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Insurance UK
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January 15, 2024
Marsh Bosses Discuss War Risk With Ukraine Gov't
The government of Ukraine has said it held talks with brokers on extending the scope of its war risks insurance program as the country looks toward economic recovery nearly two years after the invasion by Russian troops.
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January 15, 2024
UK Pension Compensation Rises As Gilt Yields Fall
Compensation due to those wrongly advised to transfer out of their defined benefit pension has risen for the first time in two years, actuarial consultancy OAC said on Monday, as yields on government bonds fell over the latter stages of 2023.
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January 12, 2024
Insurers Win Appeal Over Transfer Of Contract Rights
A London appeals court ruled on Friday that a Japanese insurance company can bring a claim over the delayed delivery of aircraft under a contract it was not originally party to, finding that rights reassignments "by operation of law" are not the same as those made "by any party."
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January 12, 2024
MPs To Quiz Gov't, Regulator Chiefs In City Sexism Probe
Government ministers and senior regulators will face questions from lawmakers as part of a larger parliamentary probe into whether enough is being done to root out sexism and misogyny in the financial services sector.
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January 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Lawrence Kurt Solicitors involved in a professional negligence claim from housing association Midlands Living, soft-drinks producer Britvic file intellectual property proceedings against Blue Ice Machines, and proceedings against three individuals filed by Iran's state-owned oil and gas company. Here, Law360 looks at these and other new claims in the U.K.
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January 12, 2024
Broker Gallagher Buys UK Education Mutual Biz
U.S. insurance giant Arthur J. Gallagher & Co. has said it has bought MC Mutual Management Services Ltd. as it looks to build on its public sector brokerage portfolio.
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January 12, 2024
PRA Eyes Cyber, Claims Inflation As Insurance Risks In 2024
Insurers must ensure that they are adapting to underwriting for cyberattacks and claims inflation, among other risks in the sector the Prudential Regulation Authority has said it will put under the spotlight in 2024.
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January 12, 2024
Brodies Guides On War Risk Insurance For Ukrainian Exports
Scottish law firm Brodies LLP has said it has advised Ukraine's Export Credit Agency on a novel war risk insurance process, providing cover to shipowners and vessel charterers and allowing the country to ship goods across the Black Sea as the war with Russia continues.
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January 11, 2024
Dyson Loses €176M EU Damages Claim Over Energy Labelling
The European Union's highest court threw out on Thursday an attempt by Dyson to get €176.1 million ($193 million) in compensation for an EU Commission vacuum cleaner energy efficiency regulation it had successfully fought, saying its breach of the bloc's law was not serious enough.
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January 11, 2024
Treasury Plans Way To Make Sector Fund Small Bank Rescues
HM Treasury proposed Thursday to introduce a mechanism that would allow the Bank of England to force the banking sector to pay to rescue small financial firms that collapse.
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January 11, 2024
Clarity On State Pension Needed Before Election, Aegon Says
Politicians from all parties in the U.K. must clarify their plans for the state pension and other retirement savings commitments ahead of the general election due later this year, Aegon's pensions director said Thursday, amid official figures highlighting Britain's aging population.
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January 11, 2024
Watchdogs Consider Lowering Levy Cap For Lifeboat Fund
Britain's financial watchdogs are weighing whether the Financial Services Compensation Scheme can charge regulated firms up to £108.1 million ($138 million) a year for its operating costs, a £1.7 million reduction from the maximum amount the lifeboat fund may levy for the financial year ending in March.
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January 11, 2024
EU Financial Watchdogs Investigating AI Pre-Trade Controls
The European Union's financial watchdog said Thursday that it has launched a bloc-wide probe with national regulators into how investment companies that use algorithmic trading are preventing erroneous trades after the flash crash of May 2022.
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January 11, 2024
Pension Watchdog Says Data Rules Might Need Changing
The Pensions Regulator said that legislative change may be needed to prevent pension schemes from falling foul of privacy laws in communications with their members.
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January 11, 2024
Lloyd's Syndicate Sues For At Least $90M Over COVID Losses
A Lloyd's of London syndicate has sued several underwriters and insurance companies for at least $90 million to recover losses it claimed it incurred when the COVID-19 pandemic shuttered venues across the U.S. and U.K.
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January 11, 2024
CMS Hires Clifford Chance Disputes Pro In Dubai
CMS has appointed James Abbott, a Clifford Chance lawyer, as partner at its Dubai office, a move it believes will strengthen its practice in the Middle East.
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January 10, 2024
Pensions Watchdog Staff Resume Strike Action Over Pay
Workers at the U.K. pensions watchdog started 12 days of strikes on Wednesday after negotiations failed to produce a settlement over pay demands, their union said.
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January 10, 2024
New Governance Standards For Pension Plans Published
The Pensions Regulator published Wednesday long-awaited regulations designed to drive up governance standards for trustees of pension schemes.
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January 10, 2024
FCA Warns Adviser After 'Reckless' Pensions Advice
The Financial Conduct Authority has issued a pensions adviser with a warning for allegedly encouraging clients to transfer assets into unsuitable retirement savings arrangements.
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January 10, 2024
Dubai Brokerage Beats Manager's Claim For Worker Status
The Manchester Employment Tribunal has tossed an operations manager's claim that he held worker status at a financial services firm, ruling that he was self-employed because the company had no control over him or his work.
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January 10, 2024
Insurer Buys 2 European Liability Portfolios
Specialist insurance company Compre Group on Wednesday said that it has acquired two portfolios of European casualty and motor liabilities in two separate deals, reinsuring approximately €200 million ($219 million) of reserves across France, Germany, Italy and the Netherlands.
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January 10, 2024
New Pensions Funding Code Will Allow 'Productive Finance'
The U.K. pensions minister told a parliamentary committee on Wednesday that new funding regulations will allow defined benefit pension schemes to consider higher-risk finance in their long-term investment strategies.
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January 10, 2024
UK Pensioners Missing Out On State Benefits, Survey Finds
Nearly eight in 10 pensioners who own their homes are failing to claim their full entitlement to means-tested state benefits, a financial services retirement specialist has said, as it urged retirees to check their eligibility.
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January 09, 2024
Lloyd's Loan Fight Over Ex-MLB Pitcher Sent To Arbitration
A California federal judge ruled Tuesday that a $3.16 million dispute between loan service provider RockFence Baseball LLC and Lloyd's of London underwriters must go to arbitration over certain questions related to the coverage of a former Minnesota Twins pitcher.
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January 09, 2024
Glencore Denies Hiding Bribery Scheme From Investors
Glencore PLC has denied owing investors compensation for failing to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, telling a London court that none of its board of directors was aware of any misconduct at the time.
Expert Analysis
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Obtaining DPAs In The UK Will Not Be Easy
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
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Lessons From 4 Recent Athlete Insurance Lawsuits
This month, former University of Arkansas star running back Rawleigh Williams III sued Lloyd's of London, seeking to recover $1 million under a permanent total disability insurance policy. This is one of several recent cases shining a spotlight on the murky world of specialized athlete policies and the brokers who procure such policies, says Richard Giller of Reed Smith LLP.
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Raising Issues In UK Preliminary Hearings Can Be Risky
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
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3rd-Party Litigation Finance In UK: To Brexit And Beyond
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
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Can D&O Policies Enhance Presumption Of Innocence In UK?
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
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Litigation Funding Is On The Rise In Europe
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
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Judging The Financial Conduct Authority 5 Years On
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
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The Outlook For Anti-Suit Injunctions After Brexit
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
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New Tax Rules For Termination Payments In UK
New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.
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EU Ruling Casts Doubt On Bilateral Investment Treaties
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.
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GDPR Will Benefit Financial Services In The Long Run
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.
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IP Considerations For UK Open Banking App Developers
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.
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Opinion
BigLaw Doesn't Have A Diversity Problem
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.
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Equity Partnership Isn't What It Used To Be
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.
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Breaching Policy Warranties Can Partially Void UK Coverage
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.