This award will recognise an insurance team that has handled innovative work and has attracted the most impressive instructions of the year in this constantly changing sector. Judges welcome submissions highlighting one example taken from a variety of work, including standout transactions, disputes and arbitration, as well as regulatory issues.
2016 WINNER: Eversheds
With flooding in the UK dominating the news agenda for large parts of the year, Eversheds' work advising the Association of British Insurers on a not-for-profit scheme between the government and the insurance industry was crucial. The Flood Re scheme has the power to call on a £180m industry-wide levy every year.
2015 was a strong year for this insurance-focused firm, which broke through the £100m revenue barrier after expanding its presence UK-wide. The appointment of former Law Commissioner David Hertzell, who has been a leading voice on insurance contract reform, as a consultant has added gravitas to its already strong bench.
DWF represented Zurich Insurance in a landmark Supreme Court case against International Energy Group, which created new equitable rights contributions relating to policy coverage. This affects how mesothelioma claims are settled with serious financial implications for insurers.
HERBERT SMITH FREEHILLS
Maddock’s team advised Royal London over a seven-year period to help secure the future of its mutual business model. The firm developed a new ‘with profits’ life insurance product, which was cleared by regulators the FCA and PRA in January 2016.
NORTON ROSE FULBRIGHT
Acted for Merchant Navy Officers' Pension Fund on the creation of a £1.5bn longevity reinsurance arrangement with Pacific Life Re. Ross’ team devised a scheme that is likely to be adopted by others as by using a trustee-owner cell insurer, the hedging becomes more affordable.
RPC advised Colliers International in its significant dispute with insurer Titan and managed to get a €32m ruling against its client overturned in the Court of Appeal. The case centred on who had the right to sue over a property valuation, setting a precedent for disputes involving properties sold to securitisation vehicles.