Insurance UK

  • December 12, 2017

    Kennedys Boosts Practice With 5 Mayer Brown Hires

    Global insurance law giant Kennedys said it has given its European practice a shot in the arm by hiring away five insurance specialists from Mayer Brown LLP who will join Kennedys’ offices in the U.K. and Ireland.

  • December 12, 2017

    PRA Seeks To Cut Capital Buffer Burden For Insurers

    The U.K. Prudential Regulation Authority set out draft expectations on Tuesday about the way insurance companies adjust the size of their capital buffers to give them greater flexibility under the European Union’s Solvency II rulebook.

  • December 12, 2017

    UK Treasury Committee To Publish Brexit Transition Report

    A powerful government scrutiny panel is to reveal on Thursday how it believes the U.K.’s finance and insurance sectors would cope if they were given an extended period to adjust to a deal between Britain and the bloc after Brexit.

  • December 12, 2017

    UK Lawmaker Challenges HSBC Over Pension Payment Cuts

    Pension trustees for HSBC Bank PLC faced pressure on Tuesday to explain why some former staff had received reduced payments, despite company profits hitting nearly $15 billion earlier this year.

  • December 12, 2017

    'No Crisis' In UK Pensions, Compensation Body Tells MPs

    Defined pension schemes face tough challenges but reports of an “affordability crisis” are exaggerated, Britain’s statutory compensation scheme for insolvent savings plans has told lawmakers.

  • December 11, 2017

    FCA Fines Jump Tenfold To £229M In 2017, Report Says

    The Financial Conduct Authority doled out 10 times as much in penalties during the past year as it did in 2016, but the £229 million ($305 million) total still pales compared to the £1.5 billion peak the watchdog hit in 2014 while tackling a series of rate-rigging scandals, a report found Monday.

  • December 11, 2017

    Brexit Could Delay Insurance Reforms, Clyde & Co. Attys Warn

    A parliamentary struggle to extract Britain from the European Union could delay major insurance reforms around whiplash claims and personal injury compensation next year, lawyers with Clyde & Co. LLP warned in a report Monday.

  • December 11, 2017

    FCA Vows To Help Firms With Clearer Authorization Process

    The Financial Conduct Authority said Monday it will improve the way in which it authorizes individuals and companies to work in the financial sector, making the process clearer and giving firms more support to help them meet minimum standards.

  • December 11, 2017

    Act Fast Or Face Delay On Cold Call Ban, MPs Warn Gov't

    U.K. lawmakers urged the government to prohibit pensions cold-calling within six months on Monday, warning that unless it acted swiftly the ban risks being delayed until 2020.

  • December 11, 2017

    EIOPA Demands Action On Unit-Linked Insurer Commissions

    National regulators must prevent conflicts of interest when asset managers pay insurers to win business running unit-linked products, a watchdog said Monday, warning of a widespread practice across Europe.

  • December 8, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a group of shipping companies sue Oman Insurance Co. PSC, RBC Trustees lodge a claim against UBS Employee Benefits Trust, and offshore law firm Appleby bring a confidential information suit against BBC and the Guardian. Here, Law360 looks at those and other new claims in the U.K.

  • December 8, 2017

    Another Insurer Eyes Luxembourg To Avoid Brexit Upheaval

    Liberty Specialty Market on Friday revealed plans to move its insurance company to Luxembourg to avoid regulatory disruption when Britain leaves the European Union in March 2019.

  • December 8, 2017

    Lloyd's of London Demands Clarity On Brexit Trade Deal

    Lloyd’s of London called for "urgent" certainty about post-Brexit business relations on Friday as Britain and the European Union moved towards a critical new phase of trade negotiations.

  • December 8, 2017

    Insurers' Stress Tests Show Gaps In Risk Planning, PRA Says

    The U.K. general insurance sector needs to improve the way that firms report and monitor their exposure to risk, in addition to being more thorough in planning for major losses, the Prudential Regulation Authority has said.

  • December 8, 2017

    PRA Updates Fee Rules For Insurers, Investment Firms

    Britain’s Prudential Regulation Authority on Friday finalized changes to the the way it sets regulatory fees and levies for British investment firms and insurers under rules that comes into force later this month, and which are intended to more accurately reflect the risk that firms present.

  • December 8, 2017

    UK Firms Not Ready For MiFID II Compliance, Report Warns

    Nearly half of U.K. financial institutions say they are unaware of their compliance obligations, with less than 30 days to go before a massive new rulebook for trading laws affecting firms across the globe becomes law,  a report released late Thursday reveals.

  • December 8, 2017

    EU, UK Open Door To Trade Talks With Brexit Breakthrough

    British Prime Minister Theresa May and European Commission President Jean-Claude Juncker sealed a predawn deal in Brussels that opens the door for a second phase of talks on a post-Brexit trade agreement between the U.K. and European Union, the commission said Friday.

  • December 7, 2017

    UK Jury Finds Claims Management Firm Guilty In Data Trial

    An English crown court jury has found four individuals and a claims management firm guilty on a total of 15 criminal charges linked to breaches of data protection laws, in a case brought by the Information Commissioner’s Office as part of a wider investigation into how firms use the services of private investigators.

  • December 7, 2017

    7 Questions For Ropes & Gray’s Jane Rogers

    Jane Rogers, co-head of the global finance practice at Ropes & Gray, talks to Law360 about the growth of the firm's London team since it launched in 2010, and how they have been responding to market changes such as the convergence of deal terms across the U.S. and Europe, amid persistent regulatory drivers.

  • December 7, 2017

    EU Targets Money Laundering At Foreign Subsidiaries

    The European Union's top financial regulators said Wednesday they are drafting new laws that will require firms to manage terrorist financing and money laundering risks at group-level, aiming to close loopholes open to subsidiaries in third countries.

Expert Analysis

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 1

    Caroline Krass

    While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.

  • Health And Insurance In And Outside The UK After Brexit

    AJohn Hall

    The upcoming divorce between the United Kingdom and the European Union will have ramifications for health, safety and personal injury claims in the U.K., as well as for U.K. residents' access to insurance while traveling in the European Economic Area, says John Hall of Tilly Bailey & Irvine LLP.

  • Passing Stress Tests With Convertible Bond Strategies

    Dan Partlow

    Solvency II has been a challenging regulation for European insurers, but insurers seeking to pass stress tests can rely on strategies like convertible bonds, which provide significant capital requirement relief without sacrificing return on invested assets, say Dan Partlow and Hart Woodson of Advent Capital Management LLC.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • UK Prime Minister's Speech Fails To Provide Clarity

    David Mundy

    U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

    Amaee, Robert Cropped HiRes.jpg

    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.