The discussion on good faith, the duty of fair presentation, warranties and other terms in Chapter 6 has been revised as an integrated commentary of the Insurance Act 2015 (for England) and the pre-Insurance Act 2015 (for Bermuda).
- Chapter 8 has been updated with sections on mortality and longevity risks and insurance linked securities.
- Chapter 9 has been extensively re-written to restate the law on attribution of knowledge and ex turpi causa and its impact on the rights of (re)insurers and third parties.
- Chapter 14 on reinsurance arbitration looks at new developments concerning the appointment of arbitrators and their duties of independence and confidentiality.
- Chapter 15 includes forecasts about the regulatory regime post-Brexit.
This book continues to provide the most comprehensive guidance on reinsurance law and practice in England and Bermuda:
- Covers the distinct areas of reinsurance contracts, disputes, and regulation.
- Looks at the legal definition of reinsurance and outlines basic concepts and terminology.
- Examines the nature and purpose of reinsurance transactions.
- Explains the formation of reinsurance contracts and general principles such as offer and acceptance, consideration, variation, and termination.
- Addresses the interpretation of reinsurance contracts and their relationship with original insurance contracts.
- Discusses market practice in Bermuda and The Bermuda Form
- Detailed coverage of the reinsurer’s obligation to pay claims looking at liability, coverage, reinsurer’s rights, and “follow the settlements” clauses.
- Outlines defences to deny liability such as non-disclosure, misrepresentation, and warranties.
- Covers financial reinsurance and alternative risk transfer.
- Goes through the principles of the law of agency and the legal duty of intermediaries.
- Explains reinsurance disputes and conflict of laws.
- Includes litigation and arbitration procedural issues, comparing Bermuda arbitration law and the UNCITRAL Model Law.
PART I: The Nature of Reinsurance Transactions

1: Nature Terminology and Definition of Reinsurance
1. Nature and Purpose of Reinsurance
2. Outline of Reinsurance Terminology
3. Sources of Reinsurance Law
4. Legal Definition of Reinsurance

2: Introduction to the Reinsurance Market
1. Reinsurance in Historical Perspective
2. Lloyd’s and the London Market
3. Captives and the Bermuda Market

PART II: General Principles of Reinsurance Contract Law

3: Formation of the Reinsurance Contract
1. London Market Practice
2. General Contractual Principles
3. The Reinsurance Slip and the Leading Underwriter
4. Bermuda Market Practice
5. Summary

4: The Relationship Between the Reinsurance Contract and Original Insurance Contracts
1. Reinsurance upon the same terms as original insurance
2. Non-proportional Insurance
3. The Interpretation of Reinsurance Contracts
4. Summary

5: The Reinsurer’s Obligation to Pay Claims met by the Reinsured – Follow the Settlements – The Rights of the Reinsurer
1. Follow the Fortunes/Follow the Settlements Clauses
2. The Nature and Extent of the Reinsurer’s Liability
3. The Reinsurer’s Rights Against the Reinsured

6: The Reinsurer’s Grounds for Denying Liability
1. Misrepresentation and Non-disclosure
2. Miscellaneous Breaches of Warranty
3. Summary

7: Some Legal Aspects of Particular Types of Reinsurance Contract
1. Marine Reinsurance
2. Proportional Reinsurance
3. Non-proportional Reinsurance

8: Financial Reinsurance and Alternative Risk Transfer
1. Nature, History and Definition of Financial Reinsurance
2. The Legal Consequences of Financial Reinsurance
3. Alternative Risk Transfer

PART III: Reinsurance Intermediaries and the Law of Agency

9: The Legal Nature and Duties and of Intermediaries
1. Outline of the Law of Agency
2. The Broker/Intermediary as Agent of the Reinsured
3. Legal Duties of Intermediaries
4. Regulation of Intermediaries
5. Summary

10: Binding Authorities, Underwriting Agents and Pools
1. Underwriting Agents and Binding Authorities
2. Pools and Fronting
3. Agency Issues at Lloyd’s
4. Summary

11: Reinsurance Intermediaries’ (Brokers’) Accounts – Theory, Law and Practice
1. Theoretical Perspective
2. Market Practices
3. Legal Problems of Funding and Set-Off
4. Summary

PART IV: Reinsurance Disputes and the Conflict of Laws

12: Choice of Law in Reinsurance Transactions
1. The Law Governing Reinsurance Agreements
2. Reinsurance Intermediaries and the Conflict of Laws

13: Reinsurance Litigation
1. Introduction
2. Jurisdiction and Enforcement of Foreign Judgments
3. Miscellaneous Procedural Issues
4. Limitation of Actions

14: Reinsurance Arbitration
1. Outline of English Arbitration Law and Practice
2. Outline of Bermuda Arbitration Law and the UNCITRAL Model Law
3. Special Problems relating to Reinsurance Arbitration
4. Arbitration and the Conflict of Laws

PART V: Reinsurance Regulation and Insolvency

15: Solvency Regulation and Protection of the Reinsured’s Security
1. Regulation in the United Kingdom and Bermuda
2. Letters of Credit and Other Forms of Security
3. Assessment of Pre-Emptive Action

16: Reinsurance Run-Off and the Prospect of Insolvency
1. Some Legal Problems of Reinsurance Run-Off
2. Liability of Directors, Officers and Advisors
3. Liability of Shareholders/Members

17: Insolvency Procedures I: Overview, Winding Up and International Recognition
1. Introduction
2. Winding-Up Petitions
3. Some Legal Problems of Reinsurance Liquidations
4. International Recognition and Judicial Co-operation

18: Insolvency Procedures II: Administration, Schemes of Arrangement and Transfers of Business
1. Introduction
2. Types of Scheme
3. Proposals for Reform
Terry O’Neill

Terry O’Neill spent 27 years as a partner at Clifford Chance, stepping down in 2007, but retains his links with the firm as a consultant in its insurance and reinsurance practice. He is a non-executive director of Arthur J Gallagher (UK) Limited, a Lloyd`s broker, and of Montpelier Underwriting Agencies Limited, a Lloyd`s syndicate managing agent.

Jan Woloniecki

Jan Woloniecki is Senior Counsel and Head of Litigation at Attride-Stirling & Woloniecki in Bermuda. He is a barrister of England & Wales at Gray`s Inn and a barrister and attorney of Bermuda. Jan is also a Fellow of the Chartered Institute of Arbitrators and a member of the London Court of International Arbitration, and has sat as an arbitrator on several occasions.