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Insurance UK
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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.
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February 24, 2025
UK Reinsurer Can't Challenge Tyson's Fire Coverage Ruling
A British reinsurer cannot challenge a decision barring it from pursuing arbitration in New York against the captive insurer for Tyson Foods in a coverage dispute stemming from a fire at an Alabama plant owned by the food giant, a London court ruled.
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February 24, 2025
UK Gov't Faces Legal Threat Over State Pension Redress
Campaigners fighting for women to be compensated over historic state failures to inform them that their pension age had changed on Monday threatened the government with legal action over its decision not to set up a redress scheme.
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February 24, 2025
FCA Advice Review Findings Staves Off Mass Redress Fears
The Financial Conduct Authority said Monday in the vast majority of cases, financial advisers have carried out suitability reviews for their clients, in a finding which experts say makes fears of a "worst-case scenario" redress program less likely to materialize.
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February 24, 2025
DWF Guides £4.5M Pension Deal For Christian Charity
A youth charity has offloaded £4.5 million ($5.7 million) of its pension scheme liabilities to Just Group, the insurer said Monday, in a deal steered by DWF Law LLP.
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February 24, 2025
TLT-Led Pension Adviser To Buy Rival Polaris For Up To £58M
Pensions adviser XPS said Monday it has agreed to acquire its U.K. rival Polaris Actuaries and Consultants Ltd. in a transaction worth up to £58.4 million ($73.3 million) in cash, as the group looks to provide a "full range of services" to the sector.
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February 24, 2025
Lloyd's Syndicate Settles In $90M COVID Losses Claim
A Lloyd's of London syndicate has agreed to a settlement with another syndicate in a $90 million row between insurers and underwriters over losses it allegedly suffered when the COVID-19 pandemic led to trade and entertainment venues being shuttered across the world.
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February 21, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russell Brand sued by publishing house Macmillan, administrators of London Capital & Finance sue the collapsed firm's former lawyers Buss Murton Law LLP, Tesco bring a competition claim against fish suppliers, and former Entain execs sue Addleshaw Goddard over privileged information. Here, Law360 looks at these and other new claims in the U.K.
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February 28, 2025
DWF Hires 4 Marine Insurance Pros From Kennedys
DWF LLP said Friday that it has recruited the head of Kennedys' marine insurance practice and three others to join its team in London.
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February 21, 2025
FRC Urged Not To 'Weaken' UK Stewardship Investor Code
The Financial Reporting Council's proposal to remove references to "environment and society" in its standardized definition of stewardship for investors risks weakening the code and the outcomes it seeks to achieve, a financial services consultancy has said.
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February 21, 2025
Solar Panel Co. To Sell Battery Assets To Swiss Life
Norwegian renewable energy installer Otovo ASA said Friday it has agreed to sell its solar and battery subscription assets across eight European countries to a company involved in an investment scheme managed by Swiss Life Asset Managers for 1.2 billion Norwegian krone ($108 million).
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February 21, 2025
RPC-Led Bishop Street Completes Buyout Of UK Underwriter
Bishop Street Underwriters has completed its acquisition of London-based Landmark Underwriting, as the private equity-backed U.S. insurer moves to grow its global presence.
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February 21, 2025
Insurers Win Landmark Case On COVID Furlough Deductions
Insurers have won the right to deduct the value of government financial support to businesses during the COVID-19 pandemic from however much they can claim against their policies, as an appeals court handed down a landmark judgment on Friday.
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February 20, 2025
Another Ex-Allianz Exec Gets No Time For $7B Investor Fraud
A former managing director for Allianz SE's U.S. unit on Thursday avoided a term of imprisonment for his role in a ploy to con investors about the riskiness of a group of private funds that lost over $7 billion when the COVID-19 pandemic hit.
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February 20, 2025
Pensions Watchdog Shakes Up Oversight Of Largest Schemes
The Pensions Regulator said Thursday that it would change the way it regulates the largest defined contribution retirement plans, as the watchdog shifts its focus to a more prudential role.
Expert Analysis
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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.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.