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Insurance UK

  • August 2, 2018

    Lost Sugar Fight Sours As Insurer Battles $19M Claim Size

    Royal & Sun Alliance Insurance PLC is fighting a lawsuit filed in the English courts by an ED&F unit seeking up to $19.1 million after the insurer allegedly refused to pay for the full losses on two shipments of sugar, saying the trader is due only $8.3 million.

  • August 1, 2018

    Insurers Get $2.7M Irma Coverage Row Sent To Arbitration

    A Florida federal judge ruled Wednesday that the owner of a beach hotel must arbitrate its claims that underwriters at Lloyd's of London wrongly refused to cover more than $2.7 million in damage sustained during Hurricane Irma, finding the arbitration clause in their contract prevails.

  • August 1, 2018

    UK Tribunal Lowers FCA Fine Against Ex-Financial Adviser

    A U.K. appeals tribunal ruled on Wednesday that the Financial Conduct Authority must lower its fine against a former director of TailorMade Independent over unsuitable advice to pension clients, although it upheld a regulatory order banning him from the financial sector.

  • August 1, 2018

    UK Construction Co. Can Limit Access To Insurance Trial Docs

    The U.K.'s Court of Appeal has sided with construction company Cape Intermediate Holdings Ltd. in its challenge to an order granting an asbestos victims support group access to documents from a trial where insurers pursued claims over payouts to individuals who had mesothelioma from contact with Cape products made with asbestos.

  • August 1, 2018

    Insurers Urge EU To Give UK Data Rules The OK

    The European Commission must provide legal certainty about the transfer of personal data between the U.K. and the European Union ahead of Brexit, the European insurance industry has said.

  • August 1, 2018

    Supervisors Urged To Protect Insurers From Climate Risks

    Supervisors must monitor and scrutinize the challenges and risks that insurers face as a result of increased climate risks and extreme weather events that have cost them $138 billion already, two groups of international insurance regulators have said.

  • August 1, 2018

    Blame The Parents? Judge Tells Insurers No In Accident Suit

    A judge has warned U.K. insurers against joining parents to litigation as she ruled against a firm that attempted to shift part of the liability for a traffic accident to the mother of a child who was hit by a policyholder.

  • August 1, 2018

    Lloyds Bank Sets Aside Further £550M For PPI Payouts

    Lloyds Banking Group PLC revealed on Wednesday it will take another £550 million ($722 million) hit as it deals with a rush of compensation claims from customers allegedly missold loan insurance, as the lender posted a big jump in profits for the first half of the year.

  • July 31, 2018

    Global 20: Sidley Austin

    Sidley Austin LLP demonstrated its breadth of international work in the past year by advising private equity firm Mid Europa Partners in a significant health care deal in central Europe and representing North America’s football association in corruption investigations against FIFA, once again securing a spot on Law360’s Global 20 list.

  • July 31, 2018

    UK Courts Can't Release Ship In NatWest Loan Row

    Courts in the United Kingdom cannot grant the release of a ship that was arrested after its owner allegedly failed to meet the terms of a $15.7 million loan from NatWest Markets PLC, as such an order would be inconsistent with long-standing legal principles, a judge in London decided Tuesday.

  • July 31, 2018

    Pension Withdrawals Hit Record £2.3B After Rules Eased

    Savers in the U.K. withdrew a record £2.3 billion ($3 billion) from their nest eggs in the three months to June, the largest sum since controversial pension freedoms introduced in 2015, data published on Tuesday revealed.

  • July 31, 2018

    EBA To Force Firms To Hold Risk In Traded Securitizations

    Firms that generate and transfer securitizations will be forced to retain an interest of at least 5 percent in each asset being handed over to investors, the European Union’s banking watchdog said as it published draft rules on Tuesday to help it spread any risk.

  • July 31, 2018

    Brexit Deal Must Include Contract Continuity, ISDA Says

    The global standard setter for derivatives trading has urged the U.K. and European Union to give financial firms and insurers the “highest level of legal certainty” by including provisions in Britain's withdrawal agreement that will safeguard existing derivatives contracts.

  • July 31, 2018

    Deadline For Declaring Offshore Assets Looms, HMRC Warns

    The U.K. tax authority issued a stern reminder to firms and individuals on Tuesday that they must notify the government in the next two months if they have earned income overseas or made profits on offshore assets or be hit with higher tax penalties.

  • July 30, 2018

    UK Regulator Refers Hogan Lovells Matter To South Africa

    The London headquarters of an international law firm announced Monday it had been cleared of involvement in a public corruption scandal involving South Africa’s top revenue official, but its local branch may not be out of the woods yet.

  • July 30, 2018

    5 Cybersecurity And Privacy Cases To Watch: Midyear Report

    The rest of 2018 could bring action on a slew of lingering privacy and cybersecurity disputes, including the legal fallout from Equifax's massive data breach, tests to the scope of Illinois' unique biometric privacy law, and challenges to the way tech giants have sought user consent under the European Union's General Data Protection Regulation. Here, Law360 takes a look at five cases cybersecurity and privacy attorneys should keep an eye on in the coming months.

  • July 30, 2018

    Dubai Sets Up Task Force To Create Court Of The Blockchain

    Dubai will be home to the world’s first court of the blockchain, with the Dubai International Financial Centre Courts and the government-funded Smart Dubai initiative working together to explore the use of blockchain technology to verify court judgments for the purpose of cross-border enforcement, according to a statement Monday.

  • July 30, 2018

    Global 20: Mayer Brown

    Mayer Brown has watered its global roots by breaking ground on new offices in Tokyo and San Francisco this year, while continuing to help clients work on innovative deals such as the first green bond sale by a pension fund on a global scale, solidifying its place on Law360's Global 20 list. 

  • July 30, 2018

    ESMA Finds Flaws In National Supervision Of Mutual Funds

    Six financial regulators across the European Union need to revise the way they supervise compliance with the bloc’s rules on the management and sale of mutual funds, the bloc’s top securities watchdog said Monday as it published the findings of a peer review.

  • July 30, 2018

    EIOPA Turns Focus To National Insurance Guarantee Schemes

    The European Insurance and Occupational Pensions Authority on Monday asked for feedback from insurers on its latest plan to fix the “significantly fragmented” landscape for resolution funding and national insurance guarantee schemes across the bloc.

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.