Law firm highlights – June 2023

• Over fifty attendees from the UAE insurance sector gathered at the Four Seasons DIFC as joint managing partner Mohamed El Hawawy, partner Natalie Jansen and legal director Gregg Hammond shared their expertise and provided updates on significant regional developments. El Hawawy led the discussion on the nature of reinsurance agreements under UAE law. He also delved into the specifics on marine insurance. He looked in depth into the conditions under which an insured can directly claim against a reinsurer, the follow settlements / fortune principle under UAE law and provided recommendations for insurers to draft their contracts. Hammond took the stage to offer a comprehensive UAE and Saudi Arabia Insurance Market Update. He offered an informed perspective on crucial local and regional developments, such as the Memorandum of Understanding between The Central Bank of the UAE and the Saudi Central Bank (SAMA) to cooperate on the supervision and regulation of the insurance sector in both countries. He then concluded with forecasting future trends, such as digitisation, ESG, professional indemnity, director’s and officer’s liability and class action litigation, in various lines of business. His detailed analysis of the competitive landscape provided a dynamic vision for the future of the UAE’s insurance industry. The evening concluded with partner, Natalie Jensen, who explained the complexities of hull insurance. Her talk covered essential policy wording and claims provisions, bringing a nuanced understanding to the audience through relevant case studies. The presentation of the infamous Brilliante Virtuoso case (ref. Suez Fortune Investments Ltd & Another v. Talbot Underwriting Ltd and Others (Brillante Virtuoso) [2019] EWHC 2599 (Comm)) was definitely a highlight of the evening: she went into the details of matter – the vessel which allegedly experienced a pirate attack resulting in the total loss of the vessel. The vessel’s owner and mortagee bank brought a recovery claim against underwriters for a total of USD77 million plus interest. Following a four-month trial, the relevant Commercial Court ruled that “multiple improbabilities are unlikely to be true”, highlighting the wilful misconduct of the owner who as held to have staged the attack.
• Al Tamimi & Company is set to transform its operations in the Kingdom of Saudi Arabia by moving its Riyadh office to Tadawul Tower at the King Abdullah Financial District. The move will see the law firm shift to a dynamic way of working in an ultra-modern business environment. Al Tamimi & Company will occupy 2,618 square meters in Tadawul Tower and the new space, ready in 2023, will provide the firm with an innovative and inspiring hub for its employees. Al Tamimi & Company is the largest law firm in Saudi Arabia and moving to Tadawul Tower reflects the firm’s desire to be at the heart of the Kingdom’s business community. The tower has become the location of choice for many global blue-chip organisations and will be the new home of the Saudi Stock Exchange, making it the centrepiece of the King Abdullah Financial District. Commenting on the move Philip Kotsis, partner, and head of Saudi Arabia, at Al Tamimi & Company, said, “As the largest law firm in Saudi Arabia, this move will transform how we come together as a team to work and service our clients. The King Abdullah Financial District is a modern commercial hub, and there is no doubt it will transform into a business centre that attracts domestic, regional, and global organisations. This move will also support our ambition of training young Saudi lawyers. We are already collaborating with local universities to train Saudi lawyers and our ambition is to be the largest training provider of any law firm in the Kingdom.”