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Insurance UK
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March 28, 2024
UK Watchdog Clears Aviva's £460M Takeover Of AIG Life
The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.
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March 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.
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March 28, 2024
New Pension General Code Comes Into Force
A tough new governance regime for pension trustees has been introduced, in what experts say is a significant step in driving up standards for the sector.
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March 28, 2024
UK Signs Accounting Standards Deal With Australia
Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.
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March 27, 2024
5th Circ. Reissues Arb. Decision In Hurricane Damage Case
The Fifth Circuit has reissued its opinion allowing a group of domestic insurers to force arbitration of a dispute over coverage for hurricane damage under an international arbitration clause after the insurers argued that the unanimous decision applied circuit precedent in a new context.
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March 27, 2024
Lawyer Group Ends Challenge Over Fixed Recoverable Costs
A legal trade body has ended court proceedings against the U.K. government after it agreed to make changes to a new regime to extend fixed recoverable costs in personal injury cases.
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March 27, 2024
VAT Applies To UK Insurer's Prior Service Pact, Court Rules
Value-added taxes apply to performance fees invoiced to a U.K.-based insurance company by an investment management firm as part of service agreements, a London court said, because those payments occurred outside the duration of the arrangement.
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March 27, 2024
BoE Finds Increasing Fear Of Financial Risk From AI
The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.
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March 27, 2024
BoE Says Action On LDI Has Boosted Financial Stability
The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.
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March 27, 2024
Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next
High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.
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March 27, 2024
Insurers Undervalue Junked And Stolen Vehicles, FCA Says
British insurers have been undervaluing written-off and stolen vehicles when settling customers' claims, according to a review by the country's financial watchdog published Wednesday.
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March 26, 2024
Gov't Issues Deadlines For Pensions 'Dashboard' Linkage
Large pension schemes in the U.K. must connect their plans to the government's long-awaited Pensions Dashboard Program by the end of April 2025, according to new guidance.
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March 26, 2024
UK Marine Insurer Investigating Baltimore Bridge Crash
Britannia, a British marine insurer, confirmed Tuesday that it is working with authorities in Baltimore after a container ship destroyed the city's landmark Francis Scott Key Bridge in a collision that experts say is likely to cost the insurance sector billions of dollars in claims.
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March 26, 2024
Insurance Execs Deny BDO Found Buyer For £18.5M Sale
Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.
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March 26, 2024
EU Watchdog Sets Out Rules For Green Bond Issue Reviewers
The European Union's financial markets regulator on Tuesday proposed rules for external reviewers of green bond issues across the bloc, to help stop greenwashing and conflicts of interest.
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March 26, 2024
Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums
Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
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March 26, 2024
Over Regulation Restricted Defined Benefit Pensions, MPs Say
The government should change the focus of the U.K.'s pension watchdog, lawmakers said Tuesday, warning that years of excessive caution on regulation has nearly wiped out the country's remaining defined benefit retirement plans.
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March 26, 2024
FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful
Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms.
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March 26, 2024
UK Clears £1.2B Atlanta-Markerstudy Insurance Broker Merger
Britain's antitrust authority said Tuesday it has cleared the planned merger between Atlanta Group and Markerstudy, a deal that values Ardonagh's home and car insurance business at £1.2 billion ($1.5 billion), after finding that the deal will not harm competition in domestic markets.
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March 26, 2024
Insurers Lose Whiplash Test Case At Top UK Court
Insurers will probably have to pay more to accident victims suffering whiplash and another injury, after the U.K.'s top court ruled Tuesday that any reductions for overlapping injuries should not leave claimants worse off than before reforms were introduced.
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March 25, 2024
FCA Warns Fund Managers Over Third-Party Supervision
The Financial Conduct Authority said on Monday it has found failings in how some hedge fund managers rely on third parties to help manage the fund, possibly undermining efforts to prevent financial crime.
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March 25, 2024
Ship Owners Win $37M Naval Detention Insurance Fight
The owners of a cargo ship seized by the Indonesian navy can recover $37 million from insurers, a judge ruled Monday, saying the shipmaster should not have expected to be detained for accidentally anchoring in the country's waters.
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March 25, 2024
UK Firms To Get More Influence On Pension Fund Investing
British companies will probably enjoy greater sway over the investment decisions taken by their pension plans under new rules being considered by The Pensions Regulator, a consultancy said on Monday.
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March 25, 2024
Law Firm Closures Hit Lowest Since 2019 As Premiums Dip
Closures of law firms have fallen to the lowest level since October 2019 as more businesses negotiate their professional indemnity insurance premiums amid a general fall in insurance costs, research published on Monday suggested.
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March 25, 2024
PE Firms Fuel 30% Rise In 2023 European Insurance M&A
The number of deals involving European insurance businesses rose by 30% last year, fueled by an increased role of private equity financing in the sector, a consultancy said Monday.
Expert Analysis
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Frustrating Events: Are Your Contracts Brexit-Proof?
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
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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.