This event will be held at The Old Library, Lloyd’s Of London, One Lime Street, London, EC3M 7HA

on the 22 November 2023, 2.00pm – 5.30pm. To be followed by drinks.

A conference looking at AI and cryptoassets, and their relation to insurance.

PROGRAMME

Opening Address by BILA’s President, Rt Hon Sir Julian Flaux, Chancellor of the High Court

Panel: Artificial Intelligence, chaired by Özlem Gürses (Professor of Commercial Law, King’s College London)

with:

Tim LaTulippe (Director for UK and EEA, iDiscovery Solutions)

Luc Bigel (Partner, DLA Piper, Paris)

Baris Soyer (Professor of Commercial and Maritime Law, Swansea University)

Ben Lynch KC (Fountain Court)

Panel: Cryptoassets, chaired by Dr Katie Richards (Lecturer in Law, University of Bristol)

with:

James Davey (Professor of Law, University of Bristol)

Brendan McGurk (Barrister, Monckton Chambers, author of “Financial Services Law and Distributed Ledger Technology: Regulating Cryptoassets and Decentralised Finance”)

Charles Randell CBE (Senior Consultant, Slaughter and May. Chair of the Financial Conduct Authority 2018 to 2022)

Drinks

Please remember to bring along your photo ID (Driving Licence, Passport, Work ID with company logo and full name) when collecting your Lloyd’s passes.

Pictures or photocopies of IDs are not accepted as proof of ID

Booking for this event is now closed.

The winners of this year’s BILA Book prize and BILA Article prize will be announced and we hope you will join us in congratulating them.

Summary: On October 10, the United States Supreme Court heard oral argument in Great Lakes Insurance SE v. Raiders Retreat Realty Co., LLC, a marine insurance case addressing the standards for the enforceability of choice-of-law clauses in policies.  The Court will presumably announce its decision sometime before the end of its current term next June, making this the Court’s first marine insurance decision since Wilburn Boat Co. v. Fireman’s Fund Insurance Co. in 1955.  In Wilburn Boat, the Court created endless confusion on the choice-of-law issue that has continued for decades.  Prof. Sturley will discuss the issues before the Court in Great Lakes v. Raiders Retreat, explain what has happened so far in the litigation (including the oral argument at the Supreme Court), and make some predictions about what may happen next.

Bio: Prof. Michael Sturley holds a chair at the University of Texas Law School, where he teaches maritime law and co-directs the Supreme Court Clinic.  He is active in the Comité Maritime International and the Maritime Law Association of the United States.  He has law degrees from Yale and Oxford.  Prior to joining the Texas faculty, Prof. Sturley practised in New York with Sullivan & Cromwell and was a law clerk for Justice Lewis F. Powell at the US Supreme Court.

Booking for this event has now closed however Lloyd’s pass holders are welcome to attend on the day.

Please join BILA YP for their 2023 Winter Social to enjoy traditional casino games and informal networking in a relaxed and friendly atmosphere. No previous experience required!

Drinks and canapes will be provided.

Date and Time: Thursday 9 November 2023 17:30 – 21:00

Location: 20th Floor 20 Fenchurch Street EC3M 3AW

This is a free event but registration is required.

BILA Young Professionals are pleased to invite members to join them for a virtual clay pigeon shoot on Tuesday 8 August 2023.

Time: Arrival: 18.15

Session begins: 18.30

Location: Clay’s City, 55 Moorgate, London EC2R 6LL

Ticket price: £15  (including welcome drink and clay pigeon shooting)

Please note tickets are limited and will be on a first come, first served basis.

This event is now fully booked, if you would like to be added to the waiting list please email office@bila.org.uk

Özlem Gürses is a professor of law at King’s College London. She is the author of Reinsuring Clauses (2010), Marine Insurance Law (3^rd ed 2023), Insurance of Commercial Risks (6^th ed forthcoming)  and numerous articles on insurance and reinsurance law. Özlem sits in the Presidential Council of International Association of Insurance Law (AIDA), and the British Insurance Law Association Committee. She is vice chair of the Reinsurance Working Party of AIDA. Özlem frequently presents her research at international and national conferences, and she teaches insurance, marine insurance and reinsurance law at higher education institutions at home and abroad, including Singapore, Sweden, Germany and China.

Constructive total loss (CTL) is a ‘a legal device for determining the measure of indemnity’ in the form of being ‘a financial equivalent to a total loss’. It is codified under s.60 of the Marine Insurance Act 1906 (MIA 1906) whose origin goes back to losses suffered due, mainly, to the wars in the 18^th and 19^th centuries. Conflict in this period often led to the assured’s loss of possession of insured ships and goods through their capture, seizure and detainment. This then later urged the development of a new concept where the assured could claim for a total loss of the subject matter insured without proof of its actual destruction. The two common circumstances under which this new form of total loss was justified were ‘deprivation of possession’ of the subject matter insured and ‘frustration of the marine adventure’ both of which are pertinent again these days due to the war between Russia and Ukraine, but not always necessarily in the context of marine insurance. This talk will be focusing on the abovementioned circumstances and their link with CTL. It will be guided by the court cases applied to CTL pre-and post- MIA 1906.

Please Register your place here

In this webinar, Jennifer Marshall, Lucy Aconley and Kate McInerney discuss the current insolvency framework for distressed insurers and how that is set to change with the imminent amendments to the Financial Services and Markets Act 2000 and the possible introduction of a bespoke resolution regime.

Jennifer Marshall 

Jennifer is a Partner in our Global Restructuring Group specialising in a wide range of work in commercial, banking, restructuring and insolvency law. She advises generally on issues arising in taking and enforcing of security, structuring transactions to mitigate against the effects of insolvency and cross-border restructuring transactions. A significant part of Jennifer’s practice is the drafting of opinions required by regulators under European legislation concerning the potential impact of the insolvency or resolution of financial institution counterparties.

Jennifer is the chairperson of the Insolvency Subcommittee of the City of London Law Society and a former President of the Insolvency Lawyers Association. She is a member of the Banking Liaison Panel, a working group established by HM to consider bank and investment firm failure.

Lucy Aconley 

Lucy is Counsel in our Global Restructuring Group. She has a diverse practice acting for a broad range of stakeholders in connection with cross-border restructurings and insolvencies, including corporates, directors, insolvency practitioners, banks and other financial institutions and lenders. A large part of Lucy’s practice is the provision of a range of opinions on the potential impact of counterparty insolvency (including the insolvency or resolution of financial institutions) and advice on minimising insolvency risks on various complex transaction structures.

Kate McInerney 

Kate is an insurance partner with extensive transactional and advisory experience in the sector. Kate’s clients include insurers, reinsurers, pension scheme trustees, sponsoring employers and banks. As well as having an outstanding record in longevity de-risking, Kate has worked on some of the most significant M&A transactions in the insurance sector in recent years. Kate was seconded to the UK Financial Services Authority for a year, where she was part of a team advising policy makers on the UK implementation of Solvency II. Kate was awarded ‘Rising Star’ for Corporate at the Euromoney Women in Business Law Awards 2017.

Register your place here

Arguably one of the biggest FCA initiatives in recent times, the fast approaching new Consumer Duty is one of the latest regulatory developments the general insurance sector is grappling with. General insurers as manufacturers play a key role in ensuring good outcomes for ‘retail customers’, but many in the sector are still asking questions such as:

How is this any different from treating customers fairly?

• Aren’t we already compliant because we comply with the FCA’s rules on product oversight and governance introduced in October 2021?

In this session, DLA Piper Insurance Regulatory solicitors Matthew Hunter and Rhea Ingram-Smith will address these questions, and demystify some of the key areas of the Consumer Duty as it will affect general insurers.

Register Your Place Here

Panel Discussion – Inclusion in insurance: the power of authenticity

Location: DLA Piper LLP, 160 Aldersgate St, Barbican, London EC1A 4HT

This is a free event but prior registration is required.

Please join BILA YP and a panel of insurance professionals for a discussion on diversity & inclusion within the insurance industry, with a focus on the importance of empowering individuality and bringing your whole self to work. Hear from the Panel on how the London insurance market can secure its future as the world’s leading insurance market by supporting individuality and promoting a diversity of talent.

Following a structured panel discussion, there will be time for you to ask your own questions of the panellists in a Q&A session.
Confirmed panellists:

• • • Mark Lomas (Head of Culture, Lloyd’s)
    • Vishal Desai (Chief Risk Officer, MS Amlin)
    • Laura Marcelli (Legal Director, DLA Piper)
    • Brittany Boykin (In-House Counsel – Head of Claims and Underwriting, Brit Insurance)

Timings:
17.45: Registration and welcome drinks
18.30: Panel session
19.30: Networking reception
21.00: Close

Kindly sponsored by DLA Piper

BILA Young Professionals Panel Session - 26 April 2023

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In Stonegate v MS Amlin Butcher J decided preliminary issues in a claim for COVID-related business interruption loss, reducing the quantum of Stonegate’s claim from over £1billion to a few million pounds. This talk will consider aggregation clauses in the light of that judgment. To put matters in context it will begin with a recap of the relevant findings from FCA v Arch and an overview of Butcher J’s findings as to what constitutes a covered event. Freddy will then look in depth at both the existing principles which Butcher J reiterated (how to approach the language of aggregation clauses and the relevance of ‘remoteness’) and the new principles he decided (as to the time at which, and the knowledge with which, aggregation is to be considered). To bring those principles to life, Freddy will consider their application to the facts of Stonegate and finish with an overview of the other matters decided by Butcher J (e.g. the treatment of furlough payments) in Stonegate and the related cases of Various Eateries v Allianz and Greggs v Zurich.