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Insurance UK

  • October 19, 2018

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

    The last week has seen Allianz sue Maersk, a Barclays request to transfer part of its banking business and another filing between two sides fighting over payouts from a £200 million RBS rights holders settlement. Here, Law360 looks at those and other new claims in the U.K.

  • October 19, 2018

    Haulier Fights To Ditch Insurers After Finding Better Deal

    A British haulage company has denied owing more than £160,000 ($208,000) in unpaid premiums to Great Lakes Reinsurance (U.K.) SE and a second insurer, saying it was entitled to cancel its policy after it found a better deal.

  • October 19, 2018

    EU Regulators Shoot Down Insurers' Call For Reforms Delay

    European regulators warned on Friday that there can be no more delay on reaching a common set of accounting standards for insurance contracts as they dismissed calls from the industry for the start date for the latest version to be pushed back.

  • October 19, 2018

    Pension Transfer Liable For Tax After Death, Court Rules

    A terminally ill woman who transferred retirement savings into a personal pension plan six weeks before her death is still liable for inheritance tax on the money, under a landmark ruling from the Court of Appeal in London.

  • October 19, 2018

    Small UK Firms Face Cybercrime Onslaught, Hiscox Says

    Small businesses in the U.K. are being hit with 65,000 attempted cyberattacks every day, costing them £25,700 ($33,500) a year to clean up, according to a study released by global insurer Hiscox, which said the sector was a "hot target."

  • October 18, 2018

    Quidnet Capital Scoffs At Sloppy-Work Claims In £6.4M Suit

    British asset manager Quidnet Capital has mocked allegations that it carried out inadequate construction work, leveled by five firms that it has sued for £6.4 million ($8.4 million), calling the claims "embarrassing" in their lack of detail.

  • October 18, 2018

    AXA Gets Regulatory Backing For Brexit Shift From London

    A division of AXA Group said it has received provisional regulatory approval to move its European trading subsidiary from London to Dublin in a bid to minimize business disruption ahead of the U.K.’s impending departure from the European Union.

  • October 18, 2018

    Watchdog Data Analysis Pegs EU Derivatives Market At €660T

    The European Securities and Markets Authority revealed Thursday that trade repositories authorized in the EU reported a total 74 million open transactions at the end of 2017, amounting to a gross notional outstanding value of about €660 trillion ($758 trillion).

  • October 18, 2018

    Regulators Join Forces To Protect UK Pensions, Aid Savers

    Britain’s Financial Conduct Authority and The Pensions Regulator pledged on Thursday to give savers better value for money, as part of broader plans to boost cooperation in the rapidly changing pensions sector.

  • October 18, 2018

    UK Gov't Backs Lawmakers' Call For Flexible Pensions

    The government has opened the door to creating Britain’s first flexible retirement funds that offer broad “ambitions” rather than setting guarantees for annual payouts, prompting applause from the parliamentary committee that had been calling for action.

  • October 17, 2018

    Marine Surveyor Can't Escape $500M Chevron Rig Suit

    A Texas federal judge on Tuesday held that marine surveyor American Global Maritime Inc. must face negligence claims asserted by insurance underwriters seeking to hold it liable for $500 million in losses from the failure of an offshore oil rig built for Chevron, while tossing other claims against the surveyor and dismissing its foreign affiliates from the suit.

  • October 17, 2018

    $1M Condo Insurance Row Must Be Arbitrated, Court Hears

    Lloyd's of London underwriters and the International Insurance Co. of Hannover SE have told a Texas federal court that the owner of a condominium complex must arbitrate its $1 million dispute over a denied insurance claim following a serious storm that hit the Houston area in the spring of 2017.

  • October 17, 2018

    UK Insurers Win Breathing Space From Solvency II

    British insurers will receive some relief from Europe's Solvency II directive, the Prudential Regulation Authority indicated on Wednesday, as it offered firms a welcome pressure valve for the regime's unpopular capital requirements.

  • October 17, 2018

    Key Claims Tossed In £24M Gold Mine Insurance Dispute

    A London judge on Wednesday narrowed the scope of a £24 million ($32 million) insurance dispute over damage to a power plant at an enormous African gold mine, striking out two of the case's central claims.

  • October 17, 2018

    Global Insurers Call For Delay On Major Accounting Reform

    The International Accounting Standards Board faced mounting pressure to delay the 2021 start date of its sweeping new accounting rules on Wednesday, as global insurers join forces to demand a two-year postponement.

  • October 16, 2018

    Nomura Sues Trustee To Avoid £10M In Pension Liabilities

    Nomura International is seeking to avoid raising its pension payments to spouses and children of former staff, which it says would increase its retirement fund liabilities by more than £10 million ($13 million), according to documents filed at London's High Court.

  • October 16, 2018

    Insurance Broker Hits Back At Connaught-Fund Suit

    Oxford Insurance Brokers Ltd. has denied allegations from a London-based financial adviser that it owes damages for a breach of contractual obligations, calling the lawsuit brought against it “wholly unparticularized” and arguing that it should be struck out.

  • October 16, 2018

    Former SFO Prosecutor Joins Jenner & Block In London

    A former counsel to the Serious Fraud Office and experienced investigator has been snapped up by Jenner & Block LLP in London, the firm announced Tuesday.

  • October 16, 2018

    Funds Argue Negligence Halts Claim For RBS Litigation Costs

    A group of institutional investors that include units of Lloyds Bank has refused to contribute to costs run up by a group that represented Royal Bank of Scotland shareholders who won a £200 million ($264 million) settlement from the lender over a rights issue in 2008.

  • October 16, 2018

    Charities Seek Exemption From Unpopular Insurance Tax

    The U.K. Treasury came under pressure on Tuesday to protect charities from insurance premium tax in this month's Budget amid warnings that the unpopular levy is undermining their work.

Expert Analysis

  • 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.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • GDPR Compliance Questions For Blockchain Firms

    Daniel Cooper

    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

    Nick Hoffman

    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.

  • How Europe's AML Regime Is Tackling Virtual Currencies

    Chris Warren-Smith

    The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

    Andrew Smith

    In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Lessons From UK's Data Backlash

    Kim Roberts

    Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.

  • Tech, Media, Telecom Investor-State Arbitration Is On The Rise

    Florencia Villaggi

    Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.