Michael Payton

Full Profile

Michael is the Chairman of Clyde & Co, having served as the firm's Senior Partner for 30 years, during which period Clyde & Co progressed from a niche shipping firm of 20 Partners to a more broadly based, global world trade practice with approx. 300 Partners.

Michael has acted for Underwriters and Insurers worldwide on most of the major international insurance problems of recent years.

Michael helped to establish and was Chairman of the Solicitors Indemnity Mutual Insurance Association from 1986 until 2007. He has been Chairman of the British Maritime Law Association since 1996. He holds various Non-Executive Directorships, in the insurance industry.  He is Chairman of the International Disputes Resolution Centre, in London.

Michael was voted Senior Partner of the Year at the Legal Business Awards, 2004 and again at the British Legal Awards 2011. In Chambers 2007 he is recorded as 'a true leader of the insurance industry in London, Europe and Asia'. He was a member of the UK Judicial Delegation to India in 2008 for discussions with the President and Judges of the Indian Supreme Court.

Michael was also listed as a leading individual in the 2009 Global Arbitration Review, in which the firm was ranked 11 out of the top 100 global arbitration practices.

In 2011 Michael was awarded the title of Honorary QC.

Experience

Advising the insurance industry in relation to most of the major problems affecting the market over the years, in particular: 

• 1983 – Kidnap of the stallion “SHERGAR”: key legal issue of applicability of mortality only cover where no evidence of death; all shareholder claims ($40m plus) resolved
• 1986 – 1995 – Collapse of US Savings & Loans Banks – advice and presentations to the market on central aggregation issues
• 1988 – “Piper Alpha” – including determinative House of Lords decision on "knock for knock" agreements in the North Sea, as well as keeping out of the US Courts the fatality and personal injury claims, producing overall a saving to the insurance market of, conservatively, $1bn
• 1989 – 1995 – US Environment and Pollution claims, in particular “EXXON VALDEZ”: numerous presentations to the insurance market concerning exposure to a myriad of US litigation ultimately resolved, and being part of team which settled the remaining EXXON claims in a manner which enabled the Reconstruction of Lloyd's to continue, by reason of the elimination of potential further losses in excess of US$1bn
• 1990 – The invasion of Kuwait – to include obtaining critical Commercial Court decision that the underwriters of Kuwait Airways had the benefit of a ground limit of $300m
• 1990 – 1991 – Collapse of the Swedish property market in 1990/91, the bankruptcy of Svenska Kredit, and consequent Arbitration for $200m plus against its Reinsurers
• 1990 – 2000 – Breast Implants – the conduct of six Bermuda form arbitrations saving insurers $600m by reason of material non-disclosures by various Insureds manufacturing these implants
• 1991 – 1992 – Break up of the former Yugoslavia – primarily handling for the London insurance market $500m plus of business interruption claims from shipyards on the Danube and the Dalmatian Coast
• 1991 – Loss of the Sleipner GBS: litigation in Norway, mediation and resolution of US$200m plus loss
• 1991 – Break up of the former USSR from the perspective of insurers of Russian Oil and Gas industries: resolution of problems arising out of the gas pipe network extending through countries now independent, and consequent disputes between those countries by arbitration and in the Commercial Court
• 1993 – 1996 – Grounding of the oil tankers “BRAER” and “SEA EMPRESS”: the latter a crucial case on limitation and foreseeability/recoverability of damages not least from riparian owners
• 1994 – Loss of the Baltic Ferry, “ESTONIA” involving coordination of litigation in Sweden, France and the UK; loss of over 900 passengers (largest European peacetime loss of life); handling a number of bizarre allegations as to the cause of the loss; ultimate resolution of all claims
• 1995 – 2000 – Reconstruction and renewal of Lloyd's, leading a team at Clyde & Co representing the Lloyd's Syndicates insuring the E&O liabilities of the Lloyd's Managing Agents – working with all other parties to achieve, ultimately, the survival of Lloyd's, including conduct and supervision of numerous Court actions
• 2000 – Hurricanes KATRINA, RITA & WILMA: recoverability and aggregation of losses totalling several billion dollars
• 2007 – Outbreak of Foot & Mouth: Key Court decision on non-recovery of economic losses only
• 2010 – Loss of Deepwater Horizon offshore structure – Insurance Arbitrations including a reference on alleged Arbitrator bias to the UK Supreme Court in 2019
• 2017 – The Grenfell Tower Fire
• 2019 – Emerging claims arising from Climate Change against oil majors/their Insurers
• 2019/20 – Opioids
• 2020/2024 – Claims arising from Covid-19 Property Business Interruption losses worldwide
• 2021 – The “EVER GIVEN” stranding in the Suez Canal
• 2022/2024 – Claims arising from the Russian invasion of Ukraine and consequent imposition of sanctions on and by Russia