Insurance UK

  • October 26, 2021

    Dechert Aims For November Hybrid Office Return

    International firm Dechert LLP is planning to reopen its offices worldwide in November, two months later than the firm previously planned, and will continue to allow attorneys to remotely work until the end of 2021, Law360 confirmed.

  • October 26, 2021

    Reinsurers Eye Premium Hikes For Climate Events, Fitch Says

    Reinsurers plan to raise prices for cover, including natural disasters, after a series of setbacks from natural disasters linked to climate change, a ratings agency said in a report issued Tuesday.

  • October 26, 2021

    Maersk Denies Liability For Seafood Cargo Gone Bad

    Maersk has told a London court that it is not liable for a cargo of tuna that went bad while being shipped to Japan, arguing that it made all necessary checks to ensure the fish was stored in freezers that worked properly.

  • October 26, 2021

    Insurers Pressure EU To Simplify Withholding Tax System

    European tax authorities should step up efforts to digitalize the system of withholding tax on dividend or interest payments and impose deadlines on governments for paying rebates and refunds, with interest and penalties for missing them, an insurance industry lobbyist said Tuesday.

  • October 26, 2021

    Insurance Groups Call On Gov't For Innovation Fund

    A coalition of British insurance trade bodies has called on the government to invest in technology start-ups within the sector to help boost the wider economy.

  • October 26, 2021

    Cyber-Cover Prices Soaring After Ransomware Attacks Surge

    The cost of cyber-insurance has continued to rise globally in the last three months, according to a report on Tuesday, as insurers seek to withdraw from the market or cap their losses after a spate of costly ransomware attacks.

  • October 26, 2021

    HMRC Urges UK Top Court To Ax Overseas Dividend Ruling

    Tax on overseas dividends does not violate European Union law by discouraging investors in Britain from making foreign transactions, HMRC told the U.K.'s top court on Tuesday in a case that could affect £905 million ($1.25 billion) in taxes.

  • October 26, 2021

    Regulation, Cybercrime Top List Of Insurance Concerns

    The growing burden of regulation tops a list of concerns shared by the insurance sector in Europe, followed closely by cybercrime and climate change, according to a survey of business leaders.

  • October 25, 2021

    FCA Plans Illiquid Assets Fund With 90-Day Notice Period

    The City watchdog said on Monday that it will launch an investment fund for experienced consumers to invest in illiquid assets, in a bid to encourage longer-term opportunities while putting in place a 90-day notice period to safeguard against a rise in redemptions.

  • October 25, 2021

    Flood Insurance Scheme Hits The Road After Gov't Report

    A government-backed insurance scheme launched a campaign on Monday to help people protect their homes against flooding, after an official report warned that tens of thousands of properties across the country could be without cover.

  • October 25, 2021

    EU Watchdogs Finalize Climate Disclosure Requirements

    Europe's financial regulators have proposed final rules that will govern how companies disclose whether their products are sustainable to allow consumers to compare the environmental benefits of investing in financial assets.

  • October 25, 2021

    Pensions Experts Sound Alarm Over 'Blunt' Reporting Rules

    The government should issue further guidance over the scope of new pensions reporting requirements, retirement experts warned on Monday, saying that existing rules are a "blunt tool" that could fail to work as intended.

  • October 25, 2021

    Yacht Company Sues Axa And Other Insurers For €3.3M

    A yacht leasing company has sued five insurers, including Axa, for refusing to cover a €3.3 million ($3.8 million) claim after a yacht was seriously damaged while it was being transported.

  • October 22, 2021

    FCA Finalizes Prudential Rulebook For Investment Firms

    The City watchdog published final rules on Friday aimed at streamlining requirements for the amount of capital that regulated investment firms must hold from January 2022, in a move to boost competition and ensure companies can fail without causing disruption.

  • October 22, 2021

    'Whiplash' Portal Handles 45K Claims In First 3 Months

    The U.K. government said Thursday that an online portal for processing so-called whiplash injury cases following the introduction of civil justice reforms has handled 45,718 claims in its first three months of operation.

  • October 22, 2021

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

    This past week in London has seen the U.K.'s competition watchdog take legal action to force holiday refunds, a pension provider take administration steps amid regulatory scrutiny, and a law firm sue the company behind proposals for a new theme park in southern England. 

  • October 22, 2021

    Insurer Wins Bid To Expand Defense In £6M Law Firm Dispute

    A judge has given the Axis insurance group permission to expand its defense in a £6 million ($8.3 million) lawsuit from Discovery Land Co. LLC over an unpaid judgment sum that the property developer secured against its law firm.

  • October 22, 2021

    Baker McKenzie Steers PerkinElmer On £130M Pensions Deal

    A U.S. healthcare equipment company has insured £130 million ($180 million) in pension liabilities for its British staff with insurer Standard Life, the company advising on the deal said.

  • October 22, 2021

    5 Questions For Macfarlanes LLP's Matt McCahearty

    Macfarlanes LLP's dispute resolution chief Matt McCahearty talks to Law360 about what he likes most about his career, changes in the U.K.'s legal sector and what he learned from spending a year working in a New York law firm.

  • October 21, 2021

    Ship Owner Can Refuse Security Tied To Sanctions Clause

    A judge held Thursday that the owner of a ship damaged in a Suez Canal vessel pileup didn't have to accept a security letter from the responsible ship's insurer after it argued that a sanctions clause made the document "useless."

  • October 21, 2021

    Pensions Regulator Pushes Through Investment Disclosures

    Britain's pensions watchdog on Thursday said it will require trustees of defined benefit schemes to disclose their asset allocations from 2023, a move it believes will help with assessing the investment risk of savings plans.

  • October 21, 2021

    Undetected Dirty Money In EU Markets May Be 'Significant'

    Some financial firms have failed to alert authorities to signs of possible money laundering as organizations acknowledge there is no way of being certain how much dirty money is flowing undetected through Europe's financial markets, a study has said.

  • October 21, 2021

    US Investment Co. To Acquire Atlas Master Trust From Capita

    Investment manager SEI Investments Co. said on Thursday that it plans to acquire the Atlas defined benefit master trust from Capita PLC, the London-based consulting and outsourcing giant, as it seeks to expand its own multi-employer scheme.

  • October 21, 2021

    Mayer Brown Picks Up 3 Finance Pros From Barclays, Rivals

    Mayer Brown has hired three finance and regulatory experts for its London and Tokyo teams from Barclays, DLA Piper and Haynes and Boone.

  • October 21, 2021

    UK Proposes Climate Compliance Rules For Pension Plans

    The Department for Work and Pensions proposed changes to pensions regulations on Thursday that would require retirement schemes to disclose how they are complying with new international standards designed to limit global warming.

Expert Analysis

  • What 9th Circ. Arbitration Case May Mean For Insurance

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    If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

  • How UK Data Breach Ruling May Rein In Insurance Claims

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    The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.

  • 2nd Circ. Arbitral Award Ruling Signals Restrictive Approach

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    The Second Circuit's recent ruling in Gater Assets v. Moldovagaz, reversing a default judgment arbitration award on jurisdictional grounds, fortifies U.S. court protections for foreign states and state-owned entities, and forecasts the court's conservative approach to when nonparties can be bound by arbitration agreements, say attorneys at Cleary.

  • Lloyds EU Operations Highlight Challenges For UK Insurers

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    Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • Evaluating Insurance Options In Light Of Suez Canal Blockage

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    The recent blockage of the Suez Canal by the cargo ship Ever Given illustrates that manufacturers, carriers and recipients of internationally shipped goods should consider all the insurance offerings available to cover losses resulting from shipping delays, say David Klein and Ryan Vanderford at Pillsbury.

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