African insurers beware! Significant changes are coming for buyers of English reinsurance
The new Insurance Act 2015 (the “Act”) will come into force in the UK on 12 August 2016, representing the greatest change to English insurance law for over 100 years. The Act will apply to all business contracts of insurance and reinsurance/retrocession (as well as any variations made to existing contracts after the Act has come into force) and will materially alter the way (re) insurance business is conducted in the London market. This article focuses on the impact of the Act on African reinsureds purchasing reinsurance from the London market.