Insurance UK

  • May 17, 2018

    Boards Must Confront Risk-Hungry Insurers’ Finances: PRA

    The U.K.’s Prudential Regulation Authority said Thursday that the boards of U.K. insurance companies must properly scrutinize and challenge their firms’ financial management and planning, especially those with high appetites for risk and fast-changing capital reserves.

  • May 17, 2018

    Admiral Wins Record Damages In UK Car Crash Fraud Case

    Admiral has won what is believed to be the U.K.’s highest-ever punitive damages award for fraudulent car accident claims, against a company that helped pursue it for £2.5 million ($3.4 million) in payouts, a lawyer for the insurer told Law360 on Thursday.

  • May 17, 2018

    Insurer Must Bear Costs Of Faulty Breast Implant Litigation

    The European arm of U.S. insurer Travelers must pay the costs incurred by hundreds of women who successfully sued cosmetic surgery center Transform Medical Group as part of a global breast implant scandal, England’s Court of Appeal ruled Thursday.

  • May 17, 2018

    Lawmakers OK Plans To Hand ESMA More Power Over CCPs

    European Union lawmakers have approved several plans to grant a top regulator greater authority over central counterparties, in a move that will subject clearinghouses within the bloc as well as third-country CCPs to tougher EU-level supervision.

  • May 17, 2018

    Allianz Pulls Back From Iran Amid US Sanctions Threat

    Europe’s largest insurer, Allianz SE, is preparing to withdraw from Iran after the U.S. government abandoned an international nuclear deal and warned that it could impose sanctions on companies trading with Tehran, the firm told Law360 on Thursday.

  • May 17, 2018

    New Rules Will Boost Credit Risk Policy Costs, Insurers Say

    Trade credit insurance policies are likely to become more expensive and less readily available if the Prudential Regulation Authority goes ahead with proposed regulatory changes to force insurers to pay out claims within days, a leading U.K trade body warned on Thursday.

  • May 16, 2018

    Insurers Settle Adviser's Unregulated Investment Loss Claim

    Two insurers have agreed to pay an undisclosed sum to settle a lawsuit brought by financial adviser Lighthouse Group PLC over their refusal to honor claims linked to the sale of unregulated investments.

  • May 16, 2018

    Lloyd's Says It's Eyeing Cyber Windfall Thanks To GDPR

    Lloyd’s of London is ready for the formidable European Union data protection rules that go live next week and is anticipating a surge of business as companies rush to buy cyber insurance, the market’s chief executive told Law360 in an exclusive interview on Wednesday.

  • May 16, 2018

    UK Needs Less Talk, More Action On Brexit, ABI Head Says

    The complex negotiations for Britain’s exit from the European Union have stalled because the U.K. government “has preferred to make speeches” while the EU is focused on legal specifics, the head of the Association of British Insurers told Law360 in an exclusive interview Wednesday.

  • May 16, 2018

    Lawyers Warn Of Fears Over Financial Contracts After Brexit

    Top lawyers warned a parliamentary committee on Wednesday that U.K. banks and insurers face a massive task as they prepare to manage contracts with their European Union counterparts after Brexit and need confirmation that cross-border deals will remain legal.

  • May 16, 2018

    Jenner & Block Hires White Collar Partner In London

    Jenner & Block LLP has hired an experienced investigations and white collar partner from K&L Gates LLP to co-chair its global investigations and compliance practice, the firm has said.

  • May 16, 2018

    Brokers Plead With FCA For Respite From More New Rules

    The U.K.’s top insurance brokers’ lobby on Wednesday urged the Financial Conduct Authority not to place any new demands on the industry, saying it is already struggling within “one of the most burdensome and costly regulatory regimes on the planet.”

  • May 16, 2018

    £82B At Risk For Insurers Under Cliff-Edge Brexit, FCA Warns

    The Financial Conduct Authority’s chief executive warned insurers Wednesday that, unless the U.K. and European Union put safeguards in place for a cliff-edge Brexit, a “sudden and disorderly” end to passporting would put £82 billion ($110 billion) of insurance liabilities at risk.

  • May 15, 2018

    Lawmakers Suggest Leadership Change At Pensions Regulator

    Politicians criticized the U.K.'s pensions regulator for being “feeble” and “chronically passive” on Wednesday, adding that new leadership might be needed after a series of companies collapsed under the weight of massive pension liabilities.

  • May 15, 2018

    Health Care Co. Fined For Misleading Pensions Regulator

    A health care company and its managing director have been ordered to pay more than £20,000 ($27,000) for falsely telling the U.K. pensions regulator that they had enrolled staff in a workplace savings scheme, the regulator said Tuesday.

  • May 15, 2018

    Startup Marshmallow Squashes Marsh In Trademark Dispute

    Insurance broker Marsh Ltd. has lost its bid to block the registration of a trademark lodged by London-based startup Marshmallow Financial Services Ltd., after the U.K. Intellectual Property Office found that the disputed marks convey "entirely different" meanings.

  • May 15, 2018

    UK Pub Co. Claims Pension Scheme Changes Were Valid

    A pub and restaurant chain is fighting legal efforts by the trustee of its employee pension schemes to force it to scrap some change to the plan's rules, which the trustee says mistakenly handed the company the power to choose the rate of pension increases.

  • May 15, 2018

    UK Brewer Pleads Guilty To Obstructing Pensions Probe

    Samuel Smith, one of Britain’s best-known brewers, and its chairman have pled guilty at a court hearing in England to failing to hand over information to The Pensions Regulator during an investigation into its retirement funds, the watchdog said Tuesday.

  • May 15, 2018

    Thomson Reuters To Shift UK Derivatives Trades To Dublin

    Thomson Reuters said Tuesday it was preparing to move its foreign exchange derivatives trading operation from London to Dublin because of the U.K.’s impending departure from the European Union.    

  • May 15, 2018

    EU Warns Watchdogs To Coordinate Fight Against Dirty Money

    The European Union has ordered the bloc’s top three financial regulators to step up their campaign against money laundering "with some urgency," saying a failure to swiftly strengthen coordination of their efforts would be a threat to wider financial stability, according to a letter published Tuesday.

Expert Analysis

  • EU Ruling Casts Doubt On Bilateral Investment Treaties

    Charles Goldblatt

    In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.

  • GDPR Will Benefit Financial Services In The Long Run

    Phil Beckett

    We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.

  • IP Considerations For UK Open Banking App Developers

    Rajvinder Jagdev

    Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.

  • Breaching Policy Warranties Can Partially Void UK Coverage

    Richard Mattick

    The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.

  • With The GDPR, The Dawn Of The New Normal Approaches

    Maarten Stassen

    With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.

  • Issues To Watch For When Brexit-Proofing Your Contracts

    Dipti Hunter

    While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.

  • Identifying Cybersecurity Best Practices For Financial Firms

    Rishi Zutshi

    As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.