The Legal 500

United Kingdom > London > Insurance > Overview

Editorial sections

Other

All countries

The corporate insurance sector has been dominated by the forthcoming implementation of the Solvency II directive, which is now expected in January 2014 and will introduce a harmonised, EU-wide regulatory regime. Insurers have been preparing by carrying out significant internal and external restructuring. Some have focused on reducing the capital they hold, while for others it has been a question of focusing on their core business and reducing the number of product lines they offer, and the number of underwriters they have. In some cases insurers have been disposing of their general insurance business in its entirety. The market has accordingly seen an increase in mergers and acquisitions, and Part VII transfers, as insurers consolidate or divest.

In addition to the Solvency II regulatory capital requirements, the eurozone crisis and the Gender Directive are also prompting clients to seek regulatory advice, and are adding a further regulatory dimension to transactions. With the insurance market increasingly global, multi-jurisdictional deals have been on the rise, playing to the strengths of law firms able to provide co-ordinated international input on deals.

On the litigation side, firms have remained busy both in insurance and reinsurance disputes. The swathe of natural disasters in 2011 had a significant impact on the London market, with disasters such as the floods in Thailand, the earthquakes in New Zealand and Japan, and the more recent Costa Concordia disaster leading to a raft of claims; the latter, for instance, has affected more then 30 insurers.

In clinical negligence, the withdrawal of legal aid for almost all new clinical negligence claims, and the reforms in respect of CFAs, have caused considerable financial uncertainty for claimant clinical negligence firms. Professional negligence remains a buoyant area, with lawyers particularly busy in construction and PFT claims. Product liability was a hot media topic; the PIP breast implant scandal has been generating work for many firms, while other notable matters included continued battles over ‘metal on metal’ hip replacements and the Northwick Park Hospital drug trials, as well as ongoing tobacco and pharmaceuticals litigation.

On the law firm merger front, November 2011 saw two very significant amalgamations for the sector, in the form of Clyde & Co LLP’s merger with Barlow Lyde & Gilbert LLP, creating the largest insurance firm in the UK; and Beachcroft LLP’s tie-up with Davies Arnold Cooper LLP, to form DAC Beachcroft LLP.

Search News and Articles

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in London for Overview

Legal Developments in the UK

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

Press Releases in the UK

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
© 2013 www.legal500.com