As the risks insurers and reinsurers grapple with become more complex, the industry needs more specialist legal help. Intelligent Insurer speaks to the team at law firm Patton Boggs about how they see the industry changing.
The re/insurance industry is becoming ever more global and the risks it covers increasingly complex in their nature. As such, the role of specialist lawyers able to understand and advise on such specific issues is also becoming more important.
Lawyers at the international law firm Patton Boggs have advised insurers and reinsurers for 30 years on a range of complex disputes involving regulatory, legal and coverage issues. Larry Schiffer, a partner in the firm, who specialises in insurance and reinsurance disputes, says the legal requirements of the industry are changing fast.
“Reinsurance disputes rarely end up in full litigation these days, as parties prefer to settle disputes out of court or through arbitration,” says Schiffer. “The use of specialist external legal counsel can be crucial, however, in helping businesses to understand the strength of their legal position—and thus to decide on how aggressively they might negotiate out of court.”
Reinsurance, Insurance, Legal, Patton Boggs, Insurance disputes, Lines of business, Run-Off