Peter B. Steffen

Partner

[email protected]

Phone: (312) 360-6878

Fax: (312) 360-6520

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.

About

About

Peter Steffen is a Partner in the Litigation Practice Group and a member of the Insurance and Reinsurance Industry Team. For more than 17 years, Peter has worked to solve clients’ problems by representing them in a wide array of disputes in both the life reinsurance and property/casualty reinsurance arenas.  As a veteran practitioner, Peter understands the unique issues facing the reinsurance industry and has ample arbitration and court experience.  

Additionally, Peter has assisted clients by leading internal investigations, has supervised and coordinated litigation in international jurisdictions, and has advised clients with regard to accounting liability, regulatory matters, and antitrust risks. Peter is also a frequent speaker at industry meetings and events.

Peter also sponsors a scholarship at his undergraduate alma mater, Washington University, and is an amateur composer, poker player, and occasional trivia contest host.

 

Representative Matters

Representative Matters

  • 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 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 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.

Honors & Awards

Honors & Awards

  • Illinois Leading Lawyers - Emerging Lawyers - 2018 (cited in multiple years)

Professional Activities

Speaking Engagements

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:

  • "Negotiation Workshop," Brokers & Reinsurance Markets Association's Committee Rendezvous (April 2019). 
  • "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

Perspectives

Media

Media

Publications

  • "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