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Insurance UK
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March 03, 2025
AXA Launches €1.2B Share Buyback After Profit Gain
AXA SA on Monday kick-started a program to repurchase up to €1.2 billion ($1.25 billion) worth of its own shares, after the French insurance giant unveiled a "very strong performance" for its 2024 financial year.
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March 03, 2025
Pension Insurer Utmost Appoints Schroders For £400M Book
Utmost Life and Pensions has appointed Schroders to act as asset manager for its retirement portfolio, after the insurer entered the bulk purchase annuity market last year.
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March 03, 2025
CMS Guides £2.8M Pension Deal For UK Careers Charity
The Careers Research and Advisory Centre Pension Scheme said Monday that it has secured a £2.8 million ($3.6 million) full buy-in with retirement financial services specialist Just Group PLC.
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February 28, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.
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February 28, 2025
EU Asset Managers See Flaws In ESG Rules Revamping
A trade body has warned that European proposals to water down ESG reporting rules for companies will leave asset managers waiting too long for data, and that it is unclear how broadly they must apply climate change reduction plans.
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February 28, 2025
Pension Credit Demand Soars After Cuts To Winter Fuel Aid
Some 300,000 U.K. retirees have applied for pension credit so far in the financial year ending March 31, showing a sharp spike from the previous year after the Labour government said it would cut winter fuel payments for millions of pensioners.
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February 28, 2025
Gov't Urged To Overhaul Pension Transfer Rules
The U.K. government must urgently overhaul its traffic light system for pension transfers, a trade body said, warning that the rules as drafted are too vague and cause major delays.
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February 28, 2025
FCA Clears CVC's £5.4B Hargreaves Lansdown Takeover
CVC Capital Partners said Friday that the finance watchdog has given the green light to its £5.4 billion ($6.8 billion) takeover of wealth manager Hargreaves Lansdown, wrapping up all the regulatory conditions needed to close the deal.
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February 28, 2025
60% Of Insurance Broking M&A Driven By Private Equity
Private equity companies took part in almost two-thirds of transactions that involved European insurance intermediaries in 2024, a consultancy has said.
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February 27, 2025
UK Asset Managers Told To Expect Multi-Firm Reviews
The Financial Conduct Authority has told asset managers in a "dear CEO" letter that it will start multi-firm reviews focused on the Consumer Duty and conflicts of interest in specialist areas.
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February 27, 2025
FCA Abolishes Requirement For Consumer Duty Champions
The Financial Conduct Authority said Thursday it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.
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February 27, 2025
Insurer Calls On Gov't To Increase Road Repair Spending
The U.K. government must increase funding for local authorities to improve road networks blighted by potholes, public sector insurer Zurich Municipal has said, noting a 19% increase in insurance claims caused by damaged roads last year.
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February 27, 2025
Swiss Re Expects 'Less Than $700M' Hit From LA Wildfires
European insurance giant Swiss Re said Thursday that it expects losses of less than $700 million from the mass wildfires that swept the Los Angeles area in January.
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February 27, 2025
Hiscox Kicks Off $175M Share Buyback, Posts Record Profit
Insurer Hiscox Ltd. launched on Thursday the first part of a share buyback program worth up to $175 million, after posting a record annual pre-tax profit of $685 million.
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February 26, 2025
Pension Watchdog Could Face Strain From Superfund Surge
The U.K.'s retirement savings watchdog should consider a fast-track route to approving superfund transactions, a consultancy said Wednesday, warning that "regulatory bandwidth" could prove a barrier to a growth in demand.
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February 26, 2025
Pensions Industry Warns Of 'Unique' Pressures For Gen Z
Policymakers should legislate to include gig workers and the self-employed in retirement savings systems to improve the "unique" financial pressures faced by those born from the mid-to-late 1990s to the early 2010s, a pensions research organization said Wednesday.
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February 26, 2025
2 Firms Steer NormanMax Acquisition Of UK Flood Insurer
U.K. flood insurer FloodFlash Ltd. has agreed to be acquired by NormanMax Insurance Holdings Inc., a U.S.-based firm that specializes in catastrophic risk, pending regulatory approval from the Financial Conduct Authority.
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February 26, 2025
Insurers Could Take Hit From FCA Premium Finance Action
Insurers could take a hit of up to 15% on their profitability if the Financial Conduct Authority introduces an outright ban on so-called premium finance arrangements, analysts said Wednesday.
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February 26, 2025
FCA Urged To Ban Pension Transfer Incentives
Britain's finance watchdog should ban pension transfer incentives and require providers to display comparable information about schemes, a pensions provider said Wednesday, amid a string of other proposals it said would improve transparency and saver outcomes.
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February 25, 2025
Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps
A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.
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February 25, 2025
M&G Pens £111M Pension Deal For UK-Based Asset Manager
M&G PLC on Tuesday said it has taken on £111 million ($140.5 million) in retirement savings liabilities from an unnamed, U.K.-based asset manager's pension scheme, in a deal guided by CMS Cameron McKenna Nabarro Olswang LLP, Herbert Smith Freehills LLP and Hogan Lovells.
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February 25, 2025
Pension Insurer PIC Invests £50M In UK Port Group
Specialist U.K. insurer PIC has invested an extra £50 million ($63 million) in port group Peel — the second deal concluded between the two following a funding round that provided £33 million in 2023.
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February 25, 2025
Gov't Urged To Bolster Safeguards For Pension Lifeboat Fund
The U.K. government's plan to allow businesses to tap into well-funded pension schemes may need to include new safeguards to protect the sector's lifeboat scheme, a trade body warned Tuesday.
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February 25, 2025
Pension 'Mortality Index' Tweaks Proposed For Pandemic
A trade body floated changes on Tuesday to an actuarial model for life expectancy that underpins the U.K.'s £3 trillion ($3.8 trillion) pensions industry, a move to better reflect the impact of the COVID-19 pandemic.
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February 25, 2025
Audit Watchdog Tightens UK Accounting Guidance
The audit watchdog published on Tuesday its finalized guidance to help companies asses whether it is a "going concern," which it said will broaden the scope of its advice to reflect reporting changes and high-profile corporate collapses.
Expert Analysis
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.
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Surefire Marketing Methods To Build Your Legal Practice
Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.
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Mandatory Mediation May Lie Ahead For England And Wales
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.