Insurance UK

  • July 12, 2024

    NFU Mutual Sued For £10.5M Over COVID Business Losses

    A group of hospitality and farming businesses have sued the National Farmers Union Mutual Insurance Society Ltd. for around £10.5 million ($13.6 million) to cover losses the companies allegedly suffered from closures during the COVID-19 pandemic.

  • July 12, 2024

    Asset Manager Impax Completes Financial Adviser Buyout

    Impax said on Friday that it has now completed the purchase of the assets of fixed-income manager Absalon Corp. Credit, as the private equity firm which focuses on renewable energy looks to expand its business beyond the U.S.

  • July 12, 2024

    Fix AML Defenses Or Face Fines, German Banking Group Told

    Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.

  • July 12, 2024

    Gov't Urged To Set Up Comp Program For Pension Failings

    Women who lost out after the government failed to tell them that their retirement age had changed have called for the "swift implementation" of a compensation program by the new pensions minister.

  • July 11, 2024

    Labour Urged To Represent All Generations In Policy Planning

    The new Labour government must ensure that its policy agenda reflects the needs of all generations, pensions provider Aegon said on Thursday, saying its research suggests that under-50s are more positive about their long-term financial planning than those who are older.

  • July 11, 2024

    New Pensions Minister Warned Against 'Hasty Decisions'

    The new pensions minister, Emma Reynolds, should not rush into major policy changes after she inherited a bulging in-tray from her predecessor, a trade body said on Thursday.

  • July 11, 2024

    Gowling Builds £35M Pension Deal For Civil Engineers

    A trade body for engineers has handed £35 million ($45 million) of its pensions liabilities to insurer Aviva PLC, advisers have said, in a buy-in transaction designed to cut risk that was guided by Gowling WLG.

  • July 11, 2024

    ABI, Insurtech Trade Group Agree To Cooperate On Innovation

    The Association of British Insurers has said it has signed a memorandum of understanding with a trade group for insurance technology companies to support and promote innovation on artificial intelligence, open finance, data ethics and operational resilience.

  • July 11, 2024

    FCA Overhauls Share Listing Rules To Boost LSE

    The Financial Conduct Authority unveiled a "significant" revamp of its share listings regime on Thursday, a move to help the London Stock Exchange provide corporate financing and stay competitive with other global financial centers. 

  • July 10, 2024

    BoE Sets Out Life Insurance Stress Test Plan

    The Bank of England's regulatory arm on Wednesday said its planned stress test next year of life insurers in the bulk purchase annuity market will capture "both current and emerging" risks in the growing and active sector.

  • July 10, 2024

    FCA Beats Applicant's Claim Over Noise Aversion Condition

    The Financial Conduct Authority did not fail to accommodate a job applicant with a sound sensitivity condition, an employment tribunal has ruled after finding the agency did everything it could to mitigate her condition.

  • July 10, 2024

    Kirkland Guides Canada Pension Plan on €550M Tech Stake

    Canada Pension Plan Investment Board said Wednesday that it has invested €550 million ($595 million) for a stake in European technology company Team Blue in a deal steered by Linklaters, Macfarlanes and Kirkland & Ellis.

  • July 10, 2024

    Gov't Appoints Minister For Both Treasury And DWP

    The new Labour government has appointed a minister spanning HM Treasury and the Department for Work and Pensions, a move that analysts said could indicate a more joined-up approach to pensions policy.

  • July 10, 2024

    Aviva Completes £249M Deal, Returns To Lloyd's

    Aviva PLC said on Wednesday that it has completed the acquisition for £249 million ($319 million) of insurance group Probitas, including its Lloyd's of London platform, which marks its return into the specialist market after more than two decades.

  • July 10, 2024

    Hellenic Bank To Buy French Insurer's Greek Biz For €182M

    Hellenic Bank of Cyprus said Wednesday that it will buy the Cypriot and Greek insurance operations of French insurer CNP Assurances for €182 million ($197 million) to strengthen its insurance services.

  • July 09, 2024

    Global Standard Setter Guides Firms On Third-Party Risk

    A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.

  • July 09, 2024

    Pensions Bill Unlikely In King's Speech, Aegon Says

    Sweeping pension reform is unlikely to be included in the first King's Speech under Keir Starmer's newly elected government, pensions provider Aegon said Tuesday as it predicted that existing changes in retirement savings policy might take center stage.

  • July 09, 2024

    FCA To Require Criminal Record Checks On New Firm Owners

    The Financial Conduct Authority has proposed to require owners and controllers of financial firms applying for authorization to obtain criminal background checks.

  • July 09, 2024

    Ex-Pensions Minister Timms Returns To DWP In New Gov't

    Former pensions minister Stephen Timms has returned to the Department for Work and Pensions in the new Labour government, the ministry has said. 

  • July 09, 2024

    BBC Rebuffed In Effort To Cut Costs Of £20B Pension Scheme

    An attempt by the British Broadcasting Corp. to reduce benefits for employees enrolled in its £19.8 billion ($25.4 billion) pension scheme has been rebuffed as the Court of Appeal ruled in favor of members on Tuesday.

  • July 08, 2024

    Audit Watchdog Creates New Monitoring, Digital Functions

    Britain's accounting watchdog said Monday it will create two new market functions to support enforcement and supervision as well as digital reporting, driving U.K. growth as part of its response to earlier government-led criticisms.

  • July 08, 2024

    Reeves Sets Out Plans For Pensions Investing, Fiscal Review

    HM Treasury will work to direct pensions investment to British businesses, create a national wealth fund and conduct a fiscal review into government finances, Rachel Reeves said in her first public speech as chancellor on Monday.

  • July 08, 2024

    Pensions Watchdog To Probe Master Trust Investment Plans

    The Pensions Regulator said on Monday that it will be ramping up its focus on the investment strategies of Britian's master trusts to ensure their plans and methods deliver best results for savers.

  • July 08, 2024

    Aegon Begins €200M Share Buyback Program

    Aegon NV began a share repurchase program worth up to €200 million ($220 million) on Monday, a move expected to lower the size of the Dutch pensions and insurance specialist's outstanding share capital.

  • July 08, 2024

    NIG Sued By Asset Manager Over £4M Fire Destruction

    Parker Asset Management Ltd. has sued a subsidiary of U K Insurance Ltd. for allegedly failing to honor an insurance policy after a fire destroyed one of the firm's commercial properties and resulted in a loss of about £4.2 million ($4.5 million).

Expert Analysis

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A UK Business View Of COVID-19's Economic Fallout

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    Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.

  • Remote Depositions Bring Ethics Considerations For Lawyers

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    Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.

  • Time For Presumptive Virtual Mediation In The UK

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    While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.

  • 3 EU And UK Data Protection Tips During COVID-19

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    Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.

  • Novolex Case Brings Lessons On R&W Insurance

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    A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.

  • How Proposed EU Class Action Directive Could Affect Insurers

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    Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.

  • COVID-19 Insurance Considerations For UK Cos.

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    Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias

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    In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.

  • Rebuttal

    Legal Industry Should Pursue AI Prediction Progress

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    As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

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