In response to the increasing integration of the global economy, insurers are extending their relationships to support their customers’ business operations in chosen markets. As a result, many of the world’s leading insurers provide insurance services to their customers in multiple international locations or manage them as part of an international program of insurance.
The challenge for insurers is the speed of change and the need to formulate predictions of future risks and patterns, particularly in low-margin, slow-growth economies. In those markets, legal expenses often form a significant part of the cost of insurance and must be managed.
Multinational insurers are already implementing purchasing structures that seek to benefit from economies of scale through consolidation of suppliers in their local markets. To stay "ahead of the curve," law firms working with those insurers also need to respond on a global basis.
Also disrupting the industry is a decidedly global approach to insurance regulation by international policymakers – both on insurance capital standards and for the coordination of supervision of large, globally active insurers in local markets. Likewise, the views of various associations on the development of a common framework − most notably the International Association of Insurance Supervisors (IAIS) − are gaining traction as self-regulation is overtaken by statutory rules industry-wide.
Legalign Global, a close alliance of four of the world’s leading insurance law firms, responds directly and effectively to the need for service consistency and the highest levels of quality and efficiency, wherever matters arise.
Each of the four founding Legalign Global member firms has built a significant reputation for delivering high-quality insurance legal services to the insurance industry.
- BLD Bach Langheid Dallmayr, a German law firm with close associations throughout Europe
- DAC Beachcroft, an international law firm with coverage across the United Kingdom, Ireland and Spain and significant reach in other regions, including Latin America and Asia Pacific
- Wilson Elser, a law firm with 35 offices in the United States focused on North America
- Wotton + Kearney, a law firm operating in the Asia Pacific region with a focus on Australasia
With a shared focus on the insurance industry, unrivalled insurance law and dispute resolution capability in their regions, and remarkably similar cultures and values, these distinguished firms collaborate closely under the Legalign Global banner. Clients no longer need to spend precious time and resources putting together a loose affiliation of law firms, testing quality and then coordinating their activities.
Legalign Global member firms represent multinational insurance and reinsurance companies throughout the world on matters such as regulatory and compliance, coverage and liability issues, and traditional and alternative risk products. In addition, they work directly with insureds transacting business globally to provide timely advice and effective liability defence.