Core Values in Action
“A lawyer’s role is to be a problem solver. Working with clients to solve problems and proactively address the issues they face is what I enjoy most about the profession.”
Peter Steffen is a Partner in the Litigation Practice Group and a member of the Insurance and Reinsurance Industry Team. Peter concentrates his practice on complex commercial litigation and arbitration specifically advising clients in reinsurance, accounting liability, and regulatory matters.
Peter has represented clients in a wide array of life reinsurance disputes, with specific focus on both misrepresentations made during the placement process and on the long term care industry in general. He has also represented clients in numerous property/casualty reinsurance disputes.
Additionally, Peter has assisted clients with internal investigations, has supervised and coordinated litigation in international jurisdictions, and has advised clients on both compliance with Office of Foreign Assets Control (OFAC) regulations and antitrust risks. Peter has also spoken at several industry meetings and events.
- Successfully represented a life reinsurer in an arbitration against a cedent that failed to disclose a highly material mortality study during placement. The client obtained rescission of the reinsurance agreement.
- Successfully represented a life reinsurer in an arbitration against a cedent that frequently violated its own underwriting guidelines and wrote business contrary to the representations made during placement.
- Advised life reinsurance clients regarding the issues caused by insolvent (or potentially insolvent) cedents.
- Successfully represented a life reinsurer in an arbitration against a cedent that provided incomplete data during pricing.
- Successfully represented a reinsurer of long term care business in an arbitration regarding a cedent’s failure to seek rate increases from state authorities.
- Advised a reinsurer of long term care business regarding its rights to audit cedents and associate with the defense of claims.
- Successfully represented a reinsurer in the recovery of hundreds of millions of dollars from a rogue managing agent and from a large international accounting firm who audited the account, but failed to alert the client about the agent’s fraud.
- Successfully represented one of the leading insurance groups in the U.S. in a significant arbitration concerning the client's claims for indemnification for underlying asbestos and silica liabilities that ultimately resulted in reinsurance recoveries in excess of $125 million.
- Successfully represented property & casualty reinsurers in various arbitrations and court proceedings regarding erroneous billing and late notice issues.
- In a pro bono matter, successfully obtained political asylum status for a former political prisoner from a repressive African regime.
- Illinois Leading Lawyers - Emerging Lawyers - 2018 (cited in multiple years)
- "Reinsurance: The Risks and Rewards of Sharing Information," American Bar Association's Litigation Committees Insurance Coverage, November 2016
- Co-authored, "Is the Duty of Utmost Good Faith in Runoff?", AIRROC Matters, Spring 2015
- Co-authored, "Reinsurance Trends to Watch in 2014", HarrisMartin, February 2015
Peter is a frequent speaker at events sponsored by the Reinsurance Association of America (RAA) and the Association of Insurance & Reinsurance Run-Off Companies (AIRROC).
Peter's speaking engagements also include:
- "Issues in Allocation: (a) Non-Cumulation Clauses and (b) ECO/XPL Clauses," BRMA's Annual Committee Rendezvous (April 2017)
- "Treaties: Keeping Our Promises", Reinsurance Administration Professionals Association, Fall 2014
- "Making Dispute Resolution Work for You: Arbitration or Litigation", BRMA Committee Rendezvous, Spring 2014
- "Notice Clauses: Promptness, Prejudice, and Prevention", BRMA Committee Rendezvous, Spring 2013