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Insurance UK
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October 28, 2024
Linklaters Steers Former Aviva Unit's £1.3B Pension Deal
Insurance giant Aviva said Monday that it has completed a £1.3 billion ($1.7 billion) acquisition of a pension scheme of one of its former subsidiaries in a deal guided by Linklaters LLP, a move it said would secure benefits for approximately 19,000 members.
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October 25, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the Competition and Markets Authority take action against a mattress retailer after it was caught pressuring its customers with misleading discounts, Lenovo and Motorola target ZTE Corporation with a patents claim, Lloyds Bank hit by another claim relating to the collapse of Arena Television and U.K. tax authority HMRC sued by the director of an electronics company that evaded millions of pounds in VAT. Here, Law360 looks at these and other new claims in the U.K.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Home Office Launches New Crackdown On Insurance Fraud
A string of leading insurance organizations have agreed to clamp down on criminal attempts to manipulate the U.K. insurance market with fake claims, among a range of other pledges included in a government charter designed to tackle fraud in Britain.
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October 25, 2024
Fraud Lawyers Take On Bullying Cases As Complaints Surge
White-collar criminal lawyers are picking up more and more work investigating allegations of non-financial misconduct inside the world's biggest companies, amid a sharp rise in incidents reported by the City watchdog ahead of an impending crackdown.
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October 25, 2024
FCA Sets Consumer Duty As Top Priority For CEOs In 2025
The Financial Conduct Authority told CEOs of retail banks and other lenders in letters published Friday it will give a top priority to the Consumer Duty regime in 2025, focusing in addition on fair claims about sustainable products and managing financial crime risk.
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October 25, 2024
Consultancy Calls For More Ambitious Gov't Climate Action
Action to tackle the climate crisis needs to match the scale of risk, consultancy Lane Clark & Peacock LLP has said, arguing that the gap between policy ambition and implementation needs to be closed.
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October 25, 2024
Chubb Not On Hook For News Staffer's Discrimination Claim
Chubb is not liable for a discrimination claim by a former news company staffer because her employer's insurance policy ruled out liability for wrongful employment practices, a tribunal has ruled.
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October 25, 2024
About 9M UK Adults Lost A Pension Pot, Consultancy Says
Almost 9 million U.K. savers are convinced that they have lost or probably lost a pension pot, a study by an economic consultancy has found.
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October 25, 2024
Pensions Watchdog Wants Tougher Action Against Scammers
The Pensions Regulator has urged retirement savings plans to take action to protect savers from scams as part of Scams Awareness Week, with a video campaign featuring a victim.
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October 24, 2024
FCA Finds Reports Of Bullying, Harassment Up Over 3 Years
The Financial Conduct Authority on Friday said it has recorded a steady rise in nonfinancial misconduct reports over the past three years, including bullying, harassment and discrimination across banks, asset managers and insurers.
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October 24, 2024
UK Corporate Register Warns Of AI Threat To Enforcement
Britain's corporate register said Thursday in its first-ever strategic intelligence assessment that it will use identity verification to help clamp down on the abuse of company formations by criminals and money launderers, but that artificial intelligence poses a threat to enforcement.
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October 24, 2024
Lloyd's Affiliate Broker Sued For $33M Over Yacht Fire Damage
A Dubai-based insurance broker has sued a Lloyd's of London-accredited broker for more than $33.3 million over claims the latter failed to place adequate reinsurance cover that left the Dubai broker exposed after a fire broke out a Qatari shipyard, damaging three yachts.
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October 24, 2024
Russian Airline Kept Jets To Avoid Unrest, Lessor Exec Says
A Siberian regional airline had to retain leased aircraft after the Russian invasion of Ukraine to avoid "social unrest," an executive for one of the aircraft lessors suing their insurers told a London trial Thursday.
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October 24, 2024
Brits Missing Over £31B In Unclaimed Pension Pots, ABI Says
The Association of British Insurers urged Britons on Thursday to trace their pension funds ahead of this Sunday's National Pension Tracing Day as almost 3.3 million pension pots totaling £31.1 billion are still unclaimed, inactive or considered lost.
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October 24, 2024
Clifford Chance Guides PensionBee On £20M Fundraise
PensionBee Group PLC said Thursday it has raised £20 million ($24 million) by issuing shares to investors, advised by Clifford Chance LLP, as the online retirement savings platform looks to give its new American business venture a cash injection.
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October 24, 2024
FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite
The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.
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October 23, 2024
Police Not Liable For Ice Road Deaths, Top UK Court Rules
The U.K.'s highest court ruled Wednesday that English police had not negligently caused the deaths of two men who died in a road collision due to black ice, ruling that the police officers did not have a duty of care to prevent harm to drivers.
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October 23, 2024
Gov't To Prioritize Own Dashboard Before Commercial Models
The U.K. government has said it will prioritize the launch of its own pensions dashboards service ahead of other commercial models involved in the program intended to connect savers with lost retirement pots.
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October 23, 2024
Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme
Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.
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October 23, 2024
Firms Say FCA Could Better Encourage Innovation
The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.
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October 23, 2024
FCA Warns Investors In Novus Black Investment Fund
The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."
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October 23, 2024
Aegon Calls For 'Cool Heads' Ahead Of Autumn Budget
Dutch life insurance giant Aegon Ltd. called on Wednesday for "cool heads" in the lead-up to the autumn budget, urging caution from both the sector and savers against acting recklessly on rumors surrounding changes to pension rules.
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October 22, 2024
Allianz Settles £16M COVID Loss Row With Restaurant Group
A restaurant group and insurance giant Allianz have settled a £16.4 million ($21.3 million) dispute brought by the hospitality business over payouts for COVID-19-linked lockdown restrictions.
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October 22, 2024
Pensions Watchdog Urges Industry To Embrace New Tech
The Pensions Regulator published its digital, data and technology strategy for 2025 on Tuesday with the intent to modernize its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.
Expert Analysis
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.