Legal

In a statement on Thursday, Scor said it “acknowledges and welcomes” the findings from the French authority, calling the original allegations “a groundless move”.

The proposals aim to cut the cost of insurer collapses and provide greater protection to policyholders.

The Prestige oil spill caused major damage to the Spanish and French coasts in 2002 and has been subject to long-running litigation.

Axis and Covea have so far paid the greatest number of final settlements.

The establishment of the National Recovery and Resilience Agency follows news of a new A$10bn state reinsurance backstop for cyclones.

The pool, which will cover cyclone and related flood damage from July 2022, is expected to bring down the cost of insurance.

The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.

The next hearing in the case will be after 21 May.

Gary Boss is based in New York, and Ashley Prebble works at the law firm’s London office.

The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.

The Suez Canal Authority has detained the ship as parties discuss a disputed $916mn claim.

The former LatAm and Caribbean chair, who moved to Guy Carpenter, has failed to nullify non-solicitation clauses.