business insurance

Managing the risks associated with shareholder class actions: a review of the AMP settlement

Earlier this month, the Supreme Court of New South Wales approved the settlement of the AMP class action and appointed Maurice Blackburn as settlement administrator of the settlement distribution scheme. This was after an agreement between AMP Limited and its shareholder class action had been reached on 20 August 2023, for a sum of $110 million inclusive of costs. This article takes a closer look at how this class action unfolded and the risk solutions that could protect companies from these events.

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Warranty & Indemnity Insurance: Key Trends and Considerations in Business Deals

Warranty and Indemnity insurance (W&I) is an insurance solution that provides coverage for breaches of warranties and indemnification claims outlined in sale and purchase agreements. This insurance safeguards against losses or liabilities arising from undisclosed or unknown issues and indemnities. Essentially, the insurer assumes the responsibilities of the party providing the contractual warranties and tax indemnity. W&I insurance functions alongside negotiations and serves to enhance, rather than substitute, a thorough due diligence process. Here's a snapshot of current trends and considerations in W&I insurance to help you make an informed decision about your transaction.

business insurance

HoneIn FY24 Q1: Global & Networks Market Update

business insurance

HoneIn FY24 Q1: Professional & Executive Risks

business insurance

ASIC takes aim at boards and executives for cybersecurity failures

In an era where digitalisation has become synonymous with business operations, the threat landscape has evolved and cybersecurity has taken centre stage. The Australian Securities and Investments Commission (ASIC) is stepping up its efforts to hold boards and executives accountable for cybersecurity failures within their organisations, which was addressed by ASIC Chair Joe Longo at the Australian Financial Review Cyber Summit last month. This proactive approach is aimed at safeguarding not only corporate data but also shareholder value and public trust.

business insurance

Cyber ransom attacks: not paying a ransom won't solve cybercrime

This month marks the 20th anniversary of National Cyber Security Awareness Month and with cyber risk reaching unprecedented levels after a recent surge in high-profile attacks, particularly on Australian businesses, Ben Robinson, Placement Manager - Professional and Executive Risks, gives us some insights on why not paying a ransom won't solve this issue. With hackers running their operations like sophisticated businesses and constantly adapting their strategies for better returns, banning payments might harm Australian businesses and citizens more than it impacts the cyber-criminal groups, leading them to explore alternative tactics for financial gain.

business insurance

Claiming Success: Why Your Insurance Broker is the Key to Notifying Insurers About Potential Claims

When it comes to insurance, brokers are in a unique position. We’re neither the client nor the insurer, we’re privy to the unique notifications from clients when there is a situation that may give rise to a claim, and the reactions from insurers to those notifications. This is a complex and evolving area, and in the post-pandemic era, we’ve observed that insurers are scrutinising all aspects of the claims process. Following a loss, the claims process can be stressful, complex, and long. This article outlines the paradigm shift in insurer’s perception of an acceptable notification of circumstances which may give rise to a claim, from a broker’s perspective.

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Resurgence of the IPO Market: The Importance of Prospectus Liability Insurance

Despite a subdued start to Initial Public Offerings (IPOs) in the first half of 2023, the listing of the chip designer, Arm, on the Nasdaq, which surged 25% on its inaugural day and raised $7.6 billion could signal the reopening of the "IPO window" more broadly. As the market gains momentum, it is critical for entities to consider the role of protective instruments like Prospectus Liability Insurance to limit the impact of prospective claims, litigations, or fiscal implications associated with the IPO process. Dennis Moens explains how the insurance market is responding to create favourable conditions for entities.

business insurance

Audit recommendations will be constructive for Directors’ and Officers’ Insurance

The Australian Institute of Company Directors (AICD) has recommended companies undertake robust reviews of their external auditors every five years to instil investor confidence and avoid accounting misconduct. These sentiments are something Directors’ and Officers’ (D&O) insurance underwriters have been encouraging for years when reviewing company risk profiles. Implementing a review or even having a fresh set of eyes has always been considered good financial management, usually indicating financials have undergone regular health checks. This article takes a closer look at the recommendations and why they matter when it comes to insurance coverage.

business insurance

FY23 Q4 Market Update: Professional & Executive Risks