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Insurance UK
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January 30, 2025
Growth Stocks Need Rule Changes, City Group Says
The government and regulators need to rewrite the rulebook for growth stocks in share trading, including an urgent review of "hampering" regulations like the Consumer Duty and "Dear CEO" letters, a leading City trade body said Thursday.
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January 30, 2025
UK Gov't Vows To Overhaul Pension Lifeboat Levy
The government said Thursday that it is considering allowing the Pension Protection Fund more flexibility over how it sets its levy, as it looks at further measures to boost economic growth.
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January 30, 2025
SMEs Urged To Insure Against The Risk Of Cyberattacks
There is a "severe" cyber-protection gap among small and midsized business in the U.K., a trade body for the insurance sector has warned as it urged companies to reassess whether they are too small to fall victim to an attack.
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January 30, 2025
City Struggles With Compliance Amid Post-Brexit Rule Shifts
Brexit paved the way for Britain to rip up the EU's financial services rule book and create a more U.K.-friendly regime — but some regulatory analysts say the process is taking too long, which imposes a bigger compliance burden on companies.
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January 29, 2025
Pension Plans To Start Entering Data Into Portals In April
The first retirement savings plans will start to input customer data to the government's pension dashboards project in April, a top civil servant said Wednesday.
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January 29, 2025
CMS Steers £1.4B Pension Deal For Pharma Co.
Legal & General said Tuesday that it has covered £1.4 billion ($1.7 billion) of pension liabilities for U.K. pharmaceutical company Aventis Pharma Ltd. to secure the benefits of all members of the retirement savings plan.
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January 29, 2025
Aercap Says Sanctions Don't 'Excuse' Insurers For Lost Jets
Aircraft lessor Aercap told the High Court on Wednesday that insurers should have to cover losses over planes stranded in Russia because of Western sanctions imposed after the invasion of Ukraine.
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January 29, 2025
Pensions Watchdog Backs Gov't Surplus Investment Plans
Britian's retirement savings watchdog has given its backing to proposals recently floated by the government that would relax rules to allow pension funds to invest billions of pounds tied up in surpluses.
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January 29, 2025
UK Watchdog To Help Small Businesses Obtain Audits
The Financial Reporting Council said Wednesday it has launched a year-long campaign to help small businesses get audit services to help them raise capital.
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January 29, 2025
'Huge Disparity' In Pension Savings Between Men And Women
Recent figures revealing that adult men have almost twice as much median pension wealth as women demonstrate the "huge disparity" among retirees and highlights the need for more targeted support to bridge the gap, a financial services consultancy said Wednesday.
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January 28, 2025
AerCap Says Insurers Are On The Hook For Stranded Planes
There is "no merit whatsoever" to arguments by aviation insurers seeking to escape liability for the loss of aircraft seized by Russian airlines, a lawyer for major lessor AerCap said in closing submissions Tuesday at a High Court trial with billions of dollars at stake.
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January 28, 2025
Gov't Floats Pension Reforms To Reinvest Surplus Funds
The U.K. government on Tuesday mapped out plans to relax pension fund rules to allow schemes to invest billions of pounds tied up in retirement plan surpluses in their own business or wider economy.
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January 28, 2025
HDI Reaches Settlement On Planes Stranded In Russia
Insurance company HDI Global Specialist SE has settled its fight with a dozen aircraft companies over payouts for planes stranded after Russia's invasion of Ukraine, ending one of many disputes in sprawling litigation worth billions of pounds.
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January 28, 2025
Insurers Challenged Over Furlough Cuts On COVID Claims
Hospitality businesses forced to close during the COVID-19 pandemic launched an appeal on Tuesday over whether insurers were right to attempt to deduct the £6.5 million ($8.1 million) they received in state support from claims payouts.
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January 28, 2025
NFU Mutual Denies Liability In £10M COVID-19 Loss Row
The National Farmers Union Mutual Insurance Society has argued that it does not owe a group of hospitality and farming businesses approximately £10.5 million ($13 million) for alleged losses after COVID-19 took hold in Britain because their policies did not cover the pandemic.
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January 28, 2025
Hotel Group Settles With Aviva Over £6.2M Blaze Payout
Britannia Hotels has settled its £6.2 million ($7.7 million) damages claim against Aviva which alleged that the insurer did not pay out money owed for damage caused by a fire, a London court has confirmed.
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January 27, 2025
Royal London Hits Back In £27M Company Sale Row
Mutual insurance and investment firm Royal London has denied that it breached any warranties during the sale of a company to M&G and that it does not owe at least £27 million ($33.7 million) claimed by the asset manager.
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January 27, 2025
Trader Faces US Extradition Over $10M Securities Fraud
A trader wanted for running a "pump and dump" scheme that generated more than $10 million in unlawful stock sales will face extradition to the U.S. at a London court hearing in June, it was confirmed on Monday.
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January 27, 2025
UK Pension Deals Market Set To Hit £70B In 2025, WTW says
The pension deal market in the U.K. is likely to hit £70 billion ($88 billion) in 2025, broker WTW said Monday, as funding levels continue to improve, and more insurance companies enter the market.
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January 27, 2025
FCA Warns Wholesale Brokers Of Money Laundering Risk
The City watchdog has urged wholesale brokers to work harder to manage risks associated with money laundering because they might be used to execute trades that facilitate financial crime.
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January 24, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Axa Insurance and Admiral face a claim from a former lawyer recently exposed for personal injury fraud, the owner of Reading Football Club sue a prospective buyer and mobile network Lycamobile tackle action by Spanish network Yogio. Here, Law360 looks at these and other new claims in the U.K.
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January 24, 2025
Ex-AXA Staffer Can Retry 10-Year-Old Bias Claim
An appellate judge has ruled that the employment tribunal must take a second look at a former AXA unit employee's disability discrimination claim after the lower tribunal found a nine-year delay made a fair hearing impossible.
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January 24, 2025
Eversheds Guides £53M Pension Deal For Building Co.
Buildings insulations maker Rockwool secured its pension scheme through a £53 million ($66 million) full scheme buy-in transaction with Royal London Group guided by Eversheds Sutherland, an insurance broker said Friday.
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January 24, 2025
EU Parliament Can't Get €800K Flooding Insurance Payout
The Parliament of the European Union has failed to force its insurers to cough up almost €800,000 ($841,000) to cover for its flooded administrative office, after the bloc's highest court rejected its appeal over whether the damage fell under a flood exclusion in its policy.
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January 24, 2025
Broker SRG Expands Into Europe With German Partner
Insurance broker Specialist Risk Group said Friday that it has reached a new long-term partnership deal with Ecclesia Group that will allow it to expand in mainland Europe, and take on the German company as one of its shareholders.
Expert Analysis
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Simple Secrets For Writing A Killer Brief
These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.
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What 2019 Has In Store For UK Data Protection
Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.
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Opinion
Brexit International Arbitration Clause Is Misunderstood
Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.
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The Lawyer's Daily
How To Requalify As A Lawyer In Canada
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.