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Sedgwick hosts seminar on computer crime

Hi-tech computer crime is set to come under the spotlight at a major seminar on hot topics in the Bermuda insurance industry tomorrow.

Sponsored by law firm Sedgwick, the company's Jennifer Broda, from the Chicago office, will highlight the risk for insurers from the growing problem of cyber attacks.

A spokesman for Sedgwick Chudleigh Bermuda said: “This presentation will identify those industries that are more at risk for cyber attacks.

“It will also identify the individuals and organisations that carry out cyber attacks, as well as the methods they use to do so.

“Additionally, it will discuss the types of cyber liability claims that may result, as well as the types of insurance policies that have the potential to be impacted by such claims.”

Ms Broda is one of seven speakers at the Sedgwick conference — the 11th in a series on the hot topics theme.

In addition, Alex Potts, also of the Bermuda affiliate firm, will discuss some of the disputes that have started to emerge — and are likely to grow — in the converging reinsurance, hedge funds and capital markets areas in the event that catastrophic losses exceed investor expectations.

Mr Potts said: “Although catastrophe bonds, sidecars, industry loss warranties, insurance-linked securities funds and collaterised reinsurance products are all designed to minimise the risks of coverage disputes, delays in settlement payments and investor complaints, it is proving impossible to eliminate these risks altogether.”

He added: “The claims made in the ongoing Mariah Re litigation and recent Nelson Re arbitration provide just two examples of the conflicts that have emerged since the convergence of the reinsurance and capital markets and in these cases, along with the substantial volume of hedge fund and financial services litigation which we have experienced since the financial crisis of 2008, illustrate just some of the issues which the Bermuda market needs to keep well in mind.”

Another speaker will tackle shareholder derivative actions and review the potential implications for insurers of recent large settlements, including the recent $139 million settlement involving global media giants News Corporation.

Other speakers — from Sedgwick offices in London, New York and Florida — will look at multinational law firm errors, and omissions exposures, bankruptcy issues for insurers, common coverage issues arriving under policies issued in the Bermuda market and bad faith risks for insurers writing Florida risks.

A few places are still available at the seminar, to be held at the Bermuda Underwater Exploration Institute on East Broadway.

Anyone interested in attending should contact Sedgwick Chudleigh's Mark Chudleigh at mark.chudleigh@sedgwicklaw.com.

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Published October 01, 2013 at 9:00 am (Updated September 30, 2013 at 7:12 pm)

Sedgwick hosts seminar on computer crime

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