Reinsurance

We are recognised as an industry leader. We provide a full range of dispute resolution, transactional and regulatory legal services to the insurance and reinsurance sector. We advise clients on international, high value, complex and multi-party matters.
Insurance and reinsurance are highly dynamic fields where industry awareness, legal technical competence and sector expertise are essential requirements when it comes to advising market players. Veru Torres & Partners has a track record of outstanding outcomes, imaginative solutions, highly efficient advice and quality service.

We have acted for major (re)insurers across jurisdictions involving all types of business lines and reinsurance contracts and on some of the most high profile losses and issues in the market, particularly arising from Latin America, Europe and Middle East, which means we provide in-depth expertise and diverse knowledge to our clients in respect of:

    • Drafting and interpretation of (re)insurance wordings
    • (Re)insurance coverage
    • Policy advice including issues relating to claims handling and breaches of contract terms
    • Insurance regulatory and compliance
    • Recovery actions and subrogated claims

We measure our success on our ability to provide effective solutions aim at avoiding unnecessary confrontation and disputes for our clients but if required, we provide strategic and tailored advice on the most complex disputes as we are experienced in all types of dispute resolution options, including litigation, international arbitration and ADR.

Click for examples of our recent experience...

  • Member of the international arbitration defence legal team (under the LCIA Rules) on a dispute relating to a claim under a political risk global policy. The claim revolves around allegations of undue expropriation of Claimants’ (foreign investors) company by the Colombian State. The Claimant values his interest in the company at more than a billion dollars, but arbitration claim is limited to the maximum liability under the policy limit, that is, USD $ 500 million. (Parties in the United Kingdom and Spain).
  • Represented two multinational Latin American Insurance Companies (Claimants) in a ICC arbitration against a large number of international Reinsurers seeking a declaration of validity of the reinsurance contract and obliging Reinsurers to fulfil their contractual obligations. The claim was quantified in USD 300 million (Parties in Colombia and the United Kingdom).
  • Represented international clients in relation to their contractual obligations towards two captive companies of a world mining and energy Group/Consortium. The local company (Peruvian mining company that owns and operates one of the largest open-pit mines in the Peruvian Andes which produces copper and other minerals) suffered losses due to mechanical failures of its mill that caused both physical damage, and business interruption claims. The initial amount of the losses was USD 700 million. (Parties in Germany, Switzerland, United Kingdom and Peru).
  • Advised North American clients on all the issues around the uncertainty of the losses resulting from two major earthquakes in Chile and Haiti. Such losses were initially estimated at between USD 5.5 billion and USD 8.5 billion due to the catastrophic nature of the resulting damage. Apart from determining the contractual obligations of the treaty agreements signed by clients under the local legislations, the instruction included leading a team to determine the magnitude of the losses, the financial impact and the corresponding indemnity for the reconstruction of public and private buildings, as well as the repairs to infrastructure and communication networks. (Parties in the USA, Chile and Haiti).
  • Appointed to advise North American clients on their contractual liabilities in relation to a major hydroelectric constructions project in Ecuador. In particular, to determine the nature of the damage caused to the tunnels and turbines; the probable cause of the losses; physical damage (according to the contractual definition); and limitation issues according to the applicable local law. The dispute between the parties was in relation to the contractual guarantee of the construction contract. (Parties in the USA and Ecuador).
  • Appointed to enter into direct negotiations to resolve via settlement agreement a dispute between an international chain of wholesale warehouses, also known as “Cash and Carry” and international market players in relation to nature and quantification of losses caused by the alleged infidelity and fraud of their employees at various locations of the wholesale chain. (Parties in the United Kingdom, the Netherlands and Colombia).
  • Appointed to represent the interests of international market participants, as well as to assist in the defence of local commercial arbitration proceedings (under Bogotá Chamber of Commerce Rules) between a state Pension Fund Administrator and its local insurer company. The dispute is in relation to the alleged financial losses of the state pension funds caused by different types of fraud and/or forgery. The losses were estimated at approximately USD $ 12 million. (Parties in the United Kingdom and Colombia).
  • Instructed to advise international clients on the interpretation of their contractual obligations under local law, as well as to assist defending their position with respect to significant damages and losses caused by protestors and local indigenous community to a major energy and infrastructure project during its construction in Honduras. (Parties in the USA, United Kingdom and Honduras).
  • Sole Arbitrator in an CACB (Centre for Arbitration and Conciliation of Bogotá) arbitration involving construction and application issues over agency contracts under Colombian law (Parties in Colombia).
  • In-depth litigation experience in Colombia. Involved in some of the most important professional and contractual liability claims in Colombia, including: claims derived from investigations by the national Comptroller into allegations of mismanagement of state funds by a consortium of 9 trustees/banks administrating the Colombian national health fund called “FOSYGA”; allegations of wrongdoing against Directors and Officers of state oil company in relation to the modernisation and expansion project of a refinery; and allegations of losses caused to the treasury due to non-compliance with the law when contracting the garbage collection services for Bogotá city; as well as multiple civil and criminal proceedings derived from the financial collapse of the most important stock exchange in Colombia (Interbolsa). In particular, the allegations of administrative and financial mismanagement by the members of the board of directors that led to a confidence crisis which led to multimillion-dollar losses to investors.
  • Appointed jointly as Expert to assist the parties to find a resolution in a dispute between a mining Peruvian company and an international bank. (Parties in Peru and New York).
  • Advised on numerous Popular and Group Actions issued against financial institutions emanating from various Latin American jurisdictions, including, for example, the punitive “Class Action” issued by the investment group Monroe County Employees Retirement System against YPF SA, Repsol SA and officials of YPF S.A (Parties in Argentina, USA and United Kingdom)

Recognitions

‘…just so knowledgeable, and so good at understanding and advising on the different ramifications and complexities of the law in Latin America.’

Chambers Global 2020