Kuwait - Chartis MEMSA Insurance Company LTD (Chartis)., Kuwait, hosted a highly anticipated seminar on Director & Officer Liability (D&O) at the Sheraton Hotel in Kuwait on Monday 24 October 2011. Al Tamimi & Company's Kuwait office participated in the event by presenting on the legal aspects of D&O liability.
A key incentive for those attending the event was to learn about how the new laws and regulations can adversely affect certain positions within companies, including the board of directors and officers at multiple levels of organizations, regardless of their size.
The event, which began promptly at 10:30am, was attended by industry leaders in various sectors such as insurance, banking, construction and finance companies. Mr. Farid Saber, General Manager for Chartis MEMSA Insurance Company LTD., began by welcoming members of the Ministry of Commerce & Industry, the Central Bank of Kuwait, the CMA, the US Embassy and the Insurance Union along with the large crowd in attendance. He later went on to introduce the featured speakers for the event, Mr. Michael Whitwell, President of Chartis Central Region, Alex Saleh, Partner & Head of Kuwait Office for Al Tamimi & Company and the Chartis Assistant Manager for Financial Lines, Middle East, Mr. Muhannad Abdul Majeed, who highlighted the D&O Liabilities Insurance coverage that Chartis offers as well as key cases over the last several years involving the liability of Directors & Officers.
Leading off the speaker list, Mr. Whitwell discussed the importance of D&O Liability insurance regardless of the company size. He noted that; "In 2010, Chartis wrote over USD 41B in gross premiums worldwide and over USD 25B were written during the first half of 2011." He then added, "Chartis paid an average of USD 111M in claims for every business day in 2010."
Commenting on the event, Mr. Whitwell said, "Kuwait is a key market for Chartis within the Middle East and we see great potential for the local insurance industry. It is important for the development of the industry that we look to increase awareness regarding risk and the relatively new areas of insurance such as D&O Liability."
Alex Saleh, Partner & Head of the Kuwait Office for Al Tamimi & Company, followed by presenting on the laws and regulations governing the liabilities of Directors & Officers. During his presentation, Mr. Saleh explained how Directors & Officers can be held liable for actions during and after their tenure. After the event, Mr. Saleh commented by saying; "It is important for Directors & Officers to understand the legal ramifications that their decisions and actions during their tenure can have on them. I am grateful to our friends at Chartis for their proactive approach to informing their clients." He went on by adding; "We at Al Tamimi & Company feel that by taking the proper precautions at the beginning, may save a world of problems later on."
As the need for Director & Officer Liability Insurance rises, leading companies such as Chartis have developed plans to offer liability insurance to Directors & Officers of companies large and small. In recent years due to the global financial crises, Al Tamimi & Company has seen a number of legal cases targeting the Directors and Officers of companies that were affected by the global down turn.
This was the first of a number of planned seminars to be hosted by Chartis MEMSA Insurance Company LTD., aimed at highlighting the risks businesses in Kuwait face and outlining the appropriate insurance solutions available to mitigate these risks.
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About Chartis Insurance Company
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry's most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence. For details about product offerings in your area, contact your local office.
For further information, please visit: www.chartisinsurance.com
About Al Tamimi & Company
Al Tamimi & Company was established in 1989 and is a leading regional law firm, with ten fully-owned offices or through partners in Abu Dhabi, Amman, Baghdad, Doha, Dubai, Kuwait, Riyadh, and Sharjah and employs more than 370 staff and 38 partners.
The Kuwait office provides services in Kuwait through a joint venture with Kuwait lawyer Yaqoub Yousef Al Munayae. The firm is able to advise on a wide range of practice areas that include: Banking & Finance, Islamic Finance, Construction & Engineering, Corporate Commercial, Dispute Resolution, Family Business & Private Client Practice, Information Technology, Intellectual Property, Maritime, Aviation & Insurance, Mergers & Acquisitions, PPP projects, Property and Telecommunications.
For further information, please visit: www.tamimi.com
© Press Release 2011
