The insurance industry is global in nature. Insurers and reinsurers are critically important to the world economy, assuming and transferring risk across each continent and serving as an enormous investor base for the world’s capital markets. Risk generated in one part of the world is distributed immediately across multiple markets to traditional and new market entrants alike — insurers, reinsurers, private equity sponsors, capital market investors, and others. Regulatory issues arising in one market may influence the way in which similar regulatory concerns are addressed in other markets; the insurance industry constantly evolves, requiring regulatory regimes and market participants to adapt to changing circumstances.
For a full understanding of the insurance industry, it is essential to consider the global trends and developments that bear upon that industry. Each year, we prepare the Sidley Global Insurance Review as a tool to assist readers in obtaining such an understanding. This publication provides an overview of major legal and market developments in the global insurance industry over the past year, with a focus on the United States, United Kingdom, European Union, Asia Pacific, and other markets with significant insurance industry activity, such as Bermuda.
The Sidley Global Insurance Review has been produced by Sidley’s Insurance and Financial Services group. Sidley is one of the world’s premier law firms, with over 2,300 lawyers across 21 offices in North America, Europe, and Asia Pacific. Our firm is one of only a few internationally recognized law firms to have a substantial, multidisciplinary practice devoted to the insurance industry. We have more than 70 lawyers devoted to providing transactional, regulatory, and dispute resolution services to the insurance industry throughout the world. Our Insurance and Financial Services group has a deep knowledge of, and appreciation for, the insurance industry and its unique issues and challenges. Regular clients include many of the largest insurance and reinsurance companies, their investors and capital providers, brokers, banks, investment banking firms, and regulatory agencies for which we provide corporate, capital markets, securities, mergers and acquisitions, private equity, insurance-linked securities, derivatives, tax, reinsurance dispute, class action defense, insolvency, and other transactional, regulatory, and litigation services.
We hope you find the 2023 edition of the Sidley Global Insurance Review to be a valuable tool in navigating the insurance market.