In Persimmon Homes Ltd v Great Lakes Reinsurance (UK) Plc 2010 EWHC 1705 (Comm), the High Court ruled that dishonesty on the part of a claimant which has taken out after the event (ATE) insurance can amount to a material non-disclosure such that the insurer may avoid the policy.
On 8 July, the Financial Services Authority (FSA) banned Timothy Higgins, Clifford Felstead and Ralph Brunswick (who were found guilty in June 2008 of conspiring to defraud Markel, QBE and Amalfi Underwriting) from working in regulated financial services.
According to a recent Reuters article, Lloyd's of London, the world's largest insurance market, has said it will comply with sanctions signed into law by President Obama on July 1.
Citing a number of industry executives, Bloomberg recently reported that the Deepwater Horizon rig explosion causing the largest oil spill in U.S. history has prompted a reduction in the placement of insurance coverage for deepwater oil exploration.
On 6 July 2010, Lloyd's issued Market Bulletin Y4408 clarifying the reporting requirements of managing agents who underwrite broker errors and omissions (E&O) insurance.
The Office of the Commissioner of Insurance in Hong Kong has announced that in Q1 of 2010, gross premiums for general (non-life) insurance business grew 16.2 to HK$9.2 billion and net premiums grew 14.4 to HK$6.5 billion compared to Q1 of 2009.
The 2011 Rhode Island state budget, which was enacted as HB 7397A and signed into law June 2, 2010, amends the taxation statutes applicable to surplus lines insurers and the Medical Malpractice Joint Underwriters Association.
The United States District Court for the Northern District of California recently granted in part and denied in part motions to dismiss a class action brought by a class of purchasers of mortgage pass-through certificates.
On April 20, 2010, an explosion on the Deepwater Horizon rig in the Gulf of Mexico touched off a subsurface leak in a BP oil well at the ocean's floor.
In the case of Kris Motor Spares Limited v Fox Williams LLP 2010 EWHC 1008 the High Court was asked to consider whether the successful party's after the event insurance premium was reasonable and as such could be recovered from the other side.