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Insurance UK
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December 17, 2024
FCA Proposes Rules For New Private Company Stock Market
The Financial Conduct Authority set out proposals on Tuesday for a regulatory regime for the world's first regulated stock market, which is designed to allow investors to trade shares in private companies and is intended to make the U.K. more competitive.
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December 17, 2024
FCA Bans Director, Adviser Over 'Flawed' Pensions Advice
The City watchdog has banned a company director and pensions adviser from the financial services sector for giving "fundamentally flawed" guidance that jeopardized consumer retirement savings.
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December 16, 2024
Travelers Settles Warehouse Fire Row With Building Co.
Travelers Insurance Co. Ltd. has settled a U.K.-based building operator's legal claim over alleged losses from fires that destroyed its warehouse in Scotland.
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December 16, 2024
Gov't Drops Promise Of 2nd Pensions Review By End Of 2024
Millions of Britons could face retirement without sufficient savings, experts said Monday, after the government appeared to delay its long-awaited review into pension adequacy.
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December 16, 2024
Sky Can Claim More In Insurance Spat Over Faulty Roof
Sky has secured a new victory in its multimillion-pound dispute with insurers over water damage to the roof of its headquarters, after an appeals court said Monday that the media giant can claim for damages incurred after its policy lapsed.
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December 16, 2024
Squire Patton Guides £102M Pension Deal For Chemicals Co.
A British chemicals manufacturer has offloaded £102 million ($129 million) of its pension liabilities with insurer Royal London, advisers said Monday, in a transaction steered by Squire Patton Boggs.
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December 16, 2024
Insurer Saga Partners With Belgian Rival Ageas In £140M Deal
Travel and insurance company Saga PLC confirmed Monday that it has entered into a partnership with Ageas in a deal worth up to £140 million ($177 million) and will also sell its underwriting subsidiary to the Belgian business for up to £67.5 million.
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December 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.
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December 13, 2024
Gov't Urged To Go Further On Local Pension Reforms
The U.K. government's proposed plan to pool assets in the highly fragmented Local Government Pension Scheme has a good motive but requires more detail to ensure the floated reforms work successfully, the consultancy Lane Clark & Peacock said Friday.
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December 13, 2024
Hopes Rise For Law Change As Pension Lifeboat Delays Levy
The pension lifeboat fund has pushed back until January an announcement on its annual levy for the next financial year, amid speculation that long-awaited legislative change could be on the horizon.
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December 13, 2024
Eversheds Steers £210M Transfer Deal For Superfund Clara
Britain's only defined benefit superfund has carried out a £210 million ($265 million) pension liability transfer with a property management company, in a deal steered by Eversheds Sutherland, Osborne Clarke, Macfarlanes and CMS.
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December 13, 2024
Lloyd's Trade Body Wants Reporting Burden Eased More
A Lloyd's of London trade body has said that the specialist market has made good progress in its bid to reduce the compliance and reporting obligations for participants this year — but it must take more action 2025 to "fully realize" the benefits of easing the burden.
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December 13, 2024
Pensions Pro Wins Whistleblower Appeal, But Was Fairly Fired
A pensions administrator has convinced an appeals tribunal that a Scottish government agency wrongly penalized him for blowing the whistle on problems with a retirement savings plan, but he could not prove that the decision to sack him was unfair.
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December 12, 2024
Insurer Fights £400K Moldy Beef Payout On Appeal
A British insurer launched its appeal Thursday to avoid paying a meat producer's claim over 100 tons of moldy beef, arguing that the storage company it insured breached its policy terms.
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December 12, 2024
BoE Probes Business Exposure To Crypto-Assets
The Bank of England's regulatory arm said Thursday it is asking the firms it oversees to detail their current and expected future exposure to crypto-assets as it looks to "calibrate" its oversight.
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December 12, 2024
BoE Bolsters Liquidity Reporting For Life Insurers
The Bank of England has set out new rules on life insurers overreporting their liquidity positions, in a bid to better monitor the sector following the liability-driven investment crisis two years ago.
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December 12, 2024
More £1B-Plus Deals Forecast For 2025 Pensions Market
The market for defined benefit retirement savings plans offloading their pension liabilities to insurers will "remain strong" in 2025, with more deals in excess of £1 billion ($1.3 billion) expected, Standard Life has said.
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December 12, 2024
Spain Can't Enforce €855M Oil Spill Award Against Insurers
Spain has failed in its latest attempt to enforce an €855 million ($898 million) Spanish judgment against maritime insurers over a huge oil spill off its coast, as an appeals court found on Thursday that it was prevented from doing so by English arbitration.
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December 12, 2024
FCA Floats New Guidance Rules To Support Pension Savers
The financial watchdog said on Thursday that it is consulting on new rules that it hopes will allow providers of pension plans to offer better support to workers saving for retirement.
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December 11, 2024
MoD Loses Bid To Redo Army Reservist's Pension Bias Case
A Scottish tribunal has declined to reconsider a ruling that the Ministry of Defence's refusal to let a retired army reserve officer join the armed forces pension plan left him worse off than full-time military personnel.
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December 11, 2024
CMS Guides Just Group's £17M Pension Scheme Deal
Just Group on Wednesday said it has taken on £17 million ($21.6 million) worth of retirement savings liabilities from an unnamed pension scheme in a deal guided by law firm CMS Cameron McKenna Nabarro Olswang LLP, marking the latest transaction signed by the company this year.
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December 11, 2024
Utmost Group All Clear To Acquire Rival Insurer Lombard
Utmost Group PLC said Wednesday that it has received all necessary regulatory approvals to complete its acquisition of rival insurer Lombard International Assurance Holdings SARL.
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December 11, 2024
Hogan Lovells Steers £370M Pension Deal For Hays
Recruitment company Hays Group PLC has offloaded £370 million ($472 million) of its U.K. pension liabilities to Pension Insurance Corp. PLC, in a deal steered by Hogan Lovells International LLP, Slaughter and May and Addleshaw Goddard LLP.
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December 11, 2024
Insurance Consolidators Looking Abroad As UK M&A Dries Up
British insurance consolidators are looking abroad for new acquisition targets as a result of fewer viable targets in the U.K., a transaction consultancy said.
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December 11, 2024
Linklaters-Led Orsted To Sell Wind Farm Stake For $1.6B
Danish multinational energy company Orsted said Wednesday that it has agreed to sell a 50% stake in an offshore wind farm in the South China Sea to Taiwanese insurer Cathay Life Insurance for approximately 11.6 billion Danish kroner ($1.6 billion).
Expert Analysis
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
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Real-Life Lessons For Lawyers From 'Game Of Thrones'
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
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UK Firms Should Be Prepared For Government Raids
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
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Series
Why I Became A Lawyer: Completing The Journey Home
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.