Reinsurance in UK Law
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The Construction of Terms of Facultative Reinsurance Contracts: is Wasa v Lexington the Exception or the Rule?
Do reinsurers insure the liability faced by the reinsured under its original insurance contract? Where the reinsurance and direct insurance policies are written in identical terms, is it enough for...
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Handling conflicts of interest within financial innovation. The case of regulation and supervision of Bermuda sidecars
Purpose: The purpose of this paper is to describe the experience of a financial services regulator, the Bermuda Monetary Authority (BMA), in identifying and dealing with conflicts of interest in in...... ... in different financial sectors.For example, the past 12 years have witnessed a steady growth in cross-sectoral risktransfer between reinsurance and capital markets (Cummins, 2008). Novel , and morecomplex, inter-relations have a wide variety of consequences. On the one hand, forexample, they ... ...
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Managing Risk as a Duality of Harm and Benefit: A Study of Organizational Risk Objects in the Global Insurance Industry
This study examines how organizations construct and manage risk objects as a duality of harm–benefit within their normal operations. It moves beyond the existing focus on accidents, disasters and c...... ... navigate the tension of retaining risk in their insurance portfolio to increasethe benefit of making profit and transferring risk to reinsurance to reduce the harm of paying claims. We showthat organizations’ constructions of risk are underpinned by everydayrisk man- agement practices of ... ...
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Risk, insurance and small farm credit in developing countries: A policy proposal
Lending to small farmers is often too risky for commercial banks; consequently extremely high interest rates have to be paid. Agricultural development banks go some way towards solving the problem....... ... The practical problems of implementation are considered and deemed surmountable by reinsurance and graduated premiums. THE PROBLEM It is a truth universally acknowledged that credit markets in underdeveloped rural areas ... ...
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Comment on the Decision of the House of Lords in Wasa International Insurance Co Ltd v Lexington Insurance Co [2009] UKHL 40
... ... Co1 hereinafter called “Wasa v Lexington”, in which arose disputes regarding which law would be applied to the interpretation of the reinsurance contract, where the primary insurance and facultative proportional reinsurance, with an “as original” clause, were governed by different law ... ...
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Fast Frenz first.
...Tobias Frenz is the first person to be awarded the CIMA certificate in Islamic finance. Frenz who is (pictured), of the family reinsurance business at Munich Re Retakaful in Malaysia, is German and a non-Muslim. But his job involves working closely with Malaysia's sharia advisory board, ... ...
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Mazars.
... ... He specialises in corporate tax for UK and international businesses in the broking, general insurance, reinsurance and captive insurance market ... ...
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Testing Times for Lloyd's Auditors: Expert Accountants Step in
In recent years, claims resulting from asbestosis and pollution have resulted in enormous losses by many Lloyd's syndicates. Actions by groups of Lloyd's Names alleging negligence against underwrit...... ... do this, the syndicate reinsures its outstanding risks, often with the same syndicate in the next year of account, by means of a type of reinsurance premium, known as 'reinsur-ance to close'. But in some cases it may be impos-sible to assess the outstanding risk and hence the reinsurance to close ... ...
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Insurance Law
... ... Conclusion 102 ... INTRODUCTION ... 5.1 The Bermuda insurance market came into existence primarily to meet the insurance and reinsurance needs of the United States. Bermuda has developed a regulatory system which involves a high degree of cooperation between insurance companies and ... ...
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Adjustment or Voice? Corporate Responses to International Tax Competition
International tax competition may result in uneven tax burdens among firms competing in the same market. Disadvantaged firms can respond with market-based strategies (...... ... out of Bermuda did not compete on a significant scale with US insurance firms in their home market because they concentrated mainly on reinsurance. Reinsurance is only a rather small par t of the total US insurance market. In the 1990s, reinsurance firms located in Bermuda were able to ... ...
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