Insurance UK

  • February 23, 2018

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

    The last week has seen hundreds of new claimants bring competition suits against Visa and MasterCard, Italian bank Dexia lodge a claim against a Sicilian city still staring down a pre-crisis-era derivatives contract, and the liquidator for an FCA-targeted carbon credit investment scheme file a negligence claim against Nabas International Lawyers LLP.

  • February 23, 2018

    EX-BHS Owner Told To Pay £87K For Pensions Probe Failures

    The former owner of British Home Stores was ordered by a court to pay £87,170 ($121,800) on Friday for failing to turn over information to a U.K. watchdog as it investigated a multimillion-pound deficit at the now-defunct retailer.

  • February 23, 2018

    Standard Life Dodges Solvency II With Insurance Biz Sale

    Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.

  • February 23, 2018

    PRA To Review Insurers' Cyberrisk Plans Amid Payout Fears

    The U.K. Prudential Regulation Authority is to examine whether insurers are securing themselves against risk in cyber underwriting, a senior PRA official told Law360 on Friday, amid concerns that companies may have to make huge payouts after a catastrophic attack.

  • February 23, 2018

    Aviva Sells Spanish Holdings For Solvency II Capital Boost

    The U.K.’s largest insurer, Aviva PLC, announced on Friday that it has sold its entire shareholdings in two of its joint ventures in Spain, allowing it to boost its capital surplus by approximately £150 million ($209.5 million) and meet Solvency II requirements.

  • February 22, 2018

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

  • February 22, 2018

    Appeals Court Spikes Insurer's Exclusion Clause Challenge

    The U.K. Court of Appeal on Thursday rejected an attempt by Acasta European Insurance Co. Ltd. to overturn a ruling that found the insurer must cough up £1.1 million ($1.5 million) to Nesbit Law Group LLP under a financial guarantee indemnity that underpinned loans provided to the personal injury law firm.

  • February 22, 2018

    Barclays’ Pension Plan Faces Skepticism As It Heads To Court

    When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.

  • February 22, 2018

    UK Lawmakers Call For Pensions Regulator Reforms

    A parliamentary committee called for regulatory reform while grilling executives of the British pensions regulator on Thursday for failing to see early signs of financial stress that led to the collapse of construction giant Carillion PLC under a £800 million ($1.1 billion) pension deficit.

  • February 22, 2018

    Legislate For Cyberattack Disclosure, Lloyd's Chief Says

    Private companies could be compelled to hand over information to help the insurance industry in the aftermath of a cyberattack, the head of Lloyd’s of London told Law360 on Thursday.

  • February 22, 2018

    Help Insurers Access Cyberattack Data, OECD Urges Gov'ts

    Governments must help insurers gain access to information on cyberattacks to help them price risk for customers and determine their own exposure to a potential rush of claims, the deputy secretary-general of the Organisation for Economic Co-operation and Development indicated on Thursday.

  • February 21, 2018

    CMA To Release First Investment Consultants Report In July

    The U.K.'s antitrust watchdog said Wednesday it planned to release its initial conclusions on the state of competition among investment consultants in July after deciding to continue to focus mainly on services aimed at pension schemes.

  • February 21, 2018

    Katten Muchin Hires New Heads For 2 London Practices

    Katten Muchin Rosenman UK LLP has tapped two new partners from Lloyds Banking Group PLC and Jones Day to lead its London banking and financial services practices, bringing with them expertise in commercial real estate and investment regulations.

  • February 21, 2018

    Ex-Insurance Broker Execs Say Firm's Buyer Isn't Owed Fees

    Three directors of insurance brokerage FJ Lock & Associates Ltd. have sought to dismiss allegations they owe the U.K. investment firm that acquired their business around £500,000 in payments connected to the acquisition.

  • February 21, 2018

    Randell Secures Top FCA Post Despite Tax Avoidance 'Errors'

    A parliamentary committee approved the appointment of Charles Randell as chairman of the Financial Conduct Authority on Wednesday, despite what he called an earlier "error of judgment" that involved him in a tax avoidance scheme.

  • February 21, 2018

    Lawmakers To Quiz Pensions Watchdog, Auditors On Carillion

    Lawmakers will grill the U.K.’s pension regulator and two accountancy firms on Thursday over their role in the collapse of construction giant Carillion PLC.

  • February 21, 2018

    KPMG Moves To Help Insurers Prepare For Accounting Reform

    Global auditing giant KPMG revealed plans on Wednesday to help insurance firms comply with demanding new accounting rules due in 2021, warning that more than a third of companies around the world have yet to make any preparations.

  • February 20, 2018

    UK Brexit Chief Backs Cooperation On State Aid, Competition

    The U.K.'s chief Brexit negotiator on Tuesday signaled the country's support for pan-European state aid and merger control rules, positing competition and high regulatory standards as key to Britain's future relationship with the European Union.

  • February 20, 2018

    UK Regulator Investigating Firms Over Pensions Cold Calls

    The U.K. pensions regulator said Tuesday is investigating several pension schemes for alleged cold calling and has appointed an independent trustee to run one of them following concerns about more than £3 million ($4.2 million) of assets under its management.

  • February 20, 2018

    Ireland Bans Insurer From Writing New Business

    Ireland’s central bank has banned CBL Insurance Europe DAC, a subsidiary of New Zealand insurer CBL Corp. Ltd., from writing any further business following concerns about its capital reserves.

Expert Analysis

  • Cyber Incident Transparency Can Assist Cyber Insurance

    Neil Warlow

    In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.

  • EU Notice To Stakeholders Is Accurate, But Misleading

    Louise Freeman

    The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • On The Eve Of A Blockchain Revolution

    Ross Nicholls

    Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • A 10-Step Guide For US Companies Pondering GDPR Compliance

    Seth Berman

    One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.

  • Will The UK Open Its Doors To US-Type Class Actions?

    Lauren-McGeever.jpg

    While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.