Insurance in Peru
Kennedys, part of the global insurance firm network, continues to flourish in Lima with significant team expansion in 2020. The firm hired aviation and insurance partner Fernando Hurtado de Mendoza from top-ranked Rodrigo, Elías & Medrano – Abogados and high-profile litigator Kodiak Semsch from Osterling Abogados, who joins as senior associate and head of litigation at his new firm. Managing partner and head of the insurance practice Marco Rivera is a market leader and immensely popular with clients for his knowledge and practical approach. The firm acts for a slew of international insurers and reinsurers, and the majority of domestic insurance companies. A talented team of associates include Alonso Barreda, who is particularly experienced in insurance and reinsurance coverage analysis and arbitration.
‘For me it is the best team. They know about insurance coverage and are fast.’
‘They know about coverages and policies. They have experience and are easy to contact.’
‘They are quite capable of answering queries in time and sufficiently. They are very interested in knowing the true meaning of the enquiries made by their clients; they understand them and thereby seek better care.’
‘They are highly educated, responsible and committed to the customer. Outside of this, they are people with a lot of knowledge in the insurance field, and are always in constant personal and professional growth.’
Rimac Seguros y Reaseguros
Pacifico Compañía de Seguros y Reaseguros
AXA XL Catlin
- Acting for Liberty Mutual Insurance Company, Ironshore and Pacífico Compañia de Seguros y Reaseguros, as reinsurers and cedent, in a third party claim filed by Panama’s Open Blue Sea Farm against the insured, VitaPro, arising from a product contamination. At $12.5m, it is the the largest product lability claim filed in Peru to date.
- Acting for Munich Re, Zurich, Helvetia, New India, Allied World Assurance Company (AWAC), SCOR, Houston Specialty Insurance Co and Rimac Seguros y Reaseguros as reinsurers in a $120m claim by insured Southern Copper Corporation regarding damages to mining facilities caused by heavy rain and flooding.
- Continuing to advise Munich Re, Swiss Re, Chaucer, CV Starr, Ironshore, XL Catlin, Faraday Re and Beazley, as reinsurers and cedant, with regard to a $40m claim following the El Niño Costero natural catastrophe, which partially destroyed two hydroelectric stations in January-March 2017 and which remain inoperative.
- Advising PerúPetro in drafting their concession agreement for the exploration and exploitation of oil fields, in relation to the requirements for the insurance policies to be filed by concessionaires.
Osterling Abogados excels in the field, and is the preferred advisor to A-list domestic and foreign insurers and reinsurers, as well as international insurance law firms requiring Peruvian counsel. Its comprehensive offering includes advice on incorporation, underwriting, distribution, claims, regulatory affairs, litigation, arbitration, consumer matters and M&A, and is overseen by pre-eminent insurance lawyer Enrique Ferrando. He is supported by Gabriel Loli, who is making a name for himself in arbitrations in the field of insurance and reinsurance, and construction and engineering. The firm is lead advisor to domestic insurance giant Rimac Seguros y Reaseguros, which it advises on multiple high-value or high-stakes claims including the long-running $30m arbitration against electricity utility Luz del Sur. The firm is also the preferred adviser to the Peruvian Association of Insurance Companies (APESEG).
‘Exceptional handling in insurance issues, reliability and permanent contact are their best features.’
‘The firm has specialised knowledge in insurance law, the insurance market, and arbitration. Recommend Enrique Ferrando for insurance, reinsurance and arbitration; and Gabriel Loli for insurance and arbitration.’
Rimac Seguros y Reaseguros
Asociación Peruana de Empresas de Seguros – APESEG
Arthur J Gallagher (Peru)
Dual Corporate Risks
RGA Reinsurance Company
Mapfre Perú Compañía de Seguros y Reaseguros
Hogan Lovells International
Ohio National Seguros de Vida
Clyde & Co
- Acting for Alicorp in a $14m product liability coverage dispute with insurer Pacifico Seguros.
- Advising Rimac Seguros y Reaseguros on a $30m arbitration with Luz del Sur concerning a Contractors All Risk policy (CAR) entered into by the parties relating to the construction of a hydropower project located in Machu Picchu, Cuzco.
- Defending Rimac Seguros y Reaseguros in a court case filed by Infrassure concerning a CAR policiy wherein the client has rejected the reinsurance cover. Value of claim: $7.5m
- Successfully advised APESEG, the Peruvian Association of Insurance Companies in lobbying for a reversal of a regulation made by the Peruvian insurance regulator, SBS, relating to the validity of ‘claim made’ clauses included in liability policies.
Miranda & Amado
An experienced team at full-service heavyweight Miranda & Amado focuses on the regulatory, corporate and tax aspects of the industry, acting for a number of leading insurance and reinsurance companies in this regard. They include RIMAC Seguros, La Positiva Seguros y Reaseguros and Munich Re, as well as a number of banking companies seeking advice in bancassurance-related matters. At the helm is banking and insurance regulatory partner Rafael Corzo, who is highly regarded in the market and is client partner to RIMAC. Counsel Eduardo Wiese is another key adviser, while former partner Anahi Com has moved in-house to mining company Volcán Compañía Minera.
‘Good knowledge of client’s needs and business interests as well as good knowledge of the client’s industry.’
‘Very responsive and very good quality.’
Peruvian Association of Insurance Companies (APESEG)
La Positiva Seguros y Reaseguros
Pacífico Compañía de Seguros y Reaseguros
Banco Ripley Perú
AVLA Perú Compañía de Seguros
Intercorp Financial Services and Interseguro Compañía de Seguros
Fondo de Seguro de Depósito del Perú (Peruvian FDIC)
- Advising Munich Re on the structuring of a reinsurance operation to cover certain risks by a local insurance company, where the insured is an important fishing company.
- Acting for the shareholders of La Positiva Seguros y Reaseguros on the sale of a majority stake in the company and its subsidiaries.
- Acting for AVLA Perú Compañía de Seguros on an ongoing basis regarding insurance, tax and corporate regulations, including advice on insurance distribution agreements, insurance policies relating to a mine closure plan and transactions with related parties, for example.
Jesús Matos leads an active and experienced insurance practice at Estudio Olaechea, advising a raft of insurance brokers, agents, insurers, reinsurers, claims adjusters and other market participants from a variety of sectors. This is a key area of focus for the firm, and consequently, it boasts 'lawyers with international expertise and knowledge of the issues’. Among some impressive clients are Swiss Re, Marsh Rehder Corredores de Seguros, AXA and ABN Amro Life, while instructions include representing an international insurer on possible expansion in Peru. Matos leads a team of four associates, including Paloma Mufarech, noted for her experience in a wide range of insurance matters, including corporate support.
‘Estudio Olaechea is a cohesive, sharp team and they really work as a team. They frequently consult each other.’
‘They always check their advice, which is not common in other teams. There is in many firms a tendency to show what they know about the subject, but this team is prudent and concise, an unusual characteristic. I work with Jesús Matos, one of the partners, and I think he is a promoter of this characteristic. They are lawyers with international expertise and knowledge of the issues. Finally, the treatment of their clients and the warmth and support stand out in their business relationships.’
Marsh Rehder Corredores de Seguros
Caterpillar Leasing Chile / Caterpillar International Services del Perú
COFACE – Compagnie Française d’Assurance pour le Commerce Extérieur
ABN Amro Life
Rigel Peru Compañia de Seguros de Vida
American International Group (AIG)
Starstone Insurance Limited
Westport Insurance Corporation
- Acting for a port operator in an insurance claim regarding the loss of a container.
- Acting for a global insurer on coporate business matters in Peru, as well as ongoing regulatory insurance and reinsurance issues.
- Advising a retail chain on their day-to-day insurance requirements.
Rodrigo, Elías & Medrano – Abogados has enjoyed a leading reputation in the field, attracting work of the highest level particularly from international reinsurers. In this regard, it acts for some of the biggest names in the industry, and is also a favourite among leading London-based insurance law firms requiring Peruvian advice. However, the firm's head of practice, the 'brilliant’ Jorge Velarde, stepped down from the helm in early 2020, and while he continues to do some billable work, has semi-retired from practice. In addition, his second-in-command, star associate Fernando Hurtado de Mendoza, moved to rival Kennedys in April 2020, taking partnership there. Hurtado de Mendoza has niche expertise in aviation insurance, and was largely responsible for the firm's reputation and client base in this sphere. The versatile Guillermo Puelles has currently assumed leadership of the practice.
- Advising an international insurance company on a set of complex contractual and regulatory matters for its operations in Peru in relation to the management of collective insurance policies; and also advising on the design of a structure to perform the transfer of a portfolio consisting of one of its main insurance products.
- Working alongside a UK-based insurance law firm in representing significant reinsurers in respect of claims relating to a major travel disaster in Peru.
- Acting for a global property and casualty reinsurer in respect of a claim brought by an oil company regarding its transportation policy.
Estudio Echecopar member firm of Baker McKenzie International
Estudio Echecopar member firm of Baker McKenzie International acts for both insurers and the insured in regulatory, corporate and claims, including assisting local and foreign investors in setting up new insurance business in Peru. The versatile Rafael Picasso heads the practice, and is leading advice to Compañía de Seguros de Vida Cámara on its acquisition of the death, disability and funeral insurance business of Rigel Perú Compañía de Seguros, the first deal of its kind in Peru. Associate Luis Ernesto Marin assists on the majority of matters.
Compañía de Seguros de Vida Cámara
Willis Corredores de Seguros
Zurich Insurance Company
Asociación Peruana de Empresas de Seguros (APESEG)
- Acted for life insurance company Compañía de Seguros de Vida Cámara on its acquisition of the death, disability and funeral insurance business of Rigel Perú Compañía de Seguros.
- Lead adviser to Willis Limited in connection with its activities as a foreign reinsurance broker in Peru.
Quiroga & Barton Abogados is an insurance boutique with an experienced team of insurance specialists and litigators who handle a broad range of regulatory and transactional matters alongside claims. It stands out for its specialisation in acting for brokers, loss adjusters and the insured. Of note is the firm's expertise in marine matters, but it also advises on energy, mining, construction, civil liability and health claims. Manuel Quiroga Suito heads the practice and leads on the majority of key matters. He is assisted by Víctor Custodio Burga who specialises in civil liability insurance and construction risks.
‘The team’s experience sets them apart from other law firms.’
‘They have the advantage of having port maritime experts on their staff, which gives them a very considerable competitive advantage. I would recommend Manuel Quiroga Suito.’
‘From my perspective, I see a united team of excellent professionals who can match any lawyer or teams from other important firms in the country.’
‘Their speciality in insurance and the good, efficient treatment of clients are their best points. They provide creative solutions but at the same time take care of the client’s interests.’
Aon Peru Corredores de Seguros
Aon Benfield Corredores de Reaseguros
Willis Corredores de Seguros (Willis Towers Watson)
JLT Corredores de Seguros
JLT Corredores de Reaseguros
Marsh Rehder Corredores de Seguros
Consejeros & Corredores de Seguros
America Brokers Corredores de Seguros (Banco Pichincha in-house brokers)
Charles Taylor Adjusting
RTS International Loss Adjusters
- Acting for AIG Property Casualty (UK) in a $4.7m claim brought by the Peruvian Navy against a port operator (the insured), regarding damage caused to a helicopter (as cargo) while unloading it from a vessel.
- Acting for a hydroelectric power generation company in a $41m claim against a local insurer for damages caused to a hydroelectric power plant by the El Niño floods and landslides.
Rodríguez Angobaldo Abogados is a dispute resolution boutique with niche expertise in the insurance sector under partner Alvaro Bonilla, assisted by very experienced litigator and arbitrator Fernando Rodríguez-Angobaldo. Cases include some key matters interpreting insurance contract law, as well as coverage disputes in high-value claims on behalf leading domestic insurance companies such as Rimac Seguros y Reaseguros, La Positiva and Pacifico EPS. The firm's large caseload also includes representation of insured parties, although to a lesser degree. However, since publication, Bonilla has departed the firm.
Rimac Seguros y Reaseguros
- Defending Pacífico EPS in arbitiration over its coverage of Clínica Internacional, regarding a professional negligence claim seeking $100,000 damages.
- Acting for Rimac Seguros y Reaseguros in judicial proceedings regarding its coverage of Peruvian industrial company where a storage facility collapsed.