Insurance UK

  • May 22, 2024

    EU Watchdog Seeks New Powers For Markets Regulation

    The European Union's financial markets watchdog called Tuesday for more regulatory powers and a simplified rulebook to improve the bloc's declining global competitiveness.

  • May 22, 2024

    Gov't Dismisses 'Arbitrary Deadline' On Pensions Redress

    The government on Wednesday shrugged off calls to draw up plans by the summer for a redress program for millions of women who have been underpaid under state pension plans.

  • May 21, 2024

    13 Clyde & Co. Lawyers Defect To Kennedys In Madrid

    Kennedys has hired 13 lawyers including a trio of insurance partners from Clyde & Co. LLP for its Madrid office, with the firm intent on strengthening its footing in one of Europe's key arenas.

  • May 21, 2024

    EU Gives Final Approval To World's First AI Rulebook

    European Union law negotiators gave the final green light on Tuesday to the first worldwide rules on artificial intelligence across most sectors including financial services, classifying its usage in bank lending risk assessments or insurance underwriting for EU citizens as high-risk.

  • May 21, 2024

    I Am An Honest Man, British Trader Tells £1.4B Fraud Trial

    Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."

  • May 21, 2024

    Finance Pros 'Too Afraid' To Blow Whistle On Fraud

    More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.

  • May 21, 2024

    UK Pension Reform Could Create 'Too Big To Fail' Providers

    The proposed government fix for the spiraling number of retirement savings pots could create pension giants that are too big to fail, an industry body warned on Tuesday.

  • May 21, 2024

    Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money

    The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.

  • May 21, 2024

    Investor Launches Property JV With USS Pension Scheme

    Real estate investor Assura PLC said on Tuesday it has agreed to a £250 million ($318 million) joint venture with the U.K.'s largest private pension scheme to support investment in National Health Service buildings for community care services.

  • May 21, 2024

    Freshfields Helps Warburg Pincus Buy Insurance Intermediary

    Private equity giant Warburg Pincus and Temasek of Singapore will buy Specialist Risk Group, a London-headquartered company that has brokered more than £1 billion ($1.3 billion) worth of insurance risk, the companies said on Tuesday.

  • May 20, 2024

    Lessors File Russia-Stranded Planes Cases After Major Ruling

    Two aircraft lessors have filed details of claims against insurers in London for a combined total of $62.1 million over planes stranded in Russia because of the invasion of Ukraine after a landmark ruling tossed attempts to move the cases and others to Russia.

  • May 20, 2024

    Watchdog Finds Pensions Minister Broke Rules On Expenses

    Paul Maynard, the pensions minister, broke parliamentary rules on expenses when he failed to properly manage the use of his taxpayer-funded office for political campaigning, a standards body has ruled.

  • May 20, 2024

    UK Leads Europe In Financial Services Investment, EY Says

    The U.K. has solidified its position as Europe's top destination for foreign direct investment in financial services as it attracted 108 investment projects in 2023 compared to 76 a year earlier, the Big Four accounting firm EY said Monday.

  • May 20, 2024

    Step Up Action On Financial Abuse, FCA Tells Firms

    The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.

  • May 20, 2024

    Pension Funds Under-Investing In UK Assets, Minister Warns

    Pension schemes are not investing enough in Britain, a Treasury minister has warned, adding that the government will consider what "further action" is necessary to stimulate the capital injection that lawmakers want for the economy.

  • May 17, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.

  • May 17, 2024

    Pensioners Lose £80M In Credit Over Submission Errors

    The Department for Work and Pensions has said that retirees lost out on £80 million ($102 million) in payments to help top up their weekly income to a minimum level because they submitted inaccurate information about themselves in the last financial year.

  • May 17, 2024

    Insurers Seek Exclusion From EU Late Payment Rules

    European insurers have called for their exclusion from the Late Payment Regulation proposed by the European Commission that would fix a single shorter payment period, warning that it ignores how insurance works.

  • May 17, 2024

    FCA Sets Out Consumer Duty Priorities For Closed Products

    The Financial Conduct Authority has sent "Dear CEO" letters to multiple financial service firms, setting out its priorities for the July deadline to apply the Consumer Duty guidelines to closed-off products such as old savings accounts or insurance policies.

  • May 17, 2024

    ABN Amro To Sell Stake In Life Insurance JV Neuflize Vie

    BN Amro Bank NV said Friday that its Neuflize OBC French private bank branch has entered "exclusive negotiations" to sell the unit to the insurance subsidiary of BNP Paribas SA to form a strategic partnership in life insurance in France.

  • May 17, 2024

    Asset Manager Alpha Growth To Buy Insurance Manager

    British wealth manager Alpha Growth PLC said Friday that it will buy Guernsey-based insurance management company Jeometri for £450,000 ($569,000) to help it grow its insurance offering across the U.K.

  • May 17, 2024

    FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy

    The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.

  • May 16, 2024

    Pension Scheme Profit Warnings Ease In First Quarter

    The number of profit warnings issued by U.K.-listed companies with defined benefit pension schemes fell to 18 in the first quarter of this year, compared to 22 in the last three months of 2023, according to research published on Thursday by EY-Parthenon.

  • May 16, 2024

    Insurance Brokers Call For 'Breath' Amid Rising Regulation

    Increasingly demanding regulation from the Financial Conduct Authority is hampering insurance brokers and unnecessarily overlaps with preexisting practices the industry already follows, a trade body for the sector has said.

  • May 16, 2024

    MPs Call For Redress Program For State Pension Errors

    Lawmakers have urged the government to draw up plans by this summer for a redress scheme for retirement-age women who were short-changed on their state pensions.

Expert Analysis

  • The Art Of Corporate Apologies: Crafting An Effective Strategy

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    Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.

  • What To Know About The Russia-Stranded Plane Ruling

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    The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.

  • 3 Notable Pensions Reforms In Spring Budget

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    The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.

  • UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

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    An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.

  • Bias Ruling Offers Guidance On Disqualifying Arbitrators

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    An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.

  • Insurance Policy Takeaways From UK Lockdown Loss Ruling

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    An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

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    The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.

  • Unpacking The Building Safety Act's Industry Overhaul

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    Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.

  • A Rare Look At Judicial Interpretation Of LEG Exclusions

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    A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

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