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Insurance UK
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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April 04, 2024
Hotel Sues Arch Insurance For £8M Over Spa Fire Damage
Two English hotel companies have sued Arch Insurance (UK) Ltd. for £8 million ($10.1 million) after a roofing company allegedly caused a blaze on their London hotel spa's roof, according to a newly public claim.
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April 04, 2024
Fladgate Sued For $26.5M Over Botched Debt Claim Advice
Fladgate LLP lost an investment fund an estimated $26.5 million after negligently advising it on how to take action to recover money owed under bonds, according to a High Court claim.
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April 04, 2024
UK Joins Global Data Protection Enforcement Program
Britain's data watchdog said Thursday it has signed a new agreement with the Global Cooperation Arrangement for Privacy Enforcement to cooperate on cross-border data protection with the U.S. and eight other Pacific Rim countries.
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April 04, 2024
Financial Ombudsman Braces For Bigger Caseload
The U.K. Financial Ombudsman Service said Thursday that it had upped its estimate of how many complaints it expects to receive in the coming financial year to 210,000 from 181,000 due to increased everyday financial concerns.
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April 04, 2024
EU Regulators Pushed To Reassess 3rd-Country Reinsurers
The European Union's insurance and pensions watchdog on Thursday urged national regulators to reassess the risks stemming from reinsurers of non-EU countries dealing with firms that don't adhere to the same EU regulatory standards.
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April 04, 2024
Insurer Resolution Life To Buy New Zealand Biz For $247M
Resolution Life said on Thursday that its Australasian arm has agreed to buy Asteron Life, an insurer based in New Zealand, for 410 million New Zealand dollars ($247 million), as the global group eyes entry into the country's growing insurance sector.
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April 04, 2024
Standards Setter Warns Of Conflicts Of Interest In Exchanges
A global standards setter for regulators warned Thursday of the risk of conflict of interests in stock exchanges, including in situations where exchanges also run data or technology services.
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April 04, 2024
STM Wins Regulatory Approval For £4.5M Pension Biz Sale
Financial services company STM said on Thursday that the City watchdog has approved the sale of its self-invested personal pensions unit to its chief executive for £4.5 million ($5.7 million), part of a wider sale of the business.
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April 04, 2024
Standard Life Bags Insurer's Pension Plan In £95M Deal
Standard Life has completed a £95 million ($120 million) buy-in of a pension scheme sponsored by Brit Insurance in a deal guided by Burges Salmon LLP.
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April 04, 2024
Money Was Siphoned To Former Exec's Wife, Insurer Says
A Liechtenstein insurer suing two of its former directors for allegedly funneling millions of pounds to accounts they had ties to has now accused one of the men's wives of also benefiting from unauthorized payments.
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April 03, 2024
More Pension Schemes Considering Running On, LCP Says
An increasing number of pensions schemes are considering running on their retirement savings plans as funding levels continue to strengthen in the U.K., a consultancy has said.
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April 03, 2024
UK Regulators Propose Special Regime For Digital Securities
Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.
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April 03, 2024
Single Pensioner Income Inequality Found To Be Widening
Government data shows income disparity between rich and poor single pensioners is widening in the U.K. due to low earnings growth and rising housing costs, according to research by consultancy Broadstone published Wednesday.
Expert Analysis
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UK Policyholders Can Expect Better COVID Claims Handling
The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.
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A Recovery Option For Lenders With Planes Stuck In Russia
For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.
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4 Key Skills For An Effective Attorney Coaching Conversation
As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.
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New Clarity On Directors' Creditor Duty In Insolvency Context
The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.
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FCA Pension Scheme Case Highlights Issues Ripe For Reform
The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.
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What An Organization Can Do To Protect Its Supply Chains
In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.
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German Draft Bill Reflects Trend Toward New Antitrust Tools
A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.
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How Counsel Can Effectively Lead Data Breach Investigations
More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.
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What EU Oil Spill Insurance Ruling Means For UK Arbitration
A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.
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UK Claim Limitation Ruling Is A Tentative Win For Insurers
A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.
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Why Risk-Based Employee Conduct Policies Are Advisable
In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.
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A Trusted Cybersecurity Framework Is Imperative For Lawyers
The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.
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The New EU Data Act Proposal Raises Several Questions
In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.
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Preparing For FCA's New Appointed Representative Rules
The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.