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Insurance UK

  • November 28, 2017

    UK Terror Reinsurer To Start Offering Cyberattack Cover

    The U.K.’s national terrorism reinsurer said on Tuesday that it will begin offering cover against cyberattack from April, as experts warned that online extremists are rapidly developing their ability to strike at critical infrastructure.

  • November 27, 2017

    Investors 'Sold Out' By CEO In Towers-Willis Merger, Suit Says

    The $18 billion Towers Watson & Co.-Willis Group merger became the subject of another suit last week as a retirement fund told a Virginia federal court it and other shareholders were “sold out” by the Towers Watson CEO for a $165 million pay deal.

  • November 27, 2017

    2 Firms Bolster Insurance Groups With Ex-Sedgwick Partners

    United Kingdom-based professional services firm RPC and Chicago-based BatesCarey on Monday both announced partner hires from two different Sedgwick offices, a week after the troubled San Francisco-based firm told employees it would close early next year.

  • November 27, 2017

    Rising Contributions Threaten Pension Progress, Report Says

    The U.K. government has achieved a “sea change” by forcing employers to enroll nearly 9 million staff on pension plans, but companies’ rising contributions could undermine progress from April onward, a think tank warned Monday.

  • November 27, 2017

    Allianz Trims Solvency Ratio With Euler Hermes Buyout

    German insurer Allianz SE said Monday that it will spend nearly €2 billion ($2.4 billion) to buy out the remaining shareholders in trade credit insurer Euler Hermes, knocking 4 percent off Allianz’s Solvency II ratio.

  • November 27, 2017

    Irish Regulator Fines Intesa Sanpaolo €1M For AML Failures

    Ireland's central bank said Monday it had fined an insurance unit of Italian banking group Intesa Sanpaolo €1 million ($1.2 million) after an investigation revealed “significant failures” in the firm’s money laundering controls and procedures.

  • November 27, 2017

    MPs Debate Pensions After Firms Say Reforms Lack Direction

    Lawmakers have begun deliberating whether the U.K. government needs to make further changes to its regulatory framework for pensions, a parliamentary committee spokeswoman said Monday, after two major providers said Britain’s reforms lacked direction and were creating confusion.

  • November 27, 2017

    World Regulators Demand Simplified Insurance For Vulnerable

    Global supervisors have told governments to make sure that insurers selling basic cover to the world’s poorest communities keep products simple to prevent misselling and to avoid excessive costs.

  • November 24, 2017

    Forex Wrangle Triggers Late Rewrite Of EU Derivative Laws

    European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.

  • November 24, 2017

    UK Judge Rules Trust Co. Directors Must Be Indemnified

    A Jersey-based trust manager has succeeded in its claim that it is obliged to indemnify three employees that it provided to serve as directors at a fund invested in land in Romania, according to a High Court judgment handed down on Friday.

  • November 24, 2017

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

    The last week has seen Kazakhstan and its national bank file a Financial List claim against the Bank of New York Mellon, the Law Society sue Barclays and a Greek commercial shipping manager take on an insurance brokerage. Here, Law360 looks at those and other new claims in the U.K.

  • November 24, 2017

    Insurance Co. Director Disqualified Over 6M Nuisance Calls

    The director of a company that made more than six million telephone calls soliciting personal injury insurance claims from consumers has been disqualified for seven years, the U.K. Insolvency Service said on Friday.

  • November 24, 2017

    UK Lawmakers Weigh Pension With 'Ambitions' Not Promises

    U.K. lawmakers announced on Friday that they will investigate whether to introduce a controversial new form of pension that would permit schemes to set flexible “ambitions” for the value of retirement income rather than promise specific returns.

  • November 24, 2017

    Lloyds, PwC Secure Costs In £54M Car Auction Firm Theft Suit

    The U.K.’s appellate court on Thursday ordered a defunct car auction company to stump up £4 million ($5.3 million) in security to Lloyds Banking Group PLC and PricewaterhouseCoopers LLP for costs in its £54 million legal claim accusing the firms of conspiring to force it into administration for profit.

  • November 24, 2017

    Home Insurers May Overcharge 13M Households, Report Says

    Home insurers may be overcharging 13 million U.K. households each year, and many are flouting new regulations that demand greater transparency about renewals, a leading network of charities said Friday.   

  • November 24, 2017

    Ship Insurer Steers Round Brexit With New Dutch Unit

    Specialist ship insurer U.K. P&I Club announced Friday that it is establishing a new European subsidiary in the Netherlands to allow it to continue to trade in the EU after Brexit in March 2019.

  • November 23, 2017

    Allianz Acts To Help Smaller UK Insurers After FCA Concerns

    Allianz Insurance PLC has unveiled new software to help brokers target underinsured clients after the Financial Conduct Authority warned that 40 percent of smaller British businesses may lack sufficient cover.

  • November 23, 2017

    British Watchdog Says Investors Want Better Risk Reporting

    Investors want improved disclosures from company boards about how they identify and manage risk to protect the sustainability of banks and businesses, according to a report released Thursday by Britain’s accounting and financial reporting watchdog.

  • November 23, 2017

    Financial Adviser Left 'Out Of Pocket' By Insurers' Dispute

    Lighthouse Group PLC, a financial adviser suing two insurers over their refusal to honor claims linked to the sale of unregulated investments, has said it “should not be left out of pocket” because the insurers cannot agree which firm is liable to indemnify the company.

  • November 23, 2017

    Transparency Concerns Taint Hedge Fund Risk Analysis In EU

    European regulators are improving their ability to measure risks to the global financial system posed by the murky multitrillion-dollar hedge fund industry, but major gaps still remain, an international securities watchdog said Thursday.