Insurance UK

  • November 25, 2024

    FCA Rewrites Disclosure Rules, Handing Suspects The Reins

    Changes to disclosure rules at the Financial Conduct Authority will give defendants more insight into its investigations than ever before — though the development might swamp those that cannot afford top legal advisers, lawyers say.

  • November 22, 2024

    UK Insurer L&G Bags $2.2B US Pension Deals In 2024

    Legal & General Group PLC said on Friday that it has completed $2.2 billion worth of pensions risk transfer business in the U.S. in 2024, a record amount for the U.K. financial services giant.

  • November 22, 2024

    MPs To Probe UK Pensioner Poverty Amid Rising Costs

    A cross-party parliamentary committee on Friday launched an inquiry into pensioner poverty in the U.K., seeking views on which measures have been most effective in addressing the cost of living for retirees.

  • November 22, 2024

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

    This past week in London has seen cash-strapped Thurrock Borough Council bring a £40 million ($50 million) negligence claim against 23 other local authorities over its solar investments from a not-for-profit local government body, AstraZeneca sue a fire safety company following a blaze at its Cambridge headquarters last year, and a director who was convicted in 2016 for corporate manslaughter face action by Manolete Partners. Here, Law360 looks at these and other new claims in the U.K.

  • November 22, 2024

    EU Finance Body Says Climate Disclosure Rules Too Detailed

    A trade body for European financial institutions has warned an international accounting standard-setter that its proposed climate-related disclosures for financial statements are too detailed, imposing compliance expectations beyond existing accounting standards.

  • November 22, 2024

    UK Gov't To Increase Whiplash Injury Tariff By 15%

    The government said it will raise the fixed damages for "whiplash" neck injuries suffered in motor accidents by 15% to account for inflation, but claimant groups say the planned increase does not go far enough.

  • November 22, 2024

    Speed Up Settlement Process, FCA Tells Life Insurers

    The finance regulator told life insurance firms on Friday to speed up claims settlements and improve customer service for bereaved people, saying that it takes them an average of 53 to 122 days to process a claim and 53 days to deal with "whole of life" policies.

  • November 21, 2024

    Dashboard Project Updates Pension Scheme Reporting Rules

    Pension providers and schemes will face less onerous reporting requirements during the initial connection phase to the long-awaited dashboards project under changes announced by the program's coordinator Thursday.

  • November 21, 2024

    Swiss Crack Down On Health Insurance Cold Calling After Ban

    Switzerland's financial markets regulator on Thursday said it has launched investigations into four insurance and intermediary businesses suspected of breaching the recently introduced ban on cold calling in the health insurance sector.

  • November 21, 2024

    EU Watchdogs Set Rules On Sharing Staff Fitness Reports

    European Union regulators have set out guidelines for their new information exchange system to help national regulators assess the suitability of senior managers for key roles in financial services.

  • November 21, 2024

    HCR Law Grows Insurance Practice With Litigation Specialist

    Harrison Clark Rickerbys Ltd. has tapped Keith Mathews as a legal director in the firm's insurance and risk team in London from DAC Beachcroft LLP.

  • November 21, 2024

    FCA Weighing Wider Impact Of Motor Finance Ruling

    The Financial Conduct Authority said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.

  • November 20, 2024

    11th Circ. Says No Coverage For Holding Co. In $11.7M Row

    The Eleventh Circuit unanimously affirmed Wednesday that an insurer doesn't have to cover underlying litigation against a holding company by investors who wanted to revoke an $11.7 million buy-in, because claims were made before the policy was active.

  • November 20, 2024

    Oakley Capital To Invest In German Insurance Agent

    Oakley Capital said Wednesday that it is investing in German insurance managing general agent Konzept & Marketing, or K&M, through its Fund V, with its affiliate Oakley Capital Investments injecting approximately £14 million ($17.7 million) into the deal.

  • November 20, 2024

    Watchdog Censures Insurance Agency Over Breaches In Sales

    The Competition and Markets Authority censured Prima Insurance on Wednesday for failing to properly explain the costs over more than a year of a policy add-on to thousands of consumers.

  • November 20, 2024

    Marsh Says Greensill Bank Can't Add It To Australian Dispute

    Marsh urged a court Wednesday to maintain an order banning Greensill Bank AG from dragging it into litigation in Australia linked to the collapse of the wider group, arguing that the lender is bound by an English jurisdiction clause in its contract with the insurance broker.

  • November 20, 2024

    European Council Greenlights ESG Rating Regime

    The European Union has adopted new rules to regulate environmental, social and governance rating activities to make them more transparent, consistent and comparable in a move to improve investors' trust in sustainable financial products.

  • November 20, 2024

    Aviva Unveils Islamic-Compliant Workplace Pensions Strategy

    Insurance giant Aviva has launched a tailored solution for members of workplace pensions who want investment options that are compliant with Islamic law, introducing a range of funds and universal de-risking options.

  • November 20, 2024

    Danish Pensions Biz Sells £48M Of Shares In Helios Towers

    Denmark's largest pensions and processing company said on Wednesday that it has sold shares in Helios Towers PLC, a telecommunications company based in Britain, raising approximately £48 million ($61 million).

  • November 19, 2024

    Truck Insurance Must Arbitrate Asbestos Coverage Claims

    Truck Insurance Exchange must arbitrate its dispute with a group of reinsurers over coverage for asbestos bodily injury claims filed against Kaiser Cement & Gypsum, a California federal judge ruled, saying there was "little difficulty" in concluding that the case falls within the parties' arbitration agreement.

  • November 19, 2024

    Redress Scheme Reports 18% Jump In Decisions On Claims

    The Financial Services Compensation Scheme reported on Tuesday an 18% year-on-year increase in decisions on claims filed by customers of failed financial companies during the first six months of the fiscal year that ends in March 2025.

  • November 19, 2024

    Ex-Director Ordered To Repay £9.7M To Pension Funds

    A former director of a U.K. pension scheme trustee company must repay more than £9.7 million ($12.3 million) into two retirement savings plans after the sector's ombudsman found he acted dishonestly by facilitating dubious investments.

  • November 19, 2024

    Marsh Unit Buys Greece Reinsurance Joint Venture

    Reinsurance specialist Guy Carpenter said Tuesday that it has agreed to acquire full control of its Greek reinsurance broking and advisory joint venture Carpenter Turner 11 years after it was launched.

  • November 19, 2024

    Fund Managers Call For Automated Process To Boost Listings

    The Investment Association urged fund managers and brokers on Tuesday to join forces to automate the processes for introducing companies to listing on the stock market, which could make it easier to raise capital and increase the appeal of U.K. markets.

  • November 19, 2024

    UK Insurance Services Biz Davies Buys US Loss Adjuster

    U.K. insurance services company Davies Group Ltd. has bought loss adjuster Budget Claims Services Inc. to boost its claims capabilities in parts of eastern and central U.S. 

Expert Analysis

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • Evaluating Insurance Options In Light Of Suez Canal Blockage

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    The recent blockage of the Suez Canal by the cargo ship Ever Given illustrates that manufacturers, carriers and recipients of internationally shipped goods should consider all the insurance offerings available to cover losses resulting from shipping delays, say David Klein and Ryan Vanderford at Pillsbury.

  • Data Protection Considerations For Insurers Post-Brexit

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    Now that companies must comply with both U.K. and EU data protection laws, insurers operating in Europe face additional data exposure liability risks and should adjust their underwriting practices and policy wordings accordingly, says Charlotte Worlock at Atheria Law.

  • Cargo Insurance May Cover Losses From Suez Canal Delays

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    Policyholders who have suffered economic losses from the recent Suez Canal blockage may be able to secure compensation from their standard cargo insurance policies, even if coverage for delays is explicitly precluded, says Jeremy Lawrence at Munger Tolles.

  • 3 Lessons For UK Litigators In Virtual Trials

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    UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.

  • SEC Data Transfer Safe Harbor Raises Questions For UK Cos.

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    The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.

  • COVID-19 Insurance Issues To Watch In Civil Law Countries

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    A recent decision from a Spanish court of appeals shows that COVID-19 business interruption coverage disputes may not have outcomes that would be expected in common law countries, say Miguel Torres at Martínez-Echevarría & Rivera Abogados and José Umbert at Zelle.

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • What Growing Focus On ESG Means For Insurers

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    As the world pays steadily more attention to environmental, social and governance issues, insurers and reinsurers will need to integrate ESG risks into their underwriting and compliance efforts, but doing so will help attract consumers and achieve positive investment returns, say attorneys at Debevoise.

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