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Insurance UK

  • August 21, 2018

    FCA Tells Claims Managers To Pay £17M For Supervision

    The Financial Conduct Authority has revealed its plans to make claims management companies pay for the £16.8 million ($21.6 million) it cost to set up a regulatory regime to supervise them as well as the additional costs they must pay for continuing oversight.

  • August 21, 2018

    UK Wealth Manager Reveals Hire Of New Legal Counsel

    Brown Shipley, a private bank and wealth management firm based in the U.K., has hired a top manager from Santander UK to take over the role of legal counsel.

  • August 21, 2018

    Irish Insurers Fined Landmark €1.5M For Solvency Breaches

    Ireland's central bank has fined two insurers more than €1.5 million ($1.73 million) for repeatedly breaching the Solvency II regime as it hands out a rare public rebuke for contravening Europe’s formidable capital rulebook.

  • August 20, 2018

    Syria Sanctions Don't Preclude AIG Payout, Court Told

    A Jordanian insurer has denied to the High Court in London that the European arm of AIG will breach U.S. sanctions if it pays out on a reinsurance policy following a multimillion-dollar theft from a Syrian bank.

  • August 20, 2018

    UK Proposes Bilateral Financial Regulation With EU

    The U.K. government published on Monday its vision for a future financial services and insurance partnership with the European Union, which it said would encourage compatible regulation on common objectives while respecting the autonomy of both jurisdictions.

  • August 20, 2018

    Defunct UK Hedge Fund Decries £1B Danish Tax Fraud Suit

    A defunct London hedge fund targeted by a Danish tax probe hit back on Monday at a High Court claim by Denmark’s tax authority that it took part in an alleged massive multinational fraud to cheat the country's government out of £1 billion ($1.3 billion) in reimbursed taxes.

  • August 20, 2018

    Old Maps Did Not Sink Yacht, Sailor Says In Insurance Suit

    A Californian sailor has denied allegations by a maritime insurer that negligence led her to crash her pleasure yacht in darkness onto a reef near the Philippines, where it was allegedly looted by thieves, according to documents filed at the High Court in London.

  • August 20, 2018

    Insurance Broker Uses Big Data To Launch Landmark Legal Cover

    International broker Marsh Ltd. has launched a pioneering analytics-driven insurance policy to help law firms fight negligence lawsuits, as insurance technology continues to outpace the efforts of national regulators.

  • August 17, 2018

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

    The last week has seen Gatwick Airport sue an insolvent construction firm and two insurers for professional negligence, Deutsche Bank lodge a claim against India's Canara Bank and a Markel unit file a contract dispute against German animal insurance specialist Hippo.

  • August 17, 2018

    Latham Adds New Corporate Finance Attys To London Office

    Latham & Watkins has bolstered the infrastructure scope of its private equity practice in Europe by poaching two partners for its London office from Magic Circle law firms.

  • August 17, 2018

    Speak To EU Regulators About Brexit, FCA Urges City Firms

    London’s banks and financial services should consider seeking guidance from Europe's domestic regulators about the future of their local operations, the Financial Conduct Authority has said, amid fears that Britain could leave the European Union without a trade deal.

  • August 17, 2018

    Denmark Widens £1B Tax Fraud Suit, Includes UK City Firms

    Denmark’s tax authority has filed a suit at the High Court in London against 71 individuals and companies, including many in the financial services sector, which it alleges took part in a massive multinational fraud to cheat the Danish government out of £1 billion ($1.3 billion) in reimbursed taxes.

  • August 17, 2018

    Pensions Regulator Tests Powers After Pressure From MPs

    The pensions watchdog said on Friday it had deployed a wider range of regulatory powers for the first time in the second quarter of 2018, after it promised to toughen up in the face of criticism from British politicians.

  • August 17, 2018

    Aviva's Bankruptcy Defense Unjust, Property Owner Says

    A property investment company suing Aviva at a London court for around £1.8 million ($2.3 million) over damage caused by a blaze at a care home has accused the U.K. insurer of unjustifiably trying to avoid the claim by alleging the firm had failed to disclose that one of its directors was bankrupt.

  • August 16, 2018

    Global Standard Setters To Review Legal Entity Identifiers

    A global forum of bankers said Thursday it is seeking responses on the challenges and costs faced by businesses as they implement new European Union rules that require trading desks across the bloc to use individual identity codes when they report financial transactions to regulators.

  • August 16, 2018

    UK Urged To Save Pensions Portal By 142K-Strong Campaign

    More than 142,000 people had signed a petition to save the pensions dashboard by Thursday afternoon, as pressure mounts on the government not to scrap plans to help millions of workers track their savings.

  • August 16, 2018

    Insurer, Others Lose Bid To Avoid Repaying Bankrupt Co.

    A British healthcare insurer is among 16 firms and individuals that must pay back funds they received from an office-catering business which has been wound up, after a High Court judge ruled that all their defenses were invalid and that the payments were in breach of the Insolvency Act.

  • August 16, 2018

    Pension Schemes Mull Buyout As Gov't Seeks Clear Aims

    Nearly a third of trustees of defined-benefit pension schemes are planning to hand their liabilities to the insurance industry, new data revealed on Thursday, as the U.K. government presses them to reveal their longer-term objectives.

  • August 16, 2018

    Accountant Admits Pension Lies In Landmark Court Case

    A British accountant has admitted falsely claiming to the pensions watchdog that his client’s staff had been enrolled on a retirement scheme as the regulator brings its first prosecution of a non-employer for the offense.

  • August 15, 2018

    Insurance Co. Says Exec Cleared After William Fry-Led Probe

    The chief executive of Irish insurance giant FBD Holdings PLC has been cleared of internal allegations made against her following an independent investigation by the law firm William Fry, the insurer has announced.

Expert Analysis

  • UK Corporations Face Growing Risk Of Class Actions

    Gregg Rowan

    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

    Guy Harvey

    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.

  • UK Seeks To Balance Asset Protection And Protectionism

    William Charnley

    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.

  • Is It Time To Prosecute UK Cos. For Human Rights Violations?

    Andrew Smith

    The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.

  • 6 Trends Will Shape Future International Commercial Disputes

    Cedric Chao

    The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.

  • Fortis Case Confirms Viability Of Dutch Settlement Law

    Jonathan Richman

    A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.

  • UK Reflective Loss Rule Impedes Shareholder Recovery

    David Gerber

    The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

  • Despite Brexit, Business As Usual For FCA

    Ben Ticehurst

    The U.K. Financial Conduct Authority has acknowledged that Brexit will present challenges, and will set aside some resources in preparation, but its business plan for 2018-2019 sends a strong message that there will be no let-up when it comes to detecting and prosecuting market abuse, says Ben Ticehurst of Rahman Ravelli Solicitors.