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Insurance UK

  • February 23, 2018

    Aviva Sells Spanish Holdings For Solvency II Capital Boost

    The U.K.’s largest insurer, Aviva PLC, announced on Friday that it has sold its entire shareholdings in two of its joint ventures in Spain, allowing it to boost its capital surplus by approximately £150 million ($209.5 million) and meet Solvency II requirements.

  • February 22, 2018

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

  • February 22, 2018

    Appeals Court Spikes Insurer's Exclusion Clause Challenge

    The U.K. Court of Appeal on Thursday rejected an attempt by Acasta European Insurance Co. Ltd. to overturn a ruling that found the insurer must cough up £1.1 million ($1.5 million) to Nesbit Law Group LLP under a financial guarantee indemnity that underpinned loans provided to the personal injury law firm.

  • February 22, 2018

    Barclays’ Pension Plan Faces Skepticism As It Heads To Court

    When Barclays on Monday becomes the first British bank to reveal in court how it will comply with new ring-fencing regulations, pension lawyers will look to how the bench reacts to the lender's controversial plan to house its pension scheme in its newly separated investment banking arm.

  • February 22, 2018

    UK Lawmakers Call For Pensions Regulator Reforms

    A parliamentary committee called for regulatory reform while grilling executives of the British pensions regulator on Thursday for failing to see early signs of financial stress that led to the collapse of construction giant Carillion PLC under a £800 million ($1.1 billion) pension deficit.

  • February 22, 2018

    Legislate For Cyberattack Disclosure, Lloyd's Chief Says

    Private companies could be compelled to hand over information to help the insurance industry in the aftermath of a cyberattack, the head of Lloyd’s of London told Law360 on Thursday.

  • February 22, 2018

    Help Insurers Access Cyberattack Data, OECD Urges Gov'ts

    Governments must help insurers gain access to information on cyberattacks to help them price risk for customers and determine their own exposure to a potential rush of claims, the deputy secretary-general of the Organisation for Economic Co-operation and Development indicated on Thursday.

  • February 21, 2018

    CMA To Release First Investment Consultants Report In July

    The U.K.'s antitrust watchdog said Wednesday it planned to release its initial conclusions on the state of competition among investment consultants in July after deciding to continue to focus mainly on services aimed at pension schemes.

  • February 21, 2018

    Katten Muchin Hires New Heads For 2 London Practices

    Katten Muchin Rosenman UK LLP has tapped two new partners from Lloyds Banking Group PLC and Jones Day to lead its London banking and financial services practices, bringing with them expertise in commercial real estate and investment regulations.

  • February 21, 2018

    Ex-Insurance Broker Execs Say Firm's Buyer Isn't Owed Fees

    Three directors of insurance brokerage FJ Lock & Associates Ltd. have sought to dismiss allegations they owe the U.K. investment firm that acquired their business around £500,000 in payments connected to the acquisition.

  • February 21, 2018

    Randell Secures Top FCA Post Despite Tax Avoidance 'Errors'

    A parliamentary committee approved the appointment of Charles Randell as chairman of the Financial Conduct Authority on Wednesday, despite what he called an earlier "error of judgment" that involved him in a tax avoidance scheme.

  • February 21, 2018

    Lawmakers To Quiz Pensions Watchdog, Auditors On Carillion

    Lawmakers will grill the U.K.’s pension regulator and two accountancy firms on Thursday over their role in the collapse of construction giant Carillion PLC.

  • February 21, 2018

    KPMG Moves To Help Insurers Prepare For Accounting Reform

    Global auditing giant KPMG revealed plans on Wednesday to help insurance firms comply with demanding new accounting rules due in 2021, warning that more than a third of companies around the world have yet to make any preparations.

  • February 20, 2018

    UK Brexit Chief Backs Cooperation On State Aid, Competition

    The U.K.'s chief Brexit negotiator on Tuesday signaled the country's support for pan-European state aid and merger control rules, positing competition and high regulatory standards as key to Britain's future relationship with the European Union.

  • February 20, 2018

    UK Regulator Investigating Firms Over Pensions Cold Calls

    The U.K. pensions regulator said Tuesday is investigating several pension schemes for alleged cold calling and has appointed an independent trustee to run one of them following concerns about more than £3 million ($4.2 million) of assets under its management.

  • February 20, 2018

    Ireland Bans Insurer From Writing New Business

    Ireland’s central bank has banned CBL Insurance Europe DAC, a subsidiary of New Zealand insurer CBL Corp. Ltd., from writing any further business following concerns about its capital reserves.

  • February 20, 2018

    New FCA Chair To Assess Agency's Handling Of RBS Case

    The Financial Conduct Authority’s incoming chairman told a Treasury Committee hearing Tuesday that he wants to conduct his own evaluation of the watchdog’s handling of controversial cases like the Royal Bank of Scotland PLC’s alleged mistreatment of business clients.

  • February 20, 2018

    UK Lets Claimants Bypass Lawyers In Car Insurance Claims

    The U.K. Ministry of Justice has agreed to allow traffic accident victims to contact insurers directly through a controversial new claims portal that would cut lawyers out of the equation.

  • February 20, 2018

    Bid To End Barclays £321M Credit Card Countersuit Flops

    Barclays PLC scored an early victory in its £1.1 billion ($1.5 billion) legal fight with credit card provider CCUK Finance Ltd. on Tuesday when a High Court judge ruled the British lender can pursue a multimillion-pound payment protection compensation counterclaim against the firm.

  • February 20, 2018

    FCA Turns To Fintech To Improve Regulatory Reporting

    The U.K.’s financial services watchdog said Tuesday it wants to harness technology to improve regulatory reporting by firms in the sector, using automated processes that could help eliminate inaccurate and inconsistent filing.