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Insurance UK
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Featured
UK Biz Interruption Ruling Unlikely To Stem Tide Of Litigation
Even though the U.K. Supreme Court ruled overwhelmingly in favor of policyholders in its landmark business interruption insurance decision Friday, lawyers say litigation over pandemic coverage is likely to continue amid fights over exactly how much insurers are willing to pay out.
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February 01, 2023
BoE To Issue Rules On LDI Liquidity Next Month
The Bank of England vowed Wednesday to set out long-term minimum liquidity buffers for liability-driven investment funds by the end of March, saying it has learned lessons from the bond market crisis last year that spilled over into the pension sector.
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February 01, 2023
State-Sponsored Online Attacks On The Rise, Insurer Says
Online attacks on companies and attacks triggered by governments against political foes were among the top digital risks across the world in 2022, an insurer said on Wednesday.
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February 01, 2023
EU Eyes New Guidelines For Data Sharing Among Regulators
European Union finance watchdogs on Wednesday floated proposals helping regulators across the bloc swap information on whether individuals with significant influence in firms are fit and proper.
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February 01, 2023
Smith Gambrell, Freeborn Eye UK Growth In Merger
Smith Gambrell & Russell LLP and fellow U.S. law firm Freeborn & Peters LLP expect their impending merger to give them a leg up for dispute resolution and insurance work in the U.K., citing the opportunity for international expansion as a key driver behind their decision to join forces in an interview with Law360.
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February 01, 2023
Clifford Chance, DLA Steer £762M Pension Deal For Morrisons
WM Morrison Supermarkets Ltd. has offloaded £762 million ($940 million) of pension liabilities to insurer Rothesay Life, in a deal guided by Clifford Chance LLP and DLA Piper.
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January 31, 2023
Gov't Can't Recoup £17B Error From Pensions, Unions Argue
The U.K. government cannot change the way it regulates public-sector pension schemes to recoup the costs of fixing age discrimination breaches against scheme members, a trade union for firefighters argued to the High Court on Tuesday.
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January 31, 2023
UK Gov't Floats Plans To Regulate Cryptoassets
The government announced proposals Tuesday to regulate crypto-assets similarly to other financial services and protect consumers, including a market abuse regime to weed out and punish market manipulators.
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January 31, 2023
Insurers Win Appeal To Keep $40M COVID Dispute Out Of UK
An appellate court ruled Tuesday that a dispute over a Middle Eastern retail giant's $40 million pandemic disruption claim only belonged in the U.K. if local courts wouldn't take the case.
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January 31, 2023
Firms Ask FCA For Extension To Consumer Rules Deadline
Some financial companies have urged the Financial Conduct Authority to give them more time to comply with new rules coming into force on Wednesday for assessing clients as high-net-worth or sophisticated before they can invest in high-risk products, according to consultants.
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January 31, 2023
Asset Manager Can't Kick $870M Fraud Suit To Switzerland
An investment manager accused of bribing the former head of Kuwait's public pensions authority cannot escape litigation in England after a London judge ruled Tuesday that the proceedings shouldn't be heard in Switzerland alongside an $870 million corruption case already underway there.
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January 31, 2023
Aegon Completes €42.5M Buyback For Compensation Plans
Aegon NV on Tuesday said it had completed its €42.5 million ($46 million) share buyback plan, which was initiated earlier in January to pass on the shares to its senior management.
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January 31, 2023
Landmark Ruling Could Boost Personal Injury Claimant Sector
A landmark test case has opened a path for people suffering from personal injuries after road accidents to move forward with compensation, although experts say it could push up the cost of motor insurance for policyholders.
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January 31, 2023
Looming Pension Portal Launch Stoking Worry, Survey Shows
Only one in 20 pension scheme trustees and in-house scheme managers expect to be able to provide pensions data for all their members by the launch of the long-awaited retirement savings portal program, according to a poll published Tuesday.
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January 31, 2023
Ex-Exec Denies Poaching Clients From Insurance Brokerage
A former director of an insurance broker has denied soliciting the company's clients after he took up a new role at a competitor, saying he did not misuse any confidential information.
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January 31, 2023
SME Group Backs Rules Tackling Late Payments, Insurance
A trade body on Tuesday welcomed plans by the government to remove barriers that prevent small businesses from bidding on public sector contracts.
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January 31, 2023
HMRC Repaid £1B In Emergency Tax On Pension Withdrawals
The government has repaid nearly £1 billion ($1.2 billion) since the introduction of pension freedom rules in 2015 in the emergency tax it levied against pension withdrawals, according to figures published on Tuesday.
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January 31, 2023
Ince Group Delays Financial Results For 2nd Time
Ince Group PLC said on Tuesday that it will again push back publication of its results for the last financial year until February, as the publicly listed law firm said that its auditors need longer to complete their work.
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January 30, 2023
Exec Says Sullivan & Cromwell Sold Him Out For Allianz Deal
A former portfolio manager for Allianz SE's U.S. unit claims that his old counsel at Sullivan & Cromwell LLP sold him out and used his privileged communications against him in order to secure a favorable $6 billion deal for the financial services firm.
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January 30, 2023
Liberty Defends Refusal To Cover Dept. Store's COVID Closure
Insurance giant Liberty Mutual has hit back at a luxury department store operator's £18 million ($22 million) claim for pandemic business interruption coverage, arguing that COVID-19 was not a danger within one mile of the business as required under its policy.
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January 30, 2023
Lawyers Less Keen Than Firms On More Time In The Office
Nearly half of lawyers aren't even being asked to spend most of their time in person, even as law firms have been fighting to get their employees to start spending more time in the office again, a new Law360 UK Pulse survey shows, as they struggle to get the right balance in a tight labor market.
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January 30, 2023
Financial Stability? Many UK Attys Aren't Feeling It
Despite a drumbeat of news about increasing London salaries for newly qualified attorneys, the majority of U.K. lawyers consider themselves less financially stable than stereotypes might suggest, according to a new survey by Law360 UK Pulse.
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January 30, 2023
Lawyering More Stressful, Less Profitable For Women
Female attorneys reported lower levels of satisfaction compared to their male peers over everything from finances to stress levels and billable-hour requirements, according to a new survey by Law360 UK Pulse.
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January 30, 2023
The 2023 UK Lawyer Satisfaction Survey
Lawyers for the most part view their financial stability as average, and a good portion are likely to seek a new job in the coming year, according to the inaugural Law360 UK Pulse Lawyer Satisfaction Survey.
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January 30, 2023
FCA Reappoints Manzoor As Financial Ombudsman Chair
The Financial Conduct Authority announced on Monday the reappointment of Zahida Manzoor as chair of Britain's financial dispute resolution agency for another term.
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January 30, 2023
AmTrust Hits Back At Legal Funder's £56M Insurance Suit
AmTrust has argued that it doesn't owe Novitas £55.6 million ($68.9 million) for after-the-event litigation insurance policies, saying it actually already overpaid the troubled legal funder by £6.3 million in solicitors' fees.
Editor's Picks
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Litigation Funding Demand Rises As Pandemic Suits Percolate
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
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Reforms Abroad For Litigation Funders Raise Questions In UK
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
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Coronavirus: The Latest EU Court Closures And Restrictions
UPDATED March 22, 2021, 10:35 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
Expert Analysis
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Has The Liberalization Of Legal Services Achieved Its Aims?
Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.
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5 Gen X Characteristics That Can Boost Legal Leadership
As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Opinion
Increasing Law Firm Polarization Will Degrade Rule Of Law
As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.
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The FTX Fallout So Far And What May Come Next
While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.
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Hard Insurance Market Will Influence Legal Industry, Economy
As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.
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Digital Nomads: Key Considerations For Global Businesses
As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.
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New License Eases Sanctioned Clients' Legal Fee Payments
The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.
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Preparation Is Key To Businesses Minimizing Cyber Breaches
A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.
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UK Policyholders Can Expect Better COVID Claims Handling
The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.
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A Recovery Option For Lenders With Planes Stuck In Russia
For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.
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4 Key Skills For An Effective Attorney Coaching Conversation
As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.