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Insurance UK
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April 22, 2024
Pension Lifeboat Says Gov't Plans Could Create £10B Finance
The pensions compensation fund said that plans to give it a new role as a consolidator of smaller retirement schemes could result in an additional £10 billion being plowed into U.K. growth assets.
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April 22, 2024
FCA Urged To Halt Plan To Publicize Enforcement Probes
The Financial Conduct Authority's plan to name the firms it probes and publish information about investigations at an earlier stage risks an unjustified departure from the "fundamental principle" of being innocent until proven guilty, a House of Lords committee warned in a letter published Monday.
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April 19, 2024
Insurers Push To Arbitrate Hurricane Damage Case
An arbitrator should decide whether a Louisiana property owner's hurricane damage claims must be arbitrated, a group of surplus lines insurers argued in urging the Second Circuit to reject a New York district court's reliance on the circuit's precedent to find the arbitration clause at issue unenforceable.
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April 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.
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April 19, 2024
Car Insurance Still 'Historically High' Despite Price Dip
British motorists are still paying "historically high prices" for car insurance despite the cost of cover falling by 5% on average during the first quarter of 2024, broker WTW has said.
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April 19, 2024
Gov't Urged To Drop Plans For Small UK Pension Pots
The government must abandon its controversial plans to tackle the proliferation of small pension pots and instead revisit a solution that was passed into law a decade ago, a consultancy said Friday.
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April 19, 2024
EU Firms Say Strict ESG Rules Risk Chasing Off Clients
Large banks have warned the European Union's banking regulator that its proposed guidelines for managing sustainability risks are too demanding and could drive clients away to banks outside the bloc.
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April 18, 2024
Insurers Face Appeal Over Refusal To Cover Bribery Loss
A holding company took its fight for an insurance payout to the Court of Appeal on Thursday, urging justices to force its insurers to cover its claim for losses it sustained when its acquisition of a construction contractor went south due to bribery and corruption allegations.
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April 18, 2024
City Pushes For UK Regulators To Be Globally Competitive
A body representing U.K. financial services called Thursday for a new post-Brexit international framework to compare regulators' performance and their impact on competitiveness.
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April 18, 2024
'Long Journey Ahead' On Dashboard Readiness, LCP Says
Pension scheme trustees must finalize plans to be ready for the launch of a long-awaited dashboard program designed to connect savers with lost pots, a consultancy has said, warning that many still have a "long way to go."
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April 18, 2024
Insurance Broker Jensten Builds £170M Acquisition War Chest
Private equity-backed insurance broker Jensten Group said Thursday it has secured £170 million ($211 million) in funding for a series of planned acquisitions.
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April 18, 2024
Direct Line Allots £100M For Auto Customer Compensation
Direct Line has set aside £100 million ($125 million) to compensate customers who might not have received a fair valuation for their written-off vehicles, amid a broader push by the Financial Conduct Authority to ensure better practice in the sector.
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April 18, 2024
Insurer Group Warns Of Creating State Pensions Consolidator
The U.K. trade body for insurers said on Thursday that turning the Pension Protection Fund into a state-backed consolidator for smaller retirement plans would be a major and unjustified intervention.
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April 18, 2024
Pensions Ombudsman Probing 6 Multimillion Pound Scams
The pensions arbitration body has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal.
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April 17, 2024
Firefighter, Doctor Unions Lose Appeal Over Pensions Swap
Trade unions representing firefighters and doctors lost an appeal Wednesday to help their members recover losses resulting from a change to pension plan rules after justices concluded that HM Treasury had the right to pass the cost on to scheme members.
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April 17, 2024
FCA Warns Of 'Waterbed Effect' In Action On Premium Finance
The Financial Conduct Authority said on Wednesday it is concerned about a "waterbed effect" if it leans on insurers over premium finance, which could see prices rise for other policyholders elsewhere.
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April 17, 2024
Insurers Deny Liability In €403M Nord Stream Pipeline Claim
Two insurers have argued that the damage caused to two Baltic Sea gas pipelines hit by explosions is not covered under their policies with the lines' operator, and they are therefore not liable for over €403 million ($429 million) claimed to cover repairs.
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April 17, 2024
UK Savers Report £2B Lost From Pensions Since 2019
The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.
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April 17, 2024
Standards Setter Proposes Steps To Boost Non-Bank Liquidity
A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.
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April 17, 2024
Construction Co. Settles £5M Bathroom Fault Insurance Claim
A major construction company has settled its £5.1 million ($6.3 million) claim against four insurers that allegedly failed to cover the costs of repair damage caused by faulty bathroom floor designs.
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April 17, 2024
Regulator Urged To Act Over Insurance Financing Deals
The financial watchdog should step in to prevent insurers from charging "eye-watering" borrowing fees for customers that pay for their premiums monthly, a consumer group reported Wednesday.
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April 16, 2024
Cigna Denies Insurer's Claim For PPI Complaints Indemnity
Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.
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April 16, 2024
Pensions Industry Backlash Grows Over New Reporting Rules
The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.
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April 16, 2024
UK Pension Transfer Numbers Continue To Decline
The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.
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April 16, 2024
Bakery Chases Insurers In Multimillion Fire Damage Claim
A bakery has sued six insurers for at least £26 million ($33.4 million) over claims they wrongfully refused to cover damage and business interruption losses caused by a fire at one of its bakery sites.
Expert Analysis
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Evaluating Ethical And Legal Risk In Ransomware Payments
Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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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.