Insurance UK

  • May 26, 2017

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

    Late May has seen a commodity exchange transaction suit by Deutsche Bank against a Hong Kong food company, a petition by HM Revenue and Customs to wind up Duet Asset Management Ltd., and a Greek shipper's lawsuit against more than a dozen insurers. Here, Law360 looks at those and other new claims in the High Court of England and Wales.

  • May 26, 2017

    UK's First Publicly Traded Law Firm Hikes Revenue 15%

    Gateley, the first publicly traded law firm in the U.K., grew its revenue by 15 percent during the most recent fiscal year, preliminary figures recently released by the firm show.

  • May 26, 2017

    Court Of Appeal Nixes Builders' Asbestos Negligence Claim

    The Court of Appeal ruled Thursday that a contract between units of major international engineering firm Arup Group and a consortium of building firms protects Arup from liability after large amounts of asbestos were discovered at a development site in Wales.

  • May 26, 2017

    Basel Plan Will Hike Bancassurers' Systemic Value, Fitch Says

    Banks with sizable insurance subsidiaries, or bancassurers, will be slapped with higher scores for their systemic importance if a new method for assessing firms outlined by an umbrella group of central bankers and regulators is adopted, Fitch Ratings said Friday.

  • May 26, 2017

    Risk Modeller Sees Terror Cover Shifting To Meet Threat

    Insurance companies offering terrorism cover are constantly adapting to meet new threats and adjust policies to meet new kinds of liabilities, a leading catastrophe modelling company executive said Friday.

  • May 26, 2017

    Insurers Brace For Sharp Rise In Accounting Workload, Costs

    Insurance firms should expect major challenges and higher costs when implementing a new global accounting standard for the sector because of the massive scale of the project, which experts say will drastically change how and what insurers must report beginning in 2021.

  • May 26, 2017

    Insurer Launches Cover For Lawyers Who Lose Cases

    A London-headquartered broker has launched "game changing" new insurance coverage for commercial lawyers who conduct risky work where payment depends on a case’s final outcome, according to a Thursday statement from the broker.

  • May 26, 2017

    Changing World Will Challenge Insurance Firms, Broker Warns

    The world’s fast-evolving tax and regulatory environment is creating risks and opportunities for insurance-linked securities, which play a major role in letting capital markets absorb risk, a leading broker said.

  • May 25, 2017

    UK Senior Manager Conduct Rules Poised To Go Global

    The feared individual accountability scheme that makes Britain’s financial services managers responsible for misconduct happening on their watch has caught the eye of global regulators, and lawyers say it is only a matter of time before a similar program is rolled out internationally.

  • May 25, 2017

    Drivers Want Insurance Data Deleted, Report Warns Firms

    Nearly half of British drivers will not let insurers keep their data once their coverage ends, market researchers warned as they urged firms to speedily delete personal information so they can dodge huge fines from next year.

  • May 25, 2017

    High Court Halts Higher BA Pensions Payout Amid Appeal

    The London High Court issued an injunction Thursday preventing the trustees of British Airways’ pension scheme from paying out higher sums to members until after the Court of Appeals weighs in, muzzling its own ruling from last week permitting the plan to increase payments.

  • May 25, 2017

    EU Lawmakers Push For Wider Whistleblower Protections

    The European Commission must do more to protect whistleblowers against reprisals from their employers and extend protection to individuals who report wrongdoing that is not illegal, a group of influential lawmakers said ahead of a European Parliament hearing next week.

  • May 25, 2017

    Firms Will Struggle To Obey EU Data Rules, Analysts Warn

    Firms may need months to map their personal data stores in order to dodge massive fines for information breaches under European Union rules starting next year, a security firm said Thursday.

  • May 25, 2017

    UK Insurance Lobby Names New Cyber Chief

    A major U.K. insurance trade group on Thursday named a new head of cyber to help brokers secure their defenses after this month’s “WannaCry” ransomware strike on 150 countries.

  • May 25, 2017

    Advisers To UK Car Insurers Made Up Evidence, Court Rules

    Seven former staff at a firm which advised insurers on the cost of replacement hire cars following traffic accidents misled judges and systematically fabricated evidence, the High Court in London has ruled.

  • May 25, 2017

    UK Privacy Agency Tells Firms To Shape Up For Data Overhaul

    The head of the U.K.’s privacy watchdog said on Thursday that banks, insurance companies and businesses must act now to ensure they are compliant when the biggest change to data protection law in a generation comes into force in a year’s time, or risk “large fines for getting it wrong.”

  • May 24, 2017

    Aegon Sells Major US Firms To Comply With Solvency II

    Dutch insurance giant Aegon NV will sell two major U.S. businesses to meet controversial capital obligations to the European Union, in a major indication of the heavy toll that Solvency II is inflicting on the industry.

  • May 24, 2017

    UK Firms Unprepared To Warn Of Cyberattack, Report Says

    A third of U.K. businesses lack a mechanism to formally alert customers to a cyberattack, a report warned Wednesday, despite looming rules from Brussels that could mean firms that stay silent will be hit with massive fines starting next year.

  • May 24, 2017

    Securities Watchdog Consults On Money Market Funds Rules

    Europe’s securities watchdog is consulting on whether there is a need for tighter controls for the bloc’s trillion-dollar money market funds sector, it announced Wednesday.

  • May 24, 2017

    Analysts Sound Warning Over Solvency II Transition

    Financial analysts voiced concern Wednesday over the 15-year phased entry period into Solvency II for U.K. insurers after firms released their first detailed annual reports under the European Union’s formidable capital regime.

Expert Analysis

  • Countdown To GDPR Compliance: 1 Year To Go

    Heather Sussman

    The EU's sweeping General Data Protection Regulation will take effect on May 25, 2018. With so much on the line, data controllers and processors will want to take immediate action to prepare for enforcement. The first step is determining whether the GDPR applies to your organization, say attorneys with Ropes & Gray LLP.

  • Unaoil Judgment Shows Judicial Support For SFO Authority

    Kevin Roberts

    In its Unaoil ruling, the High Court of Justice in England and Wales recently provided a rare insight into the difficulties that companies can face when challenging the basis of a Serious Fraud Office investigation. The stance of the judiciary seems to be in line with authorities and legislators, allowing prosecuting authorities a wide remit of independence with which to investigate financial crimes, say attorneys with Morrison & Foerster LLP.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • A New Era Of Heightened Shareholder Activism In The UK

    Andrew Wingfield

    Some of the U.K.'s largest companies are increasingly being targeted by activist investors pushing for corporate change, with a growing support for activism from institutional investors and the general public. Companies must therefore seek to engage in constructive dialogue with activists, say attorneys with Proskauer Rose LLP.

  • 5 Mistakes That End Law Firms

    Randy Evans

    Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.

  • Don't Miss Post-Brexit Enforcement Risks For UK Judgments

    Martin Scanlon

    One of the more obvious Brexit risks is in relation to the enforcement of U.K. judgments in the remaining EU member states. With that in mind, lawyers advising on contracts with exclusive jurisdiction clauses for some part of the U.K. must consider certain responsibilities, says Martin Scanlon of Mason Hayes & Curran.

  • In Contract Law, There Is A 'Try' And It Can Have Teeth

    Glenn West

    Despite the common use of contract terms like “efforts” or “endeavors” to commit a party to “try” to accomplish an objective, there has been a fair amount of controversy over the years as to exactly what such an obligation entails. But recent cases confirm that these efforts obligations, however seemingly amorphous, are very much enforceable, says Glenn West of Weil Gotshal & Manges LLP.

  • Clarifying UK Penalty Model For Financial Sanctions Breach

    Elizabeth Robertson

    While there are clear similarities between the recent guidance from HM Treasury’s Office of Financial Sanctions Implementation and the economic sanctions enforcement guidelines in the United States, companies that engage in activities subject to U.S. and U.K. financial sanctions should also understand the important differences between the two penalty regimes, say partners of Skadden Arps Slate Meagher & Flom LLP.

  • The UK Senior Managers Regime: 1 Year Later

    Elly Proudlock

    On March 7, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector. But it probably won't be until the subject of an enforcement action challenges the attribution of responsibility before the Upper Tribunal that the SMCR will be tested in any meaningful way, says Elly Proudlock of WilmerHale.

  • Consider Political Risk Insurance Coverage In 2017

    Micah Skidmore

    While many risk managers and other insurance professionals may associate political risk insurance with third-world despots and banana republics, for many companies political risk insurance may become increasingly necessary to navigate risk in the current domestic political climate, says Micah Skidmore of Haynes and Boone LLP.