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Insurance UK
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August 13, 2024
Oil Co. Denies Breaching Terms Of Shell Asphalt Deal
A Greek oil business has hit back against a $3.7 million claim by Shell over a soured asphalt cargo sale, arguing it did not breach the terms of the deal by delivering a different product than specified.
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August 13, 2024
UK Riots Likely To Cost Insurers Less Than £250M
The insurance sector will probably suffer total losses of less than £250 million ($320 million) from anti-immigration riots that swept the U.K. last week, experts said Tuesday.
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August 13, 2024
UK Regulators Mull Digital Reporting Future Outside EU
Britain's accounting watchdog on Tuesday proposed a number of potential reforms for the future of digital reporting in the U.K., amid recent legislative changes after the country's departure from the European Union.
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August 13, 2024
Stranding Of Planes Was A Commercial Decision, Insurer Says
Fidelis Underwriting Ltd. has said it is not liable for almost $45 million being claimed by an Irish aircraft operating company to cover the loss of planes stranded in Russia because it was a commercial decision by the operator to retain the aircraft.
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August 13, 2024
UK Wage Data Likely To Fuel Next State Pension Increase
The state pension might rise next year in line with earnings growth rather than inflation, experts said Tuesday, after official figures revealed a 4.5% increase in the U.K. average salary.
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August 13, 2024
Linklaters-Led Fund Buys Blackstone JV Homes For £405M
Britain's biggest private pension fund said on Tuesday that it has acquired 3,000 shared-ownership homes from a joint venture that is majority-owned by Blackstone Inc. for £405 million ($518 million).
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August 12, 2024
FRC Sees Too Many Cos. Using 'Boilerplate' Wates Filings
The Financial Reporting Council said Monday that 30% of large private firms favor the Wates corporate governance principles for filing company reports, but many companies still need to improve their disclosures.
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August 12, 2024
EU Watchdog Warned Of Crypto Risk For Retail Funds
Fund managers warned the European Union markets regulator Monday that there is no consensus on how to value crypto-assets, in a consultation on whether such products should be accessible to retail funds.
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August 12, 2024
Pay Riot Damage Claims Quickly, Gov't Urges UK Insurers
The insurance sector should quickly pay compensation to small companies affected by the anti-immigrant riots that have swept the country this month, the business secretary said on Monday.
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August 12, 2024
UK Pensions Body Calls For Reform For Investment Plan
The government should consider introducing planning reform and tax incentives to encourage pensions providers to invest more in U.K. assets, a trade body said on Monday, as the new administration considers how to tap into the sector to fuel a national economic recovery.
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August 12, 2024
LCP Launches Tool To Check Gov't Pension Payment Errors
Consultancy Lane Clark & Peacock LLP has launched an online tool designed to help retirement savers check what state pension they can get amid "worrying evidence" that some widows and widowers are not receiving their full entitlement.
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August 09, 2024
Insurers Call For Planning Reform As Claims Surge To £1.4B
A trade body for insurers on Friday called on the government to bolster the U.K.'s defenses against extreme weather, as the value of property claims paid out by the sector rose to £1.4 billion ($1.8 billion) in the past quarter.
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August 09, 2024
Pension Protection Fund Marks Progress On Climate Goals
The U.K. Pension Protection Fund has said it is making good progress on its climate ambitions but needs to "keep pushing" for better quality climate data across its portfolio.
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August 09, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen China Evergrande Group file a commercial fraud claim against its founder's ex-wife, legal action by Manolete Partners against the directors of an insolvent construction company, VietJet tackle a claim by French banking group Natixis and more developments in the "Dieselgate" scandal. Here, Law360 looks at these and other new claims in the U.K.
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August 09, 2024
Plane Stuck In Russia 'Not Lost,' Reinsurers Argue
A batch of reinsurers has denied they must pay out in a row over $44 million to cover the alleged loss of a plane leased to a Russian airline, arguing the plane is not lost and would not be covered by the policy.
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August 09, 2024
UK Tightens Disclosure Rules For Greensill-Type Finance
The U.K.'s accounting watchdog on Friday set out amendments to reporting exemptions from international accounting standards available to subsidiaries of groups, including around disclosure of supplier finance arrangements, as used by collapsed Greensill Capital.
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August 09, 2024
The Top Commercial Dispute Trials & Rulings Of 2024 So Far
So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.
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August 09, 2024
FCA Warned Over Risks From Value-For-Money Pension Rules
The Financial Conoduct Authority's new "traffic light" system for assessing the value-for-money offered by a pension scheme could create unintended consequences, experts warned Friday.
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August 09, 2024
Hargreaves Lansdown Agrees To £5.4B CVC Takeover Offer
Hargreaves Lansdown PLC said Friday that its board has agreed to a £5.4 billion ($6.9 billion) take-private offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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August 08, 2024
EU Watchdog Finds Poor Practices In Nonbank Lenders
The European Union's banking watchdog has found that nonbank lenders are often failing to verify the accuracy of information they gather on borrowers, helping to put them in too much debt.
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August 08, 2024
Finance Co. Botched Risk Outline In Fire Claim, Insurer Says
A subsidiary of U K Insurance Ltd. has denied having to pay out on a policy with Parker Asset Management Ltd. over a fire that destroyed a property costing around £4.2 million ($5.3 million), saying the company did not fairly present its insurance risk.
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August 08, 2024
Insurer Hiscox Puts Aside $28M To Cover Baltimore Bridge
Insurance giant Hiscox said it has put aside $28 million to pay potential claims from the collapse of the Francis Scott Key Bridge in Baltimore earlier this year.
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August 08, 2024
UK Gov't Refunds £57M In Pension Freedoms Overtaxation
The government has been forced to repay £59.6 million ($75.5 million) in the three months between April and June to people who overpaid tax after they tapped into their pensions for the first time, according to HM Revenue and Customs.
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August 08, 2024
FCA Proposes Framework For Long-Term Pensions Value
The finance watchdog has said it is planning a new "traffic light" guide for retirement investment plans as it seeks to improve long-term value in workplace pensions, shifting the emphasis for providers from a simple consideration of costs.
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August 07, 2024
Chubb, Fidelis Deny Liability For Planes Stranded In Russia
Two insurers have separately denied they are liable for $325 million in losses claimed by a group of aircraft leasing businesses stemming from jets grounded in Russia after its invasion of Ukraine.
Expert Analysis
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5 Gen X Characteristics That Can Boost Legal Leadership
As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Opinion
Increasing Law Firm Polarization Will Degrade Rule Of Law
As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.
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The FTX Fallout So Far And What May Come Next
While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.
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Hard Insurance Market Will Influence Legal Industry, Economy
As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.
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Digital Nomads: Key Considerations For Global Businesses
As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.
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New License Eases Sanctioned Clients' Legal Fee Payments
The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.
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Preparation Is Key To Businesses Minimizing Cyber Breaches
A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.
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UK Policyholders Can Expect Better COVID Claims Handling
The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.
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A Recovery Option For Lenders With Planes Stuck In Russia
For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.
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4 Key Skills For An Effective Attorney Coaching Conversation
As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.
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New Clarity On Directors' Creditor Duty In Insolvency Context
The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.