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Insurance UK
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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.
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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.
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.