Legal, regulatory and business issues facing the reinsurance industry are set to be discussed at an inaugural International Reinsurance Summit in Bermuda next month.

The May 18-20 summit at Bermuda Underwater Exploration Institute promises to give delegates the opportunity to learn about world-wide developments in reinsurance law. The programme also includes several mock negotiation sessions as well as a mock arbitration case.

Participants include leading experts in the reinsurance world as well ad regulators from the UK, USA, Bermuda and Europe. Representatives from LeBoeuf Lamb, the advisor and sponsor of the summit, feature heavily in the programme.

Falconbury Business Seminars plans to make this inaugural event an annual one, designed for people who need to keep up with legal and regulatory developments and how they impact on the global reinsurance industry.

The emphasis throughout the three-day summit is on the law, best practice and how best to deal with current reinsurance industry issues.

The conference will open with a keynote address on ?Directors in Crisis? from LeBoeuf and Lamb partner Ralph Ferrara. The first day will also include a session on Key Corporate Issues facing the insurance / reinsurance industry and touch on corporate governance, D&O liability, tort reform and litigation trends. The panel includes Donald Kramer, executive, office of the president and CEO Ace Limited and Stephen Weinstein, vice president, general counsel and secretary RenaissanceRe Holdings Ltd. Mr Ferrara, Pete Thomas, senior vice president of Willis Re USA and Damon Vocke, general counsel and senior vice president at General Reinsurance Corporation USA round out the panel.

A second session will include presentations on key regulatory developments including the EU Reinsurance Directive. It features Peter Skinner, member of the European Parliament, Robert Purves, Head of Department, Insurance and Prudential Policy, General Counsel Division, Financial Services Authority of London, Julie M. Bowler, Commissioner of Insurance for the Commonwealth of Massachusetts and Shelby Weldon from the Bermuda Monetary Authority.

Another session has been set aside to examine significant developments in reinsurance case law and practice from around the world This will include a discussion of the major disputes and crucial landmark cases in the UK, Bermuda and the US.

A fourth session will focus on critical issues following asbestos and terrorism. It will include an update on current statistics regarding claim filings and bankruptcies in asbestos and also offer an overview of critical issues in the litigation environment such as high jury verdicts, payments to unimpaired plaintiffs and forum shopping. The session will also speak to practical strategies and approaches to underwriting terrorism risk, provide an update on regulations and coverage in this area as well as on cyber terrorism.

Another sessions will focus on insurer/reinsurer insolvencies / trends in exit strategies and schemes of arrangements.

In-house counsel and executives from the world-wide reinsurance industry will also demonstrate through mock negotiations, the key wording issues in three different types of deals involving cedants, brokers, reinsurers and the retro markets.

Other interactive sessions include one on reinsurance disputes and arbitration which will feature a mock organisational meeting and discovery dispute to highlight issues including arbitrator disqualification, reinsurer?s motion for comprehensive document discovery and depositions, cedant?s motion for disclosure of the files of the reinsurers? claims attorney and assignment of costs.

Organisers say that the summit is designed for in-house counsel, lawyers in private practice, reinsurance industry executives, risk managers, arbitrators as well as accountants and consultants.