Peter Ratcliffe

Peter has extensive experience advising and acting for and against domestic and international insurers, reinsurers and brokers.

He has long been ranked by the main legal directories as a leading junior (Band 1 / Tier 1) in the insurance field. He was the Chambers & Partners ‘Insurance Junior of the Year’ in 2010 and 2022, and a runner-up (one of two) for the award in 2015, 2021, 2023 and 2024. He won the inaugural Legal 500 Financial Services and Insurance Junior of the Year award in 2022 and was a runner-up for the award again in 2023.

Recent work includes:

• Aviation: Advising one of the major international insurers on the co-ordination of its defences to War Risks / All Risks claims in the Russia / leased aircraft litigation in the English and Irish Commercial Courts.
• Construction & engineering: Advising/acting for insurers, policyholders and construction professionals in a variety of insurance disputes arising out of onshore and offshore construction and engineering projects ranging from office developments to large-scale offshore pipeline, cable and infrastructure projects.
• Energy: Advising insurers, policyholders and brokers in various disputes under onshore and offshore operators’ all risks policies, and property, marine cargo, fire & special perils, and environmental damage & pollution liability insurance policies.
• Property and BI insurance & reinsurance: Acting for/advising insurers, reinsurers and policyholders in various commercial property insurance disputes (flood, explosion, theft, fire). Acting for policyholders in numerous Covid-19-related BII claims, including the FCA Test Case, the China Taiping arbitration, Pizza Express v Liberty Mutual (one of the ATP and POA/NDDA test cases), the Salon Gold arbitration and Kaleidoscope & Ors v AIG (bomb hoax/bomb scare). Advising reinsurers in relation to their Covid-19 BII exposure.
• Coverholders & binding authorities: Advising sub-coverholder on disputes with coverholder and insurers relating to the construction and operation of a multi-year binding authority agreement.
• Credit risk insurance: Acting for major international bank in LCIA arbitration of trade credit insurance disputes arising from the operation of a bill of exchange discounting facility and the financing of synthetic commodities trades. Advising/acting for private credit firm in ICC arbitrations of various credit risk insurance and guarantee disputes arising from project lending and supply chain financing arrangements.
• Insolvency and Third Parties (Rights Against Insurers) Act 2010: Advising office holders on insurance issues in various liquidations and administrations. Advising insurers and third parties in a variety of claims and requests for information under the 2010 Act.
• W&I / transactional liability: Advising in relation to buyer-side warranty and indemnity insurance dispute, including application of terms relating to seller’s & buyer’s knowledge and matters disclosed.
• Professional Indemnity insurance: Acting for/advising insurers, policyholders and third parties in numerous PI insurance disputes, including solicitors’ PI & MTCs, investment advisers, construction professionals and fund managers.
• D&O and FI/PI insurance: Acting for major investment manager in LCIA arbitrations and Cayman Islands FSD proceedings to recover under multiple D&O and Financial Institutions PI policies in respect of shareholder derivative proceedings in New York and Guernsey. Advising private credit firm in relation to potential ICC arbitrations of disputes under POSI cover.
• Asbestos – PL/EL; Contribution Act proceedings: Arbitration obtaining determination of coverage issues under PL policies in favour of insurers. Advising insurers in relation to large-scale contribution proceedings (settled favourably before action).
• Insurance brokers’ liability: Acting in multiple proceedings for and against insurance brokers (see separate Professional Negligence entry).

Other cases include:

Advising in potential Commercial Court/arbitration proceedings in US$80 million property reinsurance and professional negligence disputes arising out of a major industrial incident at a petrochemical complex in the Netherlands.

Orlen Lietuva v Aon UK: Representing Aon in its defence of a £120 million claim arising out of PD/BI (standing charges only) cover for an oil refinery fire in Lithuania. The case settled at trial, after 2 weeks of evidence, for less than 5% of the sum claimed.

Federal Mogul Asbestos Personal Injury Trust v Federal Mogul Ltd & Ors [2014] Lloyd’s Rep IR 671: Representing the captive insurer in insurance and reinsurance claims brought by a Delaware Personal Injury Trust in respect of the asbestos liabilities of the Federal Mogul group.

Equitas v Walsham Brothers (Commercial Court) [2014] Lloyd’s Rep IR 398: Acting for the defendant Lloyd’s reinsurance brokers in historical accounting claims relating to pre-Reconstruction & Renewal run-off business.

Bermuda Form product liability litigation (Commercial Court and Arbitration): Acting for captive insurer of a major international pharmaceutical company in £600 million insurance and reinsurance disputes arising out of large-scale US product liability litigation.

Aviva Insurance v ECREL (Commercial Court): Acting for the insurance brokers in a major property insurance claim relating to the flooding of a large industrial site in Backnang, Germany.

Chubb Insurance Company of Europe v Fortis; Beaufort Insurance Co v Fortis Corporate Insurance NV and Others (Commercial Court): Acting for Dutch reinsurers in claims under carriers and cargo liability reinsurance relating to the unlawful importing of consignments of silicon from China to Germany.

Standard Life Assurance Company v Oak Dedicated [2008] Lloyd’s Rep IR 552 (Commercial Court); Standard Life Assurance Company v Aon (Commercial Court): Acting for brokers in disputes relating to the placement and operation of financial institutions insurance (underlying claim arising from the mis-selling of endowment policies).

Erinacious litigation (Commercial Court): Acting for Lloyd’s and company insurers in £75 million claims under professional indemnity insurance in respect of a complex employee fraud.

Stronghold Insurance Company v Bulstrad (Commercial Court; Mercantile Court; Arbitrations): Acting for successful reinsured in trial of reinsurance recoveries claims. Issues included the application of English follow settlements provisions to underlying claims settled according to US theories of allocation of long-tail casualty business. Instructed in several related arbitrations.

BP Amoco v National Union Fire Insurance Company & Others (Commercial Court) [2006] 1 Lloyd’s Rep 549; [2006] Lloyd’s Rep IR 577: Acting for Aon in disputes arising out of a global energy CAR open cover (onshore and offshore). Issues included duties of sub-brokers to the insured.

Bonner v Cox (Commercial Court) [2005] Lloyd’s Rep IR 569: Reinsurance claims connected with a permanent open cover (the “Aon 77” cover) in the direct energy market.

Peter’s practice covers a broad range of commercial disputes, including financial markets and investment disputes, and he has extensive experience of cases arising from complex international commercial frauds.

He is recommended as a leading practitioner in Commercial Dispute Resolution by Chambers & Partners UK, Chambers Global and Legal 500.  He was named ‘Commercial Litigation Junior of the Year’ at the 2016 Chambers UK Bar Awards.

A substantial part of his practice is in complex, high-value litigation, often with cross-border and jurisdictional elements.  He works frequently with overseas legal teams and other professionals.  He has extensive experience of cross-border proceedings to enforce judgments and awards, and of urgent interlocutory applications.

Recent and notable cases include:

Pre-action: Advising manufacturer/distributor of specialist optical equipment in relation to fraud claims against a former director.

LCIA Arbitration: Acting for the Singapore branch of a major international bank in large-scale trade finance and credit insurance disputes disputes arising from the financing of synthetic commodities trades under a bill discounting facility.

Financial Conduct Authority v Argento Wealth Ltd & Ors: Acting for the FCA obtaining freezing orders and prohibitory injunctions against an unauthorised financial services business and its directors.

Avonwick v Azitio Holdings (Commercial Court): Long-running proceedings involving multiple fraud and economic tort claims arising from the division of the joint business interests of prominent Ukrainian businessmen. Obtained freezing injunction in support indemnity costs award.

Terra Firma v Citigroup (Commercial Court): Acting for Citigroup in its defence of Terra Firma’s £2.4bn fraud claim arising out of the acquisition of EMI in 2007.  The trial (listed for 7 weeks) ended after two days of evidence with Terra Firma consenting to the dismissal of its claim and agreeing to pay Citi’s costs. The case raised numerous issues relating to investment banking practice and advice, auctions of public and private companies, corporate lending & portfolio management, leveraged finance, securitisation and risk management.  Peter was also instructed in the earlier New York action (2010-2014), working with Citi and its New York lawyers on the English law aspects of those proceedings.

NML v Argentina: Acting for NML/Elliott Associates in long-running multi-jurisdictional sovereign bond enforcement actions. Among other things he was the leading junior in NML’s English claim for the recognition of judgments of the New York federal court, now a leading English case on state immunity in connection with the recognition and enforcement of foreign judgments against states: [2009] QB 579 (Blair J), [2011] 1 QB 8 (Court of Appeal), [2011] 2 AC 495 (Supreme Court).

Platinum Services v DP World (Dubai World Tribunal/DIFC): Acting for DP World in its defence of US$50 million claims arising out of the termination of port services contracts in Egypt during the 2013 civil unrest.

Martinez v GMTV (Commercial Court): Acting for the defendant TV broadcaster/production company in the successful defence of proceedings for breach of contract brought by a participant in one of its shows. Trial collapsed and discontinued after cross-examination of Claimant’s witnesses. Subsequent application by Claimant to bring new proceedings arising out of the same matter defeated.

The AHAB litigation (Commercial Court; Cayman Islands FSD): Acting for AHAB, a Saudi Arabian partnership, and individual members of the Algosaibi family, in US$10 billion global banking and fraud litigation pursuing claims against Maan Al Sanea and the Saad Group, and defending claims from over 100 financial institutions, in proceedings in England, the Cayman Islands, the USA and the Middle East. Involved extensive work with an international team of lawyers, accountants and other professionals in the USA, Cayman Islands, Saudi Arabia, Bahrain, Dubai and elsewhere. Ancillary US$9.2bn freezing injunction in support of primary Cayman Islands proceedings obtained under s.25 CJJA 1982 in the English Commercial Court.

Trebuchet Finance v Merrill Lynch (Commercial Court). Acting for Merrill Lynch in a £20 million claim for alleged misrepresentation and breach of warranty brought by investors in a 2006 securitisation of sub-prime mortgages.  Included issues relating to the regulation and underwriting of sub-prime mortgages, the impact of the financial crisis on sub-prime-backed securities, and the valuation of on-going investments in sub-prime securities.

Diorite Securities Ltd v Tiku (Commercial Court): Acting for the defendant in £20 million claim for alleged fraud and breach of fiduciary duty arising out of the sale of oil and gas interests in Kazakhstan.

Mahmood v Mitsubishi Electric (Chancery Division): Acting for the defendant Japanese power plant and electronics companies in disputes relating to a contract for consultancy services in connection with the tender and construction of the Dubai Metro Network.

Kensington International v Republic of Congo (Commercial Court, Court of Appeal): Acting for the claimant hedge fund in extensive £100 million international actions for the enforcement of four judgments of the English Commercial Court. Worked with legal teams in the USA, Hong Kong, Switzerland, Mauritius, France and the British Virgin Islands.  Applications in the Commercial Court for Norwich Pharmacal relief, Mareva/freezing injunctions, gagging orders, and for relief under s.25 CJJA 1982 in support of foreign proceedings. Issues included: conspiracy, unlawful interference, transactions defrauding creditors (s.423 Insolvency Act 1986), piercing the corporate veil, judgment proofing, third party debt proceedings, sham companies and transactions, appointment of provisional liquidator (in BVI) over foreign corporations, and the privilege against self-incrimination in s.13 Fraud Act 2006

Peter regularly acts in professional negligence disputes, particularly involving insurance brokers, financial markets professionals and investment advisers.

Recent and notable cases include:-

Ad hoc arbitration: Advising a well-known international bank in relation to professional negligence claims against Singapore and London insurance brokers arising from the placement and administration of credit risk insurance policies.

Ad hoc arbitration: Acting for PI insurers in proceedings relating to multiple complaints of professional negligence against financial advisers in respect of transfers of defined benefits and defined contributions pensions.

Melton Renewable Energy UK ltd v Marsh Ltd (Commercial Court): Acting for the defendant insurance brokers in proceedings brought by the operator of UK renewable energy power stations arising from major fire destroying large quantities of fuel stocks.

Pre-action: Advising the operator of offshore electricity transmission infrastructure in potential professional negligence claims against insurance brokers arising from the placement of project construction and operation policies.

Pre-action: Advising the defendant insurance broker in prospective professional negligence proceedings by the owner of stadium/racetrack relating to the notification and handling of claims under a PL programme.

Regeneration Investment Fund for Wales LLP v Amber Fund Management Ltd and Lambert Smith Hampton Group Ltd (Chancery Division): Acting for the Welsh Government in professional negligence claims arising from the management of a property/regeneration fund.

Advising one of the major insurance brokers in relation to potential Commercial Court/arbitration proceedings in US$80 million property reinsurance and professional negligence disputes arising out of a major industrial incident at a petrochemical complex in the Netherlands.

Orlen Lietuva v Aon UK (Commercial Court):  Representing Aon in its defence of a £120 million claim arising out an oil refinery fire in Lithuania.  Issues concerned the placement and operation of oil refinery PD/BI cover.

Sanlam Securities v Merchant Cavendish Young (Commercial Court): Representing the defendant IFA in professional negligence contribution proceedings brought by a discretionary fund manager in respect of multiple compensation awards for negligent fund management.

The Seashell of Lisson Grove v Bluefin Insurance Services (Commercial Court): Acting for the insurance brokers and underwriting agents in insurance/professional negligence proceedings relating to alleged negligence in the broking and underwriting of property and business interruption insurance cover.

Aviva Insurance v ECREL (Commercial Court): Acting for the insurance brokers, defending allegations of professional negligence in the placement of master and local insurance policies for a large portfolio of European commercial property.

Lexi v ARML (Chancery Division): Acting for valuers/surveyors in action brought by the administrators of Lexi Holdings relating to the valuation of properties on behalf of a fraudulent lender.

Wheatfields v HSBC Insurance Brokers (QBD): Representing insurance brokers in proceedings relating to the placement of property and business interruption cover.

Aon v a firm of solicitors (Commercial Court): Acting for insurance broker in proceedings against solicitors retained to advise it in relation to a policy wording. Issues included duties owed by solicitors in tort to the broker’s client, limitation in respect of a pure contingent liability (following Law Society v Sephton).

Standard Life v Aon (Commercial Court): Acting for Aon in long-running claim brought by Standard Life in respect of a failure to obtain PI/FI insurance on appropriate terms. Stage 1 trial reported at [2008] Lloyd’s Rep IR 552.

BP v Aon (Commercial Court) [2006] Lloyd’s Rep IR 577: Acting for Aon in a professional negligence claim brought by BP arising out of the placement and operation of a global open cover energy insurance facility. Issues included the duties of sub-brokers to the head broker’s principal.

Bonner v Cox (Commercial Court) [2005] Lloyd’s Rep IR 569: Acting for Aon in a professional negligence claim arising out of the operation of a permanent open cover in the energy insurance market.

Onians v Sotheby’s (QBD): Acting for executors in a dispute with Sotheby’s concerning the sale of Nicolas Poussin’s ‘The Capture and Destruction of the Temple at Jerusalem by Titus’.