Proposed changes to anti-terrorism laws that would extend insurance coverage to include business losses suffered behind a police cordon are "thrilling” for the industry, the U.K.'s state-backed terrorism reinsurer told Law360 on Thursday.
Plans by the Solicitors Regulation Authority to slash mandatory minimum insurance cover for law firms from £2 million ($2.68 million) to £500,000 for a single negligence claim would be detrimental to partners, employee and clients, a professional association warned on Thursday.
U.K. insurers may soon be pressed to reveal their financial exposure to climate change risk, the Bank of England’s insurance supervisor said Thursday, but they will not need to increase the capital they must hold against the fast-emerging threat to business.
Politicians have written to PricewaterhouseCoopers PLC and the U.K.’s Insolvency Service seeking answers about potential conflicts of interest and fees arising from the audit firm’s role as special manager for the liquidation earlier this year of construction giant Carillion PLC, which collapsed under the weight of its pensions deficit.
A dispute over an insurance claim for more than $2.7 million worth of damage sustained by a Hollywood Beach hotel after Hurricane Irma battered southern Florida last September belongs in arbitration, underwriters at Lloyd's of London told a Florida federal court on Tuesday.
Lloyd’s of London insurer Amlin has succeeded in shutting down Chinese legal proceedings against it over a $1.3 million shipping loss after a London judge on Wednesday granted an interim anti-suit injunction preventing Fortune Life Shipping Ltd. from pursing its claim in a Shanghai court.
A major new criminal offense designed to beef up the U.K. pensions regulator after a series of corporate collapses may fail to deter rogue bosses from damaging their pension schemes, experts warned a key parliamentary committee on Wednesday.
The High Court has dismissed claims that an insurance broker was negligent when it arranged insurance for a U.K. exhibitions company that was denied cover after its business premises was damaged by a fire, finding that one of the owners failed to disclose a criminal conviction.
The head of the Prudential Regulation Authority has told a parliamentary committee that it cannot relax one of the most controversial elements of Europe’s Solvency II directive, blaming Britain’s uncertain future financial relationship with the European Union.
An international broker has launched a “rare” £10 million ($13.4 million) insurance policy to protect law firms from negligence claims as they expand operations and take on greater risk, the firm’s executive director told Law360 on Wednesday.
Grant & Eisenhofer PA and Kessler Topaz Meltzer & Check LLP won a closely matched lead counsel contest Tuesday for a Delaware Chancery Court suit alleging fiduciary duty breaches in Towers Watson & Co.’s $18 billion merger with insurance brokerage Willis Group Holdings PLC.
Regulators need to accelerate their approvals for firms seeking to exploit London’s fledgling insurance-linked securities markets before Britain can crack the multibillion-pound trade, the head of broker AFL’s new ILS advisory business told Law360 on Tuesday.
An influential parliamentary committee is seeking answers about a £492 million ($656 million) pensions deficit at a U.K. high street phone and electronics retailer as it prepares to close 92 stores, correspondence released on Tuesday reveals.
London-headquartered insurer RSA Group PLC has won regulatory backing for its new subsidiary in Luxembourg, as other major companies put the finishing touches on plans to cope with the upheaval of Brexit by shifting business overseas before March 2019.
The Financial Conduct Authority set out plans on Tuesday for regulating U.K. companies that manage claims of misconduct by financial firms and insurance companies, which include requiring them to highlight free alternatives to their services for customers.
Bankrupt reinsurance firm Scottish Holdings Inc. received court approval Monday in Delaware for a plan sponsorship offer worth nearly $10 million more than an initial stalking horse bid previously approved by the court.
A unit of insurance giant Munich Re has denied owing more than £6 million ($8 million) to four brothers after their 19th century mansion burned down, saying that they failed to get a structural engineer to oversee delicate repair work as promised before the blaze.
DWF LLP has added an insurance partner who specializes in construction, power and engineering claims to its London office from Simmons & Simmons LLP.
Aviva Insurance Ltd. has claimed it can avoid paying out on a £1.8 million ($2.4 million) claim for damage caused by a blaze at a care home in England because the property investment company that owned it failed to disclose that one of its directors was bankrupt.
British politicians called for new laws on Monday that would force pension funds handling hundreds of billions of pounds to think further ahead and consider fast-emerging environmental threats to their investments.
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.
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.
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.
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.
Recent disclosures by U.K. insurance regulators have highlighted the possibility of an imminent flood of applications by U.K. insurers to English courts to transfer their policies to their EU-based affiliates. Policyholders affected by these transfers will need to scrutinize them closely, says Richard Mattick of Covington & Burling LLP.
In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.
Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.
The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.
In a recent report, the Organisation for Economic Co-operation and Development considered whether cyber insurance can operate as a driving force in improving cyber risk management generally. Making detailed information on cyber incidents available would help cyber insurance function as a critical risk resilience tool, say Neil Warlow and Sarah Stephens of JLT Specialty Limited.
The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.