Insurance UK

  • November 12, 2024

    New Defined Benefit Pension Funding Code Goes Live

    A long-awaited funding code for defined benefit retirement savings plans in the U.K. went live on Tuesday, introducing what the pensions minister described as a "stronger set of standards" for the sector.

  • November 12, 2024

    FCA Strengthens Disclosure Process In Enforcement Cases

    The Financial Conduct Authority has said it has improved its process for disclosing evidence to individuals and companies under investigation in regulatory enforcement cases, a move designed to cut the risk of omitting necessary documents.

  • November 11, 2024

    Lloyd's Syndicate Sued Over Unpaid Subsidence Claim

    A Bedfordshire property owner has sued a Lloyd's of London syndicate for allegedly failing to pay out over £1 million ($1.3 million) to cover the cost of fixing damage caused by subsidence.

  • November 11, 2024

    Barings Lawyers Cleared Of Misleading Clients In SRA Case

    A tribunal has dismissed a case against two senior lawyers at the consumer finance firm Barings Ltd. who were accused of misleading clients over payday loans claims and sending out letters on behalf of fictional clients, including Mickey Mouse.

  • November 11, 2024

    Zurich Sued For £584K Over Law Firm's Settlement Terms

    A bankrupt insurance company shut out from an earlier settlement agreement amid alleged mistakes by its lawyers has argued that Zurich should be liable as the firm's insurer for its losses of £583,600 ($751,700).

  • November 11, 2024

    New Lloyd's Underwriter Doe & Emuss Gets OK To Operate

    New underwriting manager Doe & Emuss said Monday that it has been given the green light to operate by Lloyd's of London to provide professional liability insurance for the North America market.

  • November 11, 2024

    FCA Fines Director Of Insurer For Misusing Money

    The Financial Conduct Authority said Monday that it has banned the former director of an insurance broker from working in financial services and fined him £1.1 million ($1.4 million) for misusing money that was owed to insurers.

  • November 11, 2024

    Audit Watchdog Floats Updates To Investor Stewardship Code

    Britain's audit watchdog proposed on Monday that it will drop references to the "environment and society" in its standardized definition of stewardship for investors, one of a range of suggested changes aimed at supporting economic growth and transparency.

  • November 08, 2024

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

    This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.

  • November 08, 2024

    Insurers Urge Shared Approach To Define Major Cyber-Events

    Limited historical evidence about major cyber-events makes it difficult to define the risks insurers face, experts have said, as they urge businesses to consider a shared approach when they describe "one of the most" prominent dangers to the sector.

  • November 08, 2024

    Squire Patton Steers Standard Life On £250M Pension Deals

    Insurer Standard Life said it has penned £250 million ($324 million) worth of retirement savings deals for two pension plans linked to British safety technology group Halma PLC, in transactions steered by Squire Patton Boggs LLP.

  • November 08, 2024

    FCA Confirms Rules For Commercial Pension Dashboards

    The U.K.'s financial watchdog set out detailed rules for how commercial pension dashboards will operate in the future, but experts say the lack of a fixed launch date could hinder the emerging sector.

  • November 08, 2024

    EU Sets Out Climate-Friendly Finance Targets For COP29

    The European Union will later in November set out its climate finance and investment targets at a climate change conference in Azerbaijan, pushing for stronger global alignment with the goals of the Paris Agreement, it said in a statement on Friday.

  • November 07, 2024

    Insurers Blame Shipowner For $48M Loss In Iran Seizure Row

    The owner and manager of a ship seized by Iranian authorities are not entitled to recover around $48 million because they did not attend court proceedings in the Asian country that could have helped their attempts to recover the vessel, two insurers have argued.

  • November 07, 2024

    5 Lessons For Lawyers From The UK Gov't Anti-Fraud Advice

    Britain's largest companies face a challenge after being given 10 months to build safety rails to stop their employees committing fraud, lawyers say, after the government released advice on how they should comply with landmark anti-fraud legislation.

  • November 07, 2024

    Rainforest Investment Bosses Appeal £37M Fraud Convictions

    Two directors of an ethical-investment scheme imprisoned for defrauding investors out of £37 million ($48 million) sought to overturn their convictions at a London appeals court Thursday, arguing jurors were not told what the goal of the conspiracy was.

  • November 07, 2024

    Gowling Steers £70M Building Society Pension Deal

    A building society has offloaded £70 million ($91 million) of its staff pension liabilities to insurer Canada Life, advisers said Thursday, in a deal steered by Gowling WLG.

  • November 07, 2024

    EU Proposes Tougher Fossil Fuel Risk Buffer For Insurers

    The European Insurance and Occupational Pensions Authority said on Thursday that it proposes that insurers should face higher capital requirements for holding fossil fuel assets — days after the European Commission approved changes to insurance capital rules.

  • November 07, 2024

    FCA Warns Firms On Inaccurate Transaction Reporting

    The Financial Conduct Authority warned on Thursday that some regulated companies are reporting their transactions inaccurately — even after they have taken remedial measures.

  • November 07, 2024

    Eversheds, HSF Guide £190M Pension Deal For Insurer

    Pension Insurance Corp. PLC said Thursday that it has taken on £190 million ($245 million) of retirement savings liabilities from a scheme sponsored by a trade credit insurer in a deal guided by Eversheds Sutherland and Herbert Smith Freehills LLP.

  • November 06, 2024

    Hedge Fund Lawyer Defends Signing Off On £1.4B Fraud Docs

    The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion), who signed off on documents falsely confirming the trades were legitimate, told a London trial he didn't think it "was a big deal at the time."

  • November 06, 2024

    Lawyer Fails To Overturn Striking Off For Fake Whiplash Claim

    A solicitor who made a false insurance claim over a road traffic accident failed in his bid to be restored to the profession, after a London judge found Wednesday that a lesser punishment would not be proportionate to the wrongdoing.

  • November 06, 2024

    Rachel Reeves Calls Budget A 'Once In A Parliament' Reset   

    Chancellor Rachel Reeves told lawmakers on Wednesday that her inaugural budget in October was a "once in a Parliament" reset and that her government would not set out fiscal proposals of a similar scale again.

  • November 06, 2024

    Motor Finance Ruling Could Spread To Insurance, RBC Warns

    A landmark U.K. court ruling on motor finance could have wider implications for the insurance sector, an investment bank warned.

  • November 06, 2024

    Carlyle-Backed Insurance Consolidator Enters French Market

    PIB Group said Wednesday that it has bought a French medical malpractice insurance business, BEA Group — the latest in a string of purchases disclosed by the acquisition vehicle as it expands across Europe.

Expert Analysis

  • Remote Depositions Bring Ethics Considerations For Lawyers

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    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.

  • Time For Presumptive Virtual Mediation In The UK

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    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.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    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.

  • 3 EU And UK Data Protection Tips During COVID-19

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    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.

  • Novolex Case Brings Lessons On R&W Insurance

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    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.

  • How Proposed EU Class Action Directive Could Affect Insurers

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    Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.

  • COVID-19 Insurance Considerations For UK Cos.

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    Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias

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    In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.

  • Rebuttal

    Legal Industry Should Pursue AI Prediction Progress

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    As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

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