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Reinsurance Law

Author(s): Douglas W Hammond, John S Diaconis
Practice Area: Insurance
Published: Jun 2005
Supplement Date: Feb 2019
ISBN: 9781402406157
PLI Item #: 615

Reinsurance has risks for cedents and reinsurers, including the dangers of costly disputes if contracts are flawed. Reinsurance Law helps to minimize that peril by showing you how to structure sound agreements more easily and inexpensively.

This treatise gives you a practical grasp of: the purpose, benefits, markets, and costs of reinsurance • the features, operation, and risk-and-return characteristics of the full range of reinsurance products • the two major industry standards: the Utmost Good Faith and Follow-the-Fortunes doctrines • the key role of intermediaries in reinsurance • and important judicial developments affecting the industry.

Including time-saving checklists and numerous adaptable sample agreements and sample clauses, this practical treatise covers federal and state law, customary industry practices, and relevant case law in clear, straightforward terms. Reinsurance Law examines the rights, duties, objectives, and potential liabilities of every reinsurance participant, while offering the expert drafting guidance that makes reinsurance transactions work. It is an important reference for insurance attorneys, professionals, regulators, and investment advisers.
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John S. Diaconis practices in the area of insurance and reinsurance claims and acts as an arbitrator in reinsurance matters, having been certified by ARIAS U.S. He has almost thirty years of experience in the industry as both in-house and outside counsel. Mr. Diaconis is a partner with Bleakley Platt & Schmidt, LLP, and served as Vice-President and Claims Counsel with Hartford Financial Services Group. Prior to that, he was a Partner first at Wilson Elser Moskowitz Edelman & Dicker and later at Peterson & Ross. Mr. Diaconis also served as Law Clerk to Hon. Joel J. Tyler in the United States District Court for the Southern District of New York upon his graduation from law school. He received his J.D. from Drake University Law School, where he was a member of Law Review, and his LL.M. from New York University School of Law.

Douglas W. Hammond is General Counsel, Secretary, and Executive Vice President of National Financial Partners Corp., a national distributor of insurance and financial services and products. Before joining NFP, Mr. Hammond was an attorney with the law firm LeBoeuf, Lamb, Greene & MacRae, L.L.P. in New York City, where he specialized in corporate insurance and regulatory matters. While at LeBoeuf, Mr. Hammond was critical in the process of structuring the formation of NFP and represented NFP in many of its early acquisitions. Prior to his tenure at LeBoeuf, Mr. Hammond held various legal and business positions in the financial institutions division of Gulf Insurance Group, a specialty lines insurance company formerly headquartered in New York City.

Mr. Hammond began his career as a commercial litigator, specializing in insurance and reinsurance coverage disputes. Mr. Hammond received his B.A. from Fairfield University and J.D. from St. John’s University School of Law, where he was Managing Editor of the St. John’s Journal of Legal Commentary. He joined NFP in 1999 and has been its General Counsel since 2004.