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Insurance UK

  • December 19, 2018

    Watchdog, Police Probe Suspected £18M UK Pensions Fraud

    Britain’s pensions regulator said on Wednesday that six people have been questioned in a criminal investigation into a suspected £18 million ($23 million) pension fraud involving “suspicious schemes.”

  • December 18, 2018

    Pensions Regulator Aims To Get Tougher With New Chief

    Britain’s pensions regulator said on Tuesday that it has appointed a new chief executive to a four-year term as it braces itself for looming challenges, including an upcoming pensions bill.

  • December 18, 2018

    Trust Denies Owing £1M Over Failed Caribbean Resort

    A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.

  • December 18, 2018

    China Reinsurance Gets EU OK For $950M Chaucer Buy

    The European Commission on Tuesday said it has approved China Reinsurance Group Corp.'s $950 million acquisition of global specialty insurer Chaucer Insurance Group PLC under Europe's merger rules.

  • December 18, 2018

    Firm Told To Value Sunken Ship In $23M Row With Insurers

    London's High Court has instructed a Panamanian shipping company to estimate the value of a sunken vessel at the center of its $22.5 million lawsuit, after its insurers insisted that the ship was worth less than $6 million.

  • December 18, 2018

    Big Four Face Major Audit Shake-Up In Watchdog's Reforms

    The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.

  • December 17, 2018

    May Schedules New Vote On Brexit Deal For January

    U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers. 

  • December 17, 2018

    TP ICAP Sues Former Deal Partner Over Disclosure Failures

    Interdealer broker giant TP ICAP has sued Nex Group Ltd. in London, claiming the trading company failed to disclose risks of litigation linked to its employee income insurance plan when negotiating the £1.3 billion ($1.6 billion) deal for Nex's voice broker group. 

  • December 17, 2018

    FCA Floats New No-Deal Brexit Rules For Firms

    The Financial Conduct Authority ratcheted up preparations for a no-deal Brexit on Monday by releasing proposed rules for European Union financial services firms whose temporary work wraps up after March so they might see out their contracts "in an orderly fashion." 

  • December 17, 2018

    EU Renews Rules On Credit Insurance For Greek Exports

    The European Commission said on Monday that the EU’s member states will be allowed to provide insurance to cover exports going to Greece until the end of 2019, as coverage safeguarding these products is currently not available through insurers in the private market.

  • December 17, 2018

    'Crash For Cash' Duo Sentenced For Bogus Insurance Claims

    Two insurance fraudsters have been handed suspended jail sentences at a London court after they caused a car crash in an attempt to claim thousands of pounds in bogus claims, City of London Police have said.

  • December 17, 2018

    EU Insurers Hold Sufficient Capital, Stress Tests Show

    European insurers remain vulnerable to shock but generally hold sufficient capital to withstand severe economic hardship, stress-testing by a top regulator shows, shoring up confidence in the industry as Brexit draws near.

  • December 17, 2018

    Top UK Court Tosses Ex-University Worker's Pensions Case

    The U.K.’s highest court dismissed on Monday an appeal brought by a former university employee who claimed the way his pension scheme calculated his disability benefits amounted to unlawful discrimination.

  • December 17, 2018

    Ex-Retail Boss Fined £50K For Pension Data Failings

    A court has ordered the former owner of retail chain BHS, which collapsed with a pension deficit of £570 million ($720 million), to pay more than £124,000 after he lost an appeal against a conviction for failing to hand over information to Britain’s pensions regulator.

  • December 14, 2018

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

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    EU Insurers Cannot Dodge €21M Factory Loss, UK Firm Says

    A Jersey-based holding company has hit back at an attempt by two European insurers to avoid paying €21.3 million ($24 million) for losses at a Dutch aluminum factory, saying its insurance claim is not excluded under the terms of its policy.

  • December 14, 2018

    Iranian Insurer Denied Compensation Over EU Nuke Sanctions

    The European Union’s General Court has refused to grant millions of euros in damages to a state-owned Iranian insurer after its assets were frozen under nuclear sanctions against Tehran, handing victory to the European Council.

  • December 14, 2018

    BoE Acts On Travel Expenses After Pressure From MPs

    The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.

  • December 14, 2018

    EU Refuses To Reopen Brexit Deal, Putting Passage In Doubt

    The European Council has formally told the U.K. that its Brexit withdrawal agreement is not open to renegotiation even though a majority of British lawmakers rejected the package, increasing the odds of a no-deal departure from the bloc or a postponement.

  • December 13, 2018

    Top Insurance Legislation & Regulation Stories Of 2018

    This year brought many major policy developments that affected insurers, with the European Union's stringent data security rules spurring demand for cyber insurance and U.S. regulators ending an era by rescinding Prudential's designation as a systemically important financial institution, leaving no nonbank firms with the controversial tag. Here, Law360 looks back at the biggest regulatory and legislative developments that impacted insurers in 2018.

Expert Analysis

  • Last-Minute Brexit Preparations For EU Financial Firms

    Gilles Kolifrath

    As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • UK Privacy Rules That Can Catch You Off Guard

    Alexander Edwards

    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • Autonomous Vehicles And UK Product Liability Law: Part 2

    Michaela Herron

    With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.

  • Autonomous Vehicles And UK Product Liability Law: Part 1

    Michaela Herron

    Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

    Antonia Apps

    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • UK And EU Crawl Toward Virtual Currency Regulation

    Jacqui Hatfield

    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

    James Castro-Edwards

    Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

    Claire Stockford

    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

    Richard Mattick

    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.