Partner Ioannis Alexopoulos comments in IBA Global Insight in relation to International Arbitration
Hermes Marangos and Sean Redden discuss Latin American Reinsurance Claims at Lloyd’s of London. On 10 May 2016, Hermes and Sean co-presented a seminar at Lloyd’s of London about new trends in Latin American reinsurance claims. Some of the key issues discussed were:
- The ongoing consequences of the Petrobras corruption scandal including the near-paralysis of the Brazilian construction industry and the continuing investigations by prosecutors into the companies involved;
- The application of exclusions in D&O policies for fines in circumstances where a settlement is reached with a regulator;
- Ensuring that Brazilian claims are properly adjusted so that overpayments are not made, bearing in mind the inflation of contract prices which was uncovered by Brazilian prosecutors;
- The interpretation of London-drafted claims control clauses and claims cooperation clauses by Latin American jurisdictions;
- The availability of moral damages in various Latin American jurisdictions and the fact that moral damages awards are increasing substantially in several jurisdictions;
- The beginnings of a plaintiff litigation culture in some Latin American jurisdictions; and
- Whether deductibles, sub-limits and exclusions in reinsurance contracts adequately cater for moral damages.
The seminar was well attended by insurance industry professionals.