Peter Dunlop

Peter Dunlop

Partner

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Practice Areas

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

Peter is a leading, internationally recognised re/insurance lawyer in Bermuda and has 25 years' experience working in and around the global re/insurance industry. He has a unique re/insurance skillset from market experience of working as a disputes lawyer in complex large scale re/insurance disputes, as well as a corporate re/insurance lawyer and specialty underwriter. Peter is an experienced advocate, a Fellow of the Chartered Institute of Arbitrators and has many years' experience of multi-million dollar, complex international re/insurance arbitrations in the UK and Bermuda for policyholders, cedants and reinsurers across a broad range of industries, including banking, energy, healthcare and pharmaceuticals. Peter also has significant experience of complex and long-running insurance regulatory investigations in the UK and in Bermuda, representing insurers and reinsurers in investigations often with a multi-jurisdictional dimension.

As a specialty underwriter Peter created a market leading book of diverse, new and innovative insurance and reinsurance business at XL Catlin Bermuda, bringing a truly expert, diverse and commercial specialism to his re/insurance legal practice, which has included non-contentious and corporate advice in the areas of insurance company (long term and general business), Managing General Agency, captive, SPI and broker formations, licencing, ILS structures, policy and contract drafting, new product advice and insurtech in which he has acted for investors, fund and captive managers, insurtech start-ups, brokers and many of the world's leading re/insurers.

 

Recent Matters

Credit Suisse Life (Bermuda) Ltd. v Ivanishvili & Ors - Civil Appeal No. 8 of 2022 – Bermuda appeal against $607 million judgment of the Supreme Court [appeal heard 5-9 December 2022 – matter ongoing]

Aeolus Re Ltd v CS ILS SICAV-SIF [2022] SC (Bda) 30 Com – regarding whether named report publisher in a $20 million industry loss warranty ISDA swap had altered its reporting criteria or frequency of industry loss reports after widespread reporting of alleged loss creep from Typhoon Jebi in 2018

In the Liquidation of PDVIC (ongoing) – for US oil company CITGO in winding up of its Venezuelan indirect parent’s Bermuda captive insurer, PDVIC, arising from $200m+ casualty reinsurance claims

Bermuda International Arbitration for assignee of D&O claims against management liability insurers of large US law firm in bankruptcy [2022]

Bermuda International Arbitration for collateralised insurer in Bermuda arbitration against Bermuda reinsurer arising from non-damage business interruption losses [2021]

Domestic Bermuda Arbitration for senior insurance executive against media insurer arising from alleged fraudulent misrepresentation – acting as advocate in contested week-long arbitration hearing [2020]

 

*The title of "partner" is used to refer to an employee of Walkers (Bermuda) Limited with equivalent standing and qualifications.

Prior Employment Experience

Peter has over 25 years' combined experience of legal practice and underwriting in London and Bermuda.

He is a Chartered Property & Casualty Underwriter and spent nearly five years at XL Catlin Bermuda, where he was part of a specialist team that created a pioneering portfolio of innovative specialty re/insurance business in the areas of transactional liability, litigation risk containment & ATE, contingency, structured credit, tax ring-fencing, intellectual property residual value insurance and alternative risk transfer.

He also spent six months on secondment to Gen Re UK in London in 2006 in relation to the FSA's investigation in to finite reinsurance practices.



Reported Cases

Ace Bermuda Insurance Ltd –v- Ford Motor Company [2017] SC Bda 88 Civ – regarding privilege in bills under taxation for use in Bermuda international arbitration


Munib Masri -v- Consolidated Contractors International Company SAL & Teyseer Contracting Company WLL [2010] SC (Bda) 15 Civ – regarding issues of enforcement, joint debts, receiver powers

BNY AIS Nominees Ltd –v- New Stream Capital Fund Ltd [2009] SC (Bda) 178 Civ – judgment approving Bermuda’s segregated accounts companies legislation

Montpelier Reinsurance Ltd. –v- Manufacturers Property & Casualty Limited [2008] SC (Bda) 27 Com – relating to application of UNCITRAL Model Law in Court appointment of third arbitrator (March 2008)

Lisa S.A. -v- Leamington Reinsurance Company Ltd & Avicola Villalobos S.A. [2008] SC (Bda) 35 Com – relating to fraudulent use of captive insurance premiums for Guatemalan food giant (June 2008)

CGU International Insurance PLC & Others -v- AstraZeneca Insurance Co Ltd [2006] EWCA Civ 140 (CA)) – successful appeal of an arbitration award relating to $900m StarLink genetically modified corn losses

Campbell -v- Mylchreest [1998] EWCA Civ 60 PIQR 17 – established the “level playing field” basis for quantification of special damages in catastrophic injury cases



Other Litigation Matters

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

 


Arbitrations

Bermuda International Arbitration for assignee of D&O claims against management liability insurers of large US law firm in bankruptcy [2022]

Bermuda International Arbitration for collateralised insurer in Bermuda arbitration against Bermuda reinsurer arising from non-damage business interruption losses [2021]

Domestic Bermuda Arbitration Ffor senior insurance executive against media insurer arising from alleged fraudulent misrepresentation – acting as advocate in contested week-long arbitration hearing [2020]

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 US-produced anti-bipolar drug [2007]

For reinsurers against UK pharmaceutical company captive from mis-selling of UK produced anti-bipolar drug [2006]

Numerous English arbitrations for Berkshire Hathaway against Weavers stamp companies –arguing London market defences: one “event” language, aggregation and Aggregate Extension Clause, allocation, declaratory judgments, Wellington Agreement and entitlement to interest [2000-2005]

For 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 & Qualifications

Admitted In:
Bermuda
England & Wales (not practising)

Qualifications:
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

Other Distinctions

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.

Boards & Associations

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.

News, Matters and Publications

NEWS
MATTERS
ADVISORY
ARTICLES
EVENTS

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."

Legal 500

 

'...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.’

Legal 500

 

He has a "good local knowledge [and] is responsive and commercially minded."

Chambers and Partners

 

"An exceptional insurance lawyer with diverse experience and a practical approach to matters."

Legal 500

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