Insurance UK

  • April 10, 2024

    FCA Eyes Revisions To Payments For Investment Research

    The Financial Conduct Authority on Wednesday said it plans to revise how asset managers pay for investment research, seeking to simplify and expand access across the sector.

  • April 10, 2024

    Lifeboat Fund Opens Probe Into British Steel Pension Adviser

    The compensation program for financial services said it has opened an investigation into an advice firm in connection with the British Steel Pension Scheme scandal.

  • April 09, 2024

    Pension Scheme End-Game Options Rising, Consultancy Says

    A rise in funding means U.K pension schemes have more end-game options, consultancy Broadstone said Tuesday, as the aggregate surplus of thousands of defined benefit schemes increased to £455.5 billion ($578.4 billion) by the end of March.

  • April 09, 2024

    Insurance Director Denies Inducing Employees' Defection

    The director of an insurance startup incubator has denied allegations that he induced a managing general underwriter's employees to violate their duties when they left to found a new business, saying he believed the establishment of the new company was lawful.

  • April 09, 2024

    UK's Aviva Completes £453M Acquisition Of AIG's UK Biz

    U.K.-based insurance giant Aviva Life Ltd. said on Tuesday it had completed the purchase of an American International Group Inc. subsidiary for £453 million ($575 million), in a deal guided by Skadden Arps Slate Meagher & Flom LLP.

  • April 09, 2024

    Gov't Urged To Drop Plans For UK Pension Consolidator

    The government should abandon plans to transform the Pension Protection Fund into a state-backed consolidator of smaller retirement plans, a consultancy has warned.

  • April 09, 2024

    Gov't Urged To Ban Cash Incentives For Pension Switching

    The government should ban pension providers from offering cash incentives for savers to switch plans because the practice encourages people to ignore the "fine print" and move over to a worse option, new research by a provider of retirement savings plans suggests.

  • April 08, 2024

    Texas School District Not Immune In Arbitration Row

    A Texas school district isn't immune from a lawsuit by its insurers seeking to appoint an umpire in a $10 million hurricane damage dispute, a New York federal court ruled Monday, finding the district doesn't meet the standards set under the 11th Amendment.

  • April 08, 2024

    £54M Claimed From Failed Financial Services Last Year

    The U.K.'s lifeboat scheme said Monday it has recovered £54 million ($68 million) in the financial year ended March 31 from the estates of failed financial services companies.

  • April 08, 2024

    UK Eyes Reforms To Ease Corporate Apologies To Victims

    The government opened a new consultation on Monday into potential reforms that would make it easier for companies to apologize to alleged victims of wrongdoing, including in cases where organizations might be vicariously liable for the actions of an employee or a member.

  • April 08, 2024

    Lloyd's Syndicates Fight Not To Cover US Nightclub Bias Suits

    Two insurance underwriting syndicates hit back at a London claim from an international hospitality group that wants to be indemnified for two putative class actions alleging sex discrimination against men and nonbinary people at a California nightclub.

  • April 08, 2024

    Gowling, Osborne Clarke Steer £60M Tech Co. Pension Deal

    Insurer Just Group said Monday it has completed a £60 million ($75.7 million) buy-in of a pension scheme sponsored by technology companies Epson (UK) Ltd. and Epson Europe BV, in a deal guided by Gowling WLG and Osborne Clarke.

  • April 08, 2024

    Pension Schemes Considering Alternatives For End Goal

    Pension plans need to carefully weigh a range of options for their end game strategies, a professional services firm said, as retirement savings scheme funding continues to hover around near record levels.

  • April 08, 2024

    Consumer Body Calls For FCA Crackdown On Car Insurance

    U.K. consumer body Which? has urged the Financial Conduct Authority to take tougher action against insurers that offer minimal payouts after an accident, saying they might be lowballing consumers.

  • April 08, 2024

    Grant Thornton Fined For Audit Compliance Breaches

    The Financial Reporting Council said Monday it has fined accounting firm Grant Thornton £40,000 ($50,500) for failing to comply with audit regulations in its work on a local authority's pension fund.

  • April 05, 2024

    Allianz Selling Mid-Size, Entertainment Holdings In $1.4B Deal

    Allianz Group said Friday that its corporate and specialty insurance unit is selling off its U.S. insurance business for midsize corporations and entertainment businesses for $450 million in cash to Arch Insurance North America.

  • April 05, 2024

    UK Urges Delay In Claiming Pensions Until Rules Change

    The U.K. tax authority has warned people to delay claiming their pensions until after Saturday, when the lifetime allowance is abolished, while the government clarifies technical changes to the legislation.

  • April 05, 2024

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

    This past week in London has seen the BBC sued by former Georgian defense minister David Kezerashvili, Russian businessman Ildar Sharipov file a defamation claim against the publisher of the Liverpool Echo newspaper, MEX Group Worldwide sue Barclays and NatWest, and a climbing gear company hit retailer Next with a claim of copyright infringement. Here, Law360 looks at these and other new claims in the U.K.

  • April 05, 2024

    Rothesay Sees 'Unprecedented' Pipeline For Pension Deals

    Pension insurer Rothesay Life said Friday it secured £12.7 billion ($16 billion) in new business premiums across a dozen de-risking retirement savings deals in 2023, with the year ahead marked by an "unprecedented pension risk transfer market pipeline."

  • April 05, 2024

    Cloud Biz Denies Owing Telecom Execs Over Bad Sale

    A cloud technology business has denied owing directors of a telecommunications company £1.5 million ($1.9 million) left unpaid after it bought their business, claiming the money due is offset by the £2 million it lost from the sale.

  • April 05, 2024

    UK Pension Schemes Maintain Near-Record Surpluses

    The aggregate surplus of the U.K.'s defined benefit pension sector remained at near-record levels of around £151 billion ($190.8 billion) in March, a consultancy has said.

  • April 05, 2024

    Chubb Pulled Into $83.4M Ukrainian Airline Insurance Claim

    Chubb European Group has been dragged into an $83.4 million claim in London which alleges that insurers have refused to pay out for aircraft that have been stranded in Ukraine after the Russian invasion, according to an amended High Court claim.

  • April 19, 2024

    Fieldfisher Expands Pensions Practice With 4 PwC Hires

    European law firm Fieldfisher LLP has announced it is bolstering its U.K. pensions practice by hiring a partner, two directors and an associate from PwC UK.

  • April 04, 2024

    Cargo Ship Owner Sues 2 Firms For $1.9M Over Vessel Fire

    A cargo-ship owner has sued two Turkish companies in a London court in an attempt to be reimbursed for costs incurred after an engine room fire caused the vessel to drift toward the Yemeni coast, saying the companies are liable for the costs incurred to save the ship and discharge their cargo.

  • April 04, 2024

    Insurer Wants Greater Flexibility On State Pension Age

    The U.K. government should explore giving Britons more choice over when they can start claiming their state pension amid concerns over increases to the official retirement age, insurer Aegon said Thursday.

Expert Analysis

  • New Fixed Costs Rules May Have Unforeseen Consequences

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    The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.

  • Sustainable Finance Consultations May Signal Key Changes

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    The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.

  • Recent Trends In European ESG-Related Shareholder Activism

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    New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.

  • How Insurance Policies Can Cover Generative AI Risks

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    As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

  • 4 Compliance Considerations Under FCA Consumer Duty

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    Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

  • Opinion

    Russia Ruling Should Lead UK To Review Sanctions Policy

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    The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.

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