We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Insurance UK

  • August 13, 2018

    Lloyd's Syndicate Steps In After Alpha's Collapse, FSCS Says

    New insurance cover has been arranged for almost 180,000 policyholders following the dramatic collapse of Denmark-based Alpha Insurance A/S in May after it failed to meet regulatory capital requirements, the U.K. Financial Services Compensation Scheme announced on Monday.

  • August 13, 2018

    Lloyd's Wins Credit Backing For Post-Brexit EU Outpost

    Lloyd’s of London has revealed that its Brussels subsidiary, which will ensure it has continued access to the single market after Brexit, has been awarded the same financial ratings as the insurance market’s U.K. base.

  • August 13, 2018

    Insurer Loses Bid To Avoid Covering Drunk Driving Accident

    A Gibraltar-based insurer cannot avoid paying out millions of pounds for a drunk driver whose passenger was catastrophically injured on the grounds that he failed to report the crash and cooperate with investigators, the High Court in London has ruled.

  • August 13, 2018

    FRC Slams PwC Over BHS Audit In Leaked Report

    The Financial Reporting Council has accused PricewaterhouseCoopers of making “incomplete, inaccurate and misleading” statements about the ability of British store chain BHS to stay afloat just before it was sold off for a nominal £1, a leaked report reveals.

  • August 13, 2018

    Solvency Demands Will Hamper EU Investment, Insurers Warn

    Europe’s Solvency II capital regime is preventing insurers from financing longer-term projects and will undermine sweeping plans by Brussels to inject an extra €650 billion ($740 billion) into the economy, the insurance industry has warned.

  • August 10, 2018

    Pensions Watchdog's Fines Soar, Piles Pressure On UK Firms

    The U.K. pensions regulator more than doubled what it took in fixed-notice penalties in the year to March compared with the previous 12 months, pulling in £11.5 million ($14.7 million), as a leading pensions lawyer warned of a "wake-up call" for all employers.

  • August 10, 2018

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

    The last week has seen the Financial Conduct Authority take on a financial consulting firm, engineering company Doosan Babcock sue insurer Acasta, and a new action from private equity-linked firms that have already brought multiple actions worldwide after KPN Group acquired a Thai wind energy company. Here, Law360 looks at those and other new claims in the U.K.

  • August 10, 2018

    Kennedys Taps BLM Partner For Manchester Insurance Team

    Kennedys Law LLP has added a veteran commercial partner from BLM LLP to lead its Manchester, U.K., office and strengthen its commercial lines insurance capabilities, the firm has said. 

  • August 10, 2018

    Regulator On Alert After UK Retail Chain's Near-Collapse

    The pensions regulator was studying the implications for retirees on Friday after the U.K. retail chain House of Fraser Group fell into administration and was bought almost immediately by a company owned by colorful businessman Mike Ashley for £90 million ($115 million).

  • August 10, 2018

    EU Sets Out New Cross-Border AML Rules For Payment Firms

    The European Commission on Friday told payment firms that offer services in more than one EU state that they will be required to appoint so-called central contact points to help ensure they comply with the host country’s anti-money laundering rules.

  • August 9, 2018

    Tax Residence Means Physical Presence, UK Isles Say

    Banks, insurers and company headquarters wanting to be taxed in the British dependencies of Jersey, Guernsey and the Isle of Man may have to show they hold physical board meetings and have sufficient staff on the islands as of next year, recently published government documents show.

  • August 9, 2018

    UK Gov't To Roll Out Brexit Plan For Financial Regulation

    The U.K. Treasury said on Thursday it is preparing to publish plans to hand responsibility for financial regulation from European Union regulators to British entities including the Bank of England and the Financial Conduct Authority, with the first details due later this summer and fall.

  • August 9, 2018

    Weinstein Given Until Sept. To Respond To Chubb's UK Suit

    Harvey Weinstein has been given until September to file a response in a London court to attempts by the European arm of U.S. insurer Chubb Group to avoid covering the American movie producer's legal costs from fighting several sexual assault lawsuits.

  • August 9, 2018

    EIOPA Steps Up Climate Risk Scrutiny Among EU Insurers

    Europe’s top insurance regulator said that it has joined a global network of insurance supervisors so that it can help to tackle the sustainability challenges that are affecting the sector, which include climate change.

  • August 9, 2018

    Owner Denies Sinking Ship, Demands Insurers Pay $22.5M

    A Panamanian ship owner has issued a $22.5 million countersuit at the High Court in London against a group of Lloyd’s of London insurers who are suing it for allegedly making an insurance claim on a vessel that was deliberately sunk.

  • August 9, 2018

    Hong Kong Regulator To Oversee Prudential As Biz Splits

    Prudential PLC said it is making “good progress” in carving off its M&G Prudential operation as it revealed that Hong Kong's Insurance Authority will become its principal regulator rather than the Bank of England when the split is complete.

  • August 9, 2018

    Pension Plans Move Record £7.8B In Annuities To Insurers

    Pension plans in the U.K. transferred a record £7.8 billion ($10 billion) in bulk annuities to insurance companies in the first half of 2018, largely to escape the pressures of Europe’s Solvency II capital regime, new data revealed on Thursday.

  • August 9, 2018

    Aviva Moves $1B Risk To US As Firms Dodge Solvency II Woes

    Aviva’s U.K. pensions business has reinsured £1 billion ($1.3 billion) of longer-term risk in the U.S., as a growing number of insurers transfer their exposure beyond the European Union to avoid building up hefty capital buffers under the Solvency II regime.

  • August 8, 2018

    Brexit Could Make The Arbitration-Averse Change Teams

    A recent survey shows that most lawyers who favor litigation over arbitration aren't letting Brexit affect that preference, but experts say that could change if a critical consideration is left unaddressed once the U.K. actually leaves the European Union.

  • August 8, 2018

    $10M Tornado Coverage Row Needn't Be Arbitrated, Court Told

    The owners of a New Orleans warehouse that was destroyed in a 2017 tornado urged a Louisiana federal judge on Wednesday to hold that it doesn’t have to arbitrate a $10 million coverage dispute with a slew of domestic and foreign insurers, contending that the arbitration provision in its policies is unenforceable.

Expert Analysis

  • Health And Insurance In And Outside The UK After Brexit

    AJohn Hall

    The upcoming divorce between the United Kingdom and the European Union will have ramifications for health, safety and personal injury claims in the U.K., as well as for U.K. residents' access to insurance while traveling in the European Economic Area, says John Hall of Tilly Bailey & Irvine LLP.

  • Financial Institutions Must Invest In FATCA Compliance

    Ashly Elmore Drew

    The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.

  • Passing Stress Tests With Convertible Bond Strategies

    Dan Partlow

    Solvency II has been a challenging regulation for European insurers, but insurers seeking to pass stress tests can rely on strategies like convertible bonds, which provide significant capital requirement relief without sacrificing return on invested assets, say Dan Partlow and Hart Woodson of Advent Capital Management LLC.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.