Peter Dunlop

Peter Dunlop


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Peter Dunlop is a Partner and Co-Lead of the Insurance & Reinsurance team of Walkers Bermuda.

Peter has over 25 years’ experience of re/insurance law in London and Bermuda.  Peter’s corporate practice includes regulatory licensing advice in the formations of re/insurance companies (P&C and long term), captive insurers, insurtechs, brokers, managing general agencies, special purpose insurers and collateralized insurers and non-contentious re/insurance advice on all types of Bermuda ILS structures and derivatives, policy and contract drafting, new products and complex re/insurance advisory work.

Peter is a Fellow of the Chartered Institute of Arbitrators and also specializes in complex international re/insurance arbitrations and litigation.  He has decades of experience in the UK and Bermuda acting for policyholders, cedants and reinsurers in disputes spanning a broad range of industries, including banking, credit, energy, healthcare and pharmaceuticals. Peter is also an expert in insurance regulatory investigations, in the UK and in Bermuda, representing insurers and reinsurers in investigations, often with a multi-jurisdictional dimension. He spent six months on secondment to Berkshire Hathaway’s Gen Re UK in London in 2006 in relation to the FSA’s investigation in to finite reinsurance practices.

Recent Disputes

  • Credit Suisse Life (Bermuda) Ltd. v Ivanishvili & Ors [2023] CA (Bda) 13 Civ – acting for appellants, Credit Suisse Life, in Bermuda appeal against $607 million judgment of the Bermuda Supreme Court arising from alleged fraudulent rogue trade losses.
  • Aeolus v Credit Suisse ILS [2022] SC (Bda) 30 Com – for CSILS in successful defence of $40m ILW ISDA Swap trapped collateral dispute arising from Munich Re reporting disruption allegation.
  • For US and Lloyd's cedants in Aon / White Rock & Vesttoo $2.4BN fraudulent Letters of Credit scandal (ongoing).
  • In the Liquidation of PDVIC – for US oil company CITGO in insolvency of its Venezuelan parent’s Bermuda captive insurer, PDVIC, and $200m+ heavy rain event casualty reinsurance claim (ongoing).
  • For assignee of Dewey & LeBoeuf management liability policy in Bermuda mediation & arbitration against Bermuda excess insurer [2022].
  • For collateralized insurer in Bermuda arbitration against Bermuda reinsurer arising from non-damage business interruption losses [2021].
  • For insured against media insurer arising from alleged fraudulent misrepresentation – acting as advocate in week-long hearing [2020].

Recent Corporate Transactions

Peter’s insurance transactional experience includes engagements for:

  • Boston Re in derivative swap transaction with segregated account and outwards reinsurance to commercial international reinsurer (2023).
  • Israeli banks on effect of reinsurance cut through clauses for beneficial treatment under Basel Accords (2023 & 2022).
  • Yorkshire & Clydesdale Bank Pension Trustee Limited in £1.6 billion longevity swap with Bermuda reinsurer Pacific Life Re International Limited (2023).
  • Yad Capital on collateralized insurance investment in to Vesttoo Alpha P&C Ltd intellectual property residual value insurance transaction (2022).
  • Kemper Bermuda Ltd in formation of Bermuda Class C long term insurer (2022).
  • Pasaca Insurance Co. Ltd in formation of Bermuda Class 3A insurer (2022).
  • BDT In share capital acquisition of Coalition's new Bermuda cyber insurer Ferian Re (2022).
  • Canopius ILS Ltd in formation of SPI Finca Re Ltd and issuance of $75 million multi-peril 144A catastrophe bond (2022).
  • Inigo Insurance in formation of SPI Montoya Re Ltd and issuance $115 million multi-peril cat bond (2022).
  • Our Kettle in formation of Bermuda Collateralized Insurer (2022) and Bermuda Insurtech Managing General Agent (2021).
  • McGill and Partners in formation and licensing of Bermuda reinsurance broker (2021).
  • Vantage Risk Ltd in formation of SPI Vista Re and issuance of $225 million catastrophe bond (2021).
  • SCOR on the formation of SPI Concordia Re and issuance of $300 million retrocession sidecar (2021).
  • Partner Re's sidecar Lorenz Re on its trapped collateral problems with third party capital investors arising from COVID-19 non-physical damage business interruption claims (2021).
  • Fleming Re in its acquisition of Bermuda insurer Sinclair (2020).
  • Barclays Bank UK retirement fund in £5 billion longevity swap with Bermuda reinsurer RGA (2020).
  • Industry veteran John Boylan in the formation and licensing of Bermuda MGA, Arcadian Risk Capital Ltd (2020).
  • Aon Bermuda Ltd in enhanced operating provisions of arbitration clause following Chubb v Halliburton decision on arbitrator conflicts (2019).

Peter is a Chartered Property & Casualty Underwriter and spent five years as an underwriter at XL Bermuda, where he was part of a specialist team underwriting a portfolio of innovative re/insurance business in the areas of transactional liability, litigation risk containment & ATE, contingency, tax ring-fencing, structured credit, regulatory capital relief, intellectual property residual value insurance and alternative risk transfer.

Reported Disputes Cases

  • Ace Bermuda Insurance Ltd v Ford Motor Company [2017] SC Bda 88 Civ – successful court proceedings arising from Bermuda Form arbitration seatbelt failure integrated occurrence. Disputes concerned waiver of privilege arguments arising from bills under taxation for substantive deployment in Bermuda international arbitration.
  • Munib Masri v Consolidated Contractors International Company SAL & Teyseer Contracting Company WLL [2010] SC (Bda) 15 Civ – successful defence in court proceedings of numerous enforcement actions. Issues concerned joint debts, receiver appointment by way of equitable execution and enforcement powers.
  • BNY AIS Nominees Ltd v New Stream Capital Fund Ltd [2009] SC (Bda) 178 Civ – successful judgment approving Bermuda’s segregated accounts companies legislation.
  • Montpelier Reinsurance Ltd. v Manufacturers Property & Casualty Limited [2008] SC (Bda) 27 Com – successful Court application to appoint third arbitrator relating to application of UNCITRAL Model Law.
  • Lisa S.A. v Leamington Reinsurance Company Ltd & Avicola Villalobos S.A. [2008] SC (Bda) 35 Com – successful defence of Guatemala food giant relating to alleged fraudulent use of Bermuda captive insurance premiums.
  • CGU International Insurance PLC & Others v AstraZeneca Insurance Co Ltd [2006] EWCA Civ 140 (CA) – successful appeal of English arbitration award relating to $900m StarLink genetically modified corn losses.
  • Campbell v Mylchreest [1999] EWCA Civ 60 PIQR 17 – successfully established the “level playing field” basis for quantification of special damages in catastrophic injury cases.

Other Litigation Matters

  • For Lloyd’s Syndicate 957 in successful English litigation against its XOL reinsurer, ING Re, arising from non-payment of indemnity under PA and Premium Protection Lineslips [2005].


  • For Bermuda excess insurer against US primary insurer arising from US runaway jury verdict in wrongful death claim – involving novel area of English bad faith damages [2018].
  • For US Healthcare System in Bermuda arbitration against Bermuda healthcare insurers arising from batch claims arising from rogue spinal surgeon procedures [2017].
  • For captive of US pharmaceutical company in Bermuda arbitration against international reinsurers arising from mis-selling of anti-bipolar drug [2007].
  • For reinsurers against UK pharmaceutical company captive from misselling of anti-bipolar drug [2006].
  • Numerous English arbitrations for Berkshire Hathaway against Weavers stamp companies – arguing London market defences: one “event” language, aggregation and AEC, allocation, declaratory judgments, Wellington Agreement and entitlement to interest [2000-2005].
  • For UK reinsurers in subrogated recovery actions from material damage and business interruption losses of banks, foreign power stations and petro-chemical plants [2000-2002].

Admitted In:
England & Wales (not practising)

Fellow of the Chartered Institute of Arbitrators
Chartered Property & Casualty Underwriter
Solicitor Advocate (Civil Advocacy) of Senior Courts of England & Wales
Post Graduate Diploma in Legal Practice, College of Law, Guildford, UK
LLB (Hons) in Law, Durham University, UK

Peter is a regular contributor to legal and business publications and has published articles in Bermuda Re: ILS, Insurance Insider, Trading Risk, Global Reinsurance, Getting The Deal Through, The Review – Worldwide Reinsurance, Inside Fac and Global Annual Review of the Americas. He was also a contributor to O'Neill & Woloniecki's "The Law of Reinsurance" (3rd. Edition, Sweet & Maxwell).

Peter is also a regular speaker at Bermuda and international conferences and roundtables.

2023 Chambers Global - Notable Practitioner - Insurance - "Peter is very responsive and articulate."

2023 Legal 500 - Leading Individual - Insurance & Reinsurance

2023 Legal 500 – Recommended – Dispute Resolution - ‘Peter Dunlop combines his legal acumen and knowledge of the pertinent community to provide practical and effective advice.’

2022 Who's Who Legal - Recommended - Insurance & Reinsurance - "Peter Dunlop is “a strong insurance lawyer”, highly sought after by clients for the first-rate advice he delivers to clients on non-contentious and corporate matters."

2022 Chambers Global - Notable Practitioner - Insurance - "He is very knowledgeable and responsive. He knows what's going on and provides solid advice."

2022 Legal 500 - Leading Individual - Insurance & Reinsurance - "Would highly recommend Peter Dunlop. He gets to the point, is commercial in approach and delivers" and "Peter Dunlop is well connected in the industry and has his pulse on regulatory and commercials and displays an ability to provide commercial advice to complicated matters." and "Both Peter Dunlop and Melanie Fullerton are stand-out lawyers, and legal representatives in the industry on island. They have an unwavering commitment, and own the work/projects as if it was 100% their stake. They are always available for questions and they process our needs almost immediately."

2022 Legal 500 - Recommended - Dispute Resolution - 'highly knowledgeable, very good sense of the strategy and reasonable counsel. Always try to make himself available despite the workload. Efficient. Great ability to clearly explain complex files and procedures.’

2021 Who's Who Legal - Recommended - Insurance & Reinsurance - 'Respondents consider Peter Dunlop to be “extremely knowledgeable” in non-contentious issues ranging from contract drafting to insurtech.'

2021 Chambers Global - Notable Practitioner - Insurance - A source praised his "good local knowledge," adding: "He is responsive and commercially minded."

2021 Legal 500 - Next Generation Partner - Insurance/Reinsurance

2021 Legal 500 - Recommended - Dispute Resolution

2020 Who's Who Legal - Thought Leader - Insurance & Reinsurance

2020 Legal 500 - Next Generation Partner - Insurance/Reinsurance - "Peter Dunlop is an exceptional insurance lawyer with diverse experience and a practical approach to matters"

2020 Legal 500 - Recommended Lawyer - Dispute Resolution

He has also been recognised in the 2011 Euromoney's Guide to the World's Leading Insurance & Reinsurance Lawyers, and the 2011 International Who's Who of Insurance & Reinsurance Lawyers.

Peter is a member of the Bermuda Bar Association, CPCU (Bermuda Chapter), Law Society of England & Wales and a Fellow of the Chartered Institute of Arbitrators. He sits on a number of advisory groups, including the Bermuda Business Development Agency's Climate Risk Finance Working Group, Insurtech Working Group and the Bermuda Monetary Authority's ILS Taskforce.