Peter Hardy

Peter joined the London office of Reed Smith in January 2008 and is the head of the London office team within the firmwide Insurance Recovery Group (IRG). The firmwide IRG is a globally recognised team of coverage attorneys operating internationally, who are committed to providing support exclusively to insured policyholders. Peter’s experience covers a diverse range of insurance policy types and reflects his particular experience in global and multi-jurisdictional coverage issues arising in the financial services sector in general, and disputes under Bankers Bond/Financial Institutions Combined Liability and Crime policies in particular. Peter has a broad experience of international insurance, reinsurance, and Bermuda Form arbitrations in London.

Market recognition

Peter is a seasoned insurance coverage litigator, who is regularly commended by independent legal directories for his personal performance and for the group that he manages:

“Reed Smith is one of the top London policyholder practices.”

“Peter Hardy is adept at handling an array of complex, cross-border coverage disputes, notably those arising in the financial services and offshore energy sectors.”

“Peter Hardy is a leading lawyer on the insurance policyholder side.” – Chambers and Partners 2024

“An absolute go-to for policyholder disputes, Reed Smith LLP’s insurance recovery group is under the ‘great leadership’ of Peter Hardy, who is experienced in a range of insurance coverage claims including Bermuda Form disputes and D&O liability as well as political risk work.” – The Legal 500 2024

Experience

Peter has acted for clients and handled insurance claims and disputes arising out of many of the major financial issues to have hit the London market in recent years, including the collapse of the Maxwell Group, pensions mis-selling, Equitable Life, the Split Capital Investment Trust market collapse, the failures of Northern Rock and of the Icelandic banking sector, and the Madoff Ponzi Scheme.

Peter has acted extensively for financial institutions in respect of losses involving fraud and dishonesty and claims under Bankers Bond, combined liability insurances, D&O, and E&O programmes, in particular where claims arise following regulatory intervention. Claims experience on behalf of banks and financial services companies includes loss and liabilities arising under U.S. securities litigation, mortgage fraud, the operation of offshore-based Ponzi Schemes, computer fraud, bullion theft, payments made under forged instruments, the loss of property held as security, and employee fraud.

Peter has recently acted in relation to coverage issues involving the Bernard Madoff Ponzi Scheme, a fraud in relation to the purchase of assets subject to lease arrangements, claims against the investment manager of an offshore fund, and the fraudulent activities of an employee. He is also acting for a financial services company in connection with coverage issues arising from an FSA investigation into structured product and pension transfer mis-selling, and for a bank in respect of loss arising from Consumer Credit Act requirements.

Peter also has a long-established practice in advising clients on professional indemnity disputes and negligence claims, particularly those involving insurance brokers, accountants, actuaries, and pensions consultants.

Experience

Representative matters

Acting on behalf of a UK bank in an arbitration over disputed Crime Policy coverage in respect of systemic mortgage fraud losses with a policy value of approximately £50 million.

Successfully represented a U.S. medical devices manufacturer in a coverage dispute against top-layer coverage insurers concerning loss resulting from securities litigation and the interpretation of potentially inconsistent exclusion clauses in two different policy periods. Following a full Bermuda Form arbitration hearing in Bermuda, the tribunal made a unanimous award granting our client the full amount of its claim.

Acting for a financial services and advisory company in an arbitration over professional indemnity policy coverage loss relating to FOS awards in respect of advice given on structured products investments, a CII investigation, and an FSA settlement requiring past business reviews on structured products and pensions-switching advice, resulting in a full recovery following a London arbitration.

Acting on behalf of a UK bank in an arbitration over disputed Crime Policy coverage in respect of systemic mortgage fraud losses with a policy value of approximately £50 million.

Coverage advice relating to criminal investigation resulting from the collapse of Rangers Football Club.

Advising a UK bank in relation to claims under its Professional Indemnity insurance policies relating to loss suffered as a result of the requirement to pay £300m remediation amounts to account holders following the identification of non-compliance of loan documentation with the Consumer Credit Act.

Advising a UK building society and financial advisory service on recoverability under their professional indemnity policy of redress payments and third party defence and mitigation costs incurred following an FCA Conduct Risk Assessment and subsequently mandated internal review and Risk Mitigation Programme, including a skilled person report.

As a single team comprising Insurance Recovery Group attorneys from Chicago and London, we acted for a Houston-based oil company and its captive insurer seeking coverage for a loss resulting from damage to six oil pipeline production risers at a field in the North Sea.

Acting, together with lawyers from Houston and Chicago, for Anadarko Petroleum Corporation in litigation in Texas over the application of a joint venture “scaling” provision to losses resulting from the Deepwater Horizon incident.

Acting for the policyholder in a London venue "Bermuda form" arbitration under six D&O policies into a single arbitration which consolidated claims for sums in excess of $150 million arising from U.S. securities class action litigation

Acting for the Administrators of the "MCC group companies" in the claim against insurers of the Robert Maxwell Personal Accident Policy. This hotly contested claim raised issues of moral hazard, the suicide "exclusion", and non-disclosure as well as some interesting evidential issues.

Acting for a Bermudan bank against insurers in connection with two separate claims under its Bankers Blanket Bond. One arose under the D & 0, E & 0, and Fidelity sections of the cover in connection with exposure to certain U.S. class actions, the other under the Computer Fraud section following exposure to a trading scam operated through the banks accounts.

Represented the policyholder in a dispute before the Bermuda courts against a captive insurance company, formerly within the same group of companies, over the liability of the insurer to indemnify claims made in respect of the policyholder’s vessels.

Advising two banks on coverage issues arising under Bankers Bond policies, one in relation to the recoverability of liability losses arising from fraud, the other in relation to the fraudulent loss of commodities providing security for the Bank's loan

Acting for the successful Representative Defendant in the landmark "Equitable Life" test case on guaranteed annuity rates (Equitable Life Assurance Society v Hyman [2002] 1 A. C. 408 won in the House of Lords in July 2000). This was the first test case of its type. For its work on this case the team was awarded the Legal Business Litigation Team of the Year Award 2001.

Acting for an international bank in relation to bullion losses caused by fraud and in respect of the coverage claims under the Bankers Bond policy

Acting for the commodities and derivatives arm of an international bank in claims under its Bankers Bond cover arising out of an international metals trading fraud

Acting for the Guernsey Financial Services Commission in connection with the Branch office activities of the Equitable Life Assurance Society and implications for "International Policyholders" under the Equitable sec 265 Scheme of Arrangement

Acting for the successful claimant policyholder in the pension miss-selling test case Needler Financial Services v Taber [2002] Lloyd's Rep PN 32 on demutualisation benefits and calculation of mis-selling redress. The result directly affected the mis-selling "compensation" due to more than 60,000 claimants. For its work on this case the team was shortlisted for the Lawyer Litigation team of the Year Award 2002.

Acting for the Administrators of the "MCC group companies" in the high profile Maxwell Crime Policy litigation "New Hampshire Insurance Co. and Others v MGN Ltd and others Maxwell Communication Corporation PLC and others v New Hampshire Insurance Co. and Others [l997] L.R.L.R 24". The case considered the effect of the dishonesty of the Chairman and the imputation of dishonest knowledge and is a leading authority on "Joint/Composite" policies and the nature of co-assured's rights.

Acting for a manufacturer of specialist sub-sea pipelines and production equipment relating to a loss in an oil field offshore Angola

Acting for the manufacturers and suppliers of flexible subsea oil pipeline in a claim against insurers of an All Risks policy for the cost of removal and reinstatement of damaged pipeline from an oilfield offshore Perth

Acting for the successful Liquidator of Shanning International Ltd in its claim to recover sanctions blocked funds from Lloyds and Rasheed Bank - Shanning International Ltd v Lloyds TSB Bank Plc [2001] UKHL 31 (won in the House of Lords)

Acting for a bank in claims under its Crime cover for losses suffered as a result of systemic mortgage fraud.

Represented a major international telecommunications company seeking costs totaling in excess of $400 million resulting from settlements and defense costs due to an underlying securities liability U.S. class action suit. This was one of the biggest Bermuda Form arbitrations in the market, encompassing six Bermuda Form excess layer D&O insurance policies

Represented a pharmaceutical company in an arbitration dispute in connection with insurance claims for opioid mass tort litigation.

Recognitions

Named Lawyer of the Year – 2022 Best Lawyers UK
Ranked in Chambers Global for UK Insurance: Mainly Policyholders, 2017-2025
Listed as a “Leading Partner” in The Legal 500 UK 2026 for Insurance Litigation: for Policyholders