We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Insurance UK

  • August 14, 2018

    Lloyd's Member To Pay Out After Bitter Employment Dispute

    A Lloyd’s of London syndicate wrongly dismissed two senior executives and failed to prove allegations that they inflicted £1 million ($1.28 million) of losses by mishandling confidential company data, the High Court in London has ruled.

  • August 13, 2018

    Regulators Target Pension Withdrawal Risks In New Campaign

    Victims of pension scammers are losing an average of £91,000 ($116,297), the Financial Conduct Authority and The Pensions Regulator said on Tuesday, as they launched a campaign underlining the risks from the U.K.’s controversial pensions freedoms.

  • August 13, 2018

    Lloyd's Syndicate Steps In After Alpha's Collapse, FSCS Says

    New insurance cover has been arranged for almost 180,000 policyholders following the dramatic collapse of Denmark-based Alpha Insurance A/S in May after it failed to meet regulatory capital requirements, the U.K. Financial Services Compensation Scheme announced on Monday.

  • August 13, 2018

    Lloyd's Wins Credit Backing For Post-Brexit EU Outpost

    Lloyd’s of London has revealed that its Brussels subsidiary, which will ensure it has continued access to the single market after Brexit, has been awarded the same financial ratings as the insurance market’s U.K. base.

  • August 13, 2018

    Insurer Loses Bid To Avoid Covering Drunk Driving Accident

    A Gibraltar-based insurer cannot avoid paying out millions of pounds for a drunk driver whose passenger was catastrophically injured on the grounds that he failed to report the crash and cooperate with investigators, the High Court in London has ruled.

  • August 13, 2018

    FRC Slams PwC Over BHS Audit In Leaked Report

    The Financial Reporting Council has accused PricewaterhouseCoopers of making “incomplete, inaccurate and misleading” statements about the ability of British store chain BHS to stay afloat just before it was sold off for a nominal £1, a leaked report reveals.

  • August 13, 2018

    Solvency Demands Will Hamper EU Investment, Insurers Warn

    Europe’s Solvency II capital regime is preventing insurers from financing longer-term projects and will undermine sweeping plans by Brussels to inject an extra €650 billion ($740 billion) into the economy, the insurance industry has warned.

  • August 10, 2018

    Pensions Watchdog's Fines Soar, Piles Pressure On UK Firms

    The U.K. pensions regulator more than doubled what it took in fixed-notice penalties in the year to March compared with the previous 12 months, pulling in £11.5 million ($14.7 million), as a leading pensions lawyer warned of a "wake-up call" for all employers.

  • August 10, 2018

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

    The last week has seen the Financial Conduct Authority take on a financial consulting firm, engineering company Doosan Babcock sue insurer Acasta, and a new action from private equity-linked firms that have already brought multiple actions worldwide after KPN Group acquired a Thai wind energy company. Here, Law360 looks at those and other new claims in the U.K.

  • August 10, 2018

    Kennedys Taps BLM Partner For Manchester Insurance Team

    Kennedys Law LLP has added a veteran commercial partner from BLM LLP to lead its Manchester, U.K., office and strengthen its commercial lines insurance capabilities, the firm has said. 

  • August 10, 2018

    Regulator On Alert After UK Retail Chain's Near-Collapse

    The pensions regulator was studying the implications for retirees on Friday after the U.K. retail chain House of Fraser Group fell into administration and was bought almost immediately by a company owned by colorful businessman Mike Ashley for £90 million ($115 million).

  • August 10, 2018

    EU Sets Out New Cross-Border AML Rules For Payment Firms

    The European Commission on Friday told payment firms that offer services in more than one EU state that they will be required to appoint so-called central contact points to help ensure they comply with the host country’s anti-money laundering rules.

  • August 9, 2018

    Tax Residence Means Physical Presence, UK Isles Say

    Banks, insurers and company headquarters wanting to be taxed in the British dependencies of Jersey, Guernsey and the Isle of Man may have to show they hold physical board meetings and have sufficient staff on the islands as of next year, recently published government documents show.

  • August 9, 2018

    UK Gov't To Roll Out Brexit Plan For Financial Regulation

    The U.K. Treasury said on Thursday it is preparing to publish plans to hand responsibility for financial regulation from European Union regulators to British entities including the Bank of England and the Financial Conduct Authority, with the first details due later this summer and fall.

  • August 9, 2018

    Weinstein Given Until Sept. To Respond To Chubb's UK Suit

    Harvey Weinstein has been given until September to file a response in a London court to attempts by the European arm of U.S. insurer Chubb Group to avoid covering the American movie producer's legal costs from fighting several sexual assault lawsuits.

  • August 9, 2018

    EIOPA Steps Up Climate Risk Scrutiny Among EU Insurers

    Europe’s top insurance regulator said that it has joined a global network of insurance supervisors so that it can help to tackle the sustainability challenges that are affecting the sector, which include climate change.

  • August 9, 2018

    Owner Denies Sinking Ship, Demands Insurers Pay $22.5M

    A Panamanian ship owner has issued a $22.5 million countersuit at the High Court in London against a group of Lloyd’s of London insurers who are suing it for allegedly making an insurance claim on a vessel that was deliberately sunk.

  • August 9, 2018

    Hong Kong Regulator To Oversee Prudential As Biz Splits

    Prudential PLC said it is making “good progress” in carving off its M&G Prudential operation as it revealed that Hong Kong's Insurance Authority will become its principal regulator rather than the Bank of England when the split is complete.

  • August 9, 2018

    Pension Plans Move Record £7.8B In Annuities To Insurers

    Pension plans in the U.K. transferred a record £7.8 billion ($10 billion) in bulk annuities to insurance companies in the first half of 2018, largely to escape the pressures of Europe’s Solvency II capital regime, new data revealed on Thursday.

  • August 9, 2018

    Aviva Moves $1B Risk To US As Firms Dodge Solvency II Woes

    Aviva’s U.K. pensions business has reinsured £1 billion ($1.3 billion) of longer-term risk in the U.S., as a growing number of insurers transfer their exposure beyond the European Union to avoid building up hefty capital buffers under the Solvency II regime.

Expert Analysis

  • The Final Word On No Oral Modification Clauses In The UK

    Kathryn Rowe

    The U.K. Supreme Court's recent decision in Rock v. MWB came down on the side of commercial certainty, establishing that "no oral modification" clauses mean exactly what they say. Nonetheless, the decision may lead to some problematic cases, say Kathryn Rowe and Peter McMaster QC of Appleby Global.

  • EU's Proposed Premarketing Rules May Disrupt Fundraising

    John Young

    The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP.

  • UK Overseas Territories Disclosure Rule May Be Premature

    Ian Hargreaves

    Section 51 of the U.K.'s new Anti-Money Laundering Act imposes public beneficial company ownership registers in the British overseas territories. A general push for enhanced disclosure can only be welcomed, but this particular initiative may not be the correct means to reach a worthy goal, say Ian Hargreaves and Stephanie Sarzana of Covington & Burling LLP.

  • Myths And Facts About Using TAR Across Borders

    John Tredennick

    Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.

  • Predictions For UK Prudential Regulation Authority Standards

    Jamie Monck-Mason

    Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.

  • Why Companies Should Be Grateful For The GDPR

    Howard Schiffman

    After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.

  • EU Law Brings Data Sharing Pointers For US Financial Cos.

    Erin Fonté

    Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.