Chung

Huhnsik Chung

Partner
Baker & McKenzie LLP

Biography

Huhnsik Chung is chair of the North America Insurance Practice and a partner in Baker McKenzie's New York office. He represents national and international clients in major insurance and reinsurance litigation and arbitration matters. He has served as lead counsel in more than 70 insurance, reinsurance and commercial proceedings in the US and abroad, and is regularly called to resolve complex commercial disputes arising from the business of insurance as well as New York counsel in Bermuda form arbitrations and other contracts governed by New York law. He also provides insurance regulatory, licensing and structuring advice to insurance industry clients with a focus on insure-tech startups, captives, M&A, ILS, insurance wraps, and new product development. Clients also rely on his counsel on compliance, policy wording and corporate governance. Huhnsik is AV rated as Preeminent and recognized as a Super Lawyer for Insurance Coverage in New York since 2009 and by Legal 500 for Energy Transactions. Prior to joining the Firm, he managed the New York offices of an AMLaw 50 firm.

Practice Focus

Huhnsik's insurance and reinsurance advisory and litigation practice focuses not only on the commercial markets, but also on the energy industry with an emphasis on oil and gas companies and utilities insured through industry mutuals and captives. He has represented insurers and reinsurers in matters related to catastrophe bonds, media and telecom, privacy and cyber security, financial institutions and D&O, medical devices, professional services, fidelity, surety and payment bonds, financial guaranty, life, health and disability, and aviation. He has also advised insurers and reinsurers on matters related to first and third-party losses arising from major disasters and catastrophes involving oil rigs and platforms, risers, tankers, pipelines, blowouts, explosions, wildfires, mining disasters, war and terrorism, toxic torts, and pollution.

Representative Legal Matters

  • Represented the Bermudian sponsor of the first ever securitization of excess liability through a catastrophe bond in commuting liabilities impairing notes issued by the SPV/reinsurer which were held by PE investors. Also represented investors of catastrophe bonds in disputes arising from impairment of those bonds and challenges to the triggering and payout mechanisms.
  • Regularly advises insurers, producers and other intermediaries and adjusters on US and cross-boarder insurance regulatory issues impacting P&C and LH&A business; and formed and licensed risk bearing entities and service providers.
  • Represented sellers and buyers of public and private companies and books of business both active and in runoff in the US and abroad.
  • Obtained a favorable verdict for the client in the Appellate Division and Court of Appeals in Consolidated Edison Co. of New York v. Allstate Ins. Co., et al., the seminal New York case on allocation of liability among successive insurers in a coverage dispute involving environmental contamination at a former manufactured gas plant in Tarrytown, New York.

Professional Associations and Memberships

  • American Bar Association - Member
  • Asian American Bar Association of New York - Member of Advisory Counsel to the Board
  • Asian American Law Fund of New York - Board Member
  • Insurance Federation of New York - Board Member

Admissions

  • New York~United States (1990)

Education

  • Cornell Law School (J.D.) (1989)
  • Cornell University (B.S.) (1986)

Languages

  • English
  • Korean