Arent Fox to launch NY insurance/reinsurance practice
Arent Fox is set to launch a new insurance and reinsurance unit in New York. The move is designed to make up for lower revenue as corporate clients have reduced the sums spent on legal fees in response to the global economic downturn.
"The reality is insurance is countercyclical or at least noncorrelated to the economy," said Elliott M. Kroll, who chairs the firm's insurance and reinsurance practice. "Everyone needs insurance and disputes arise ... There are always regulatory issues to be addressed that have nothing to do with whether the stock market is up or down."
The firm has hired five lawyers for the unit, and intends to expand the practice with further hires in the future.
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