Insurance UK

  • December 02, 2020

    FCA Gets 47 Whistleblower Reports On Virus Misconduct

    The Financial Conduct Authority has received 47 whistleblower reports on COVID-19-related misconduct in the financial services industry, which could see businesses face enforcement action for potential health and safety law breaches, according to law firm GQ Littler.

  • December 02, 2020

    Pensions Lifeboat Fund To Assess Arcadia Scheme

    Britain's pensions lifeboat fund said Wednesday it will start the assessment process required to protect the savings of Arcadia Group employees after the retail giant collapsed into administration this week.

  • December 02, 2020

    Antitrust Watchdog Seeks More Powers Over Loyalty Penalties

    The Competition and Markets Authority said on Wednesday that it is "looking at ways" to strengthen its powers to allow it to take tougher action against companies in finance and telecommunications that penalize long-serving customers.

  • December 02, 2020

    Prudential Wins Appeal Over £11.2B Annuity Transfer Plan

    An appeals court has sent Prudential's proposed transfer of £11.2 billion ($15 billion) in annuity policies to Rothesay Life back for another look, ruling on Wednesday that the trial judge who blocked the plan should not have considered the strength of the businesses' parent companies.

  • December 02, 2020

    Premiums On Coal Projects Rise As Insurers Turn Cool

    Insurance premiums on coal interests have rocketed by up to 40% as insurers retreat from the industry under pressure to help fight climate change, a report published on Wednesday has found.

  • December 02, 2020

    Half Of Pension Savers Plan To Invest Sustainably, Study Says

    Almost one in two pension savers in Britain plan to focus their investments on climate-friendly businesses and portfolios as the pressure to tackle the climate crisis mounts, new research published Wednesday suggests.

  • December 01, 2020

    Insurers Fight To Avoid $77M Payout In Ship Seizure Suit

    Venezuelan authorities acted lawfully when they seized an oil tanker in a fraud investigation, a group of maritime insurers have said, arguing that as a result they do not have to pay up $77 million to the vessel's owner under a war risk policy.

  • December 01, 2020

    Travel Insurers Outline Rules Amid Mistreatment Allegations

    A group representing British insurers sought on Tuesday to clarify the rules governing refunds on travel insurance policies amid allegations that travel insurance customers are being treated poorly.

  • December 01, 2020

    MPs Call For Curbs On UK Financial Cos. In Hong Kong

    The British government should impose sanctions on U.K. financial institutions operating in Hong Kong, a group of MPs said on Tuesday, after they criticized the country's "insignificant response" to China hitting the autonomous region with new security laws this year.

  • December 01, 2020

    Watchdog Can't Justify Reinsurance Burden, Insurers Warn

    The European Union's pensions regulator cannot justify adding more rules for handling risk in the reinsurance sector, insurers warned on Tuesday.

  • December 01, 2020

    Arcadia Under Pressure To Protect £385M Pension Plan

    Lawmakers have called on the pensions regulator to protect £385 million ($513 million) in retirement savings owed to members of the beleaguered Arcadia Group Ltd. as the retail giant goes into administration in the wake of the COVID-19 pandemic.

  • December 01, 2020

    EU Ministers Agree To Reform Banking Bailout Fund

    European finance ministers have agreed to push ahead with a plan to bolster the euro bloc's bailout fund and create a new backstop credit line in a move to provide a better safety nets for banks.

  • November 30, 2020

    Lloyd's Insurers Can't Trim $5.5M Cyberattack Coverage Claim

    A Missouri federal judge rejected Lloyd's of London's bid to dismiss a sales company's claim that the carrier "vexatiously refused" to cover the company's $5.5 million cyberattack losses, holding Monday that the carrier's argument contradicts Missouri public policy.

  • November 30, 2020

    Pension Plan Eyes Negligence Suits Against Linklaters, Squire

    A pension plan for the auto industry is seeking court permission to bring a professional negligence claim against Linklaters LLP and Squire Patton Boggs LLP after they allegedly gave poor advice about equal payouts to members of the multi-employer scheme.

  • November 30, 2020

    Investment Fraudsters 'Netted Almost £10M' Since July

    Individual investors should be on guard against copycat investment schemes that have fleeced Britons out of nearly £10 million ($13.4 million) since the first COVID-19 lockdown ended in July, according to an industry body.

  • November 30, 2020

    Austrian Insurer To Buy Part Of Aegon's EU Biz For €830M

    Dutch insurer Aegon NV has inked a deal to sell its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey to an Austrian insurance provider for €830 million ($994 million).

  • November 30, 2020

    UK Tells EU Not To 'Politicize' Finance Markets Access

    The European Commission should not politicize U.K. access to the bloc's financial services, Britain's city minister said on Monday, as he pointed out that the two sides share similar rules and called on Europe to provide clarity to the sector.

  • November 30, 2020

    Pension Buyouts By Insurers Set To Rise, Study Says

    Up to one in three British pension schemes are set to be backed by insurance companies within the next few years, up from fewer than one in 10 just five years ago, according to a study by a consultancy.

  • November 30, 2020

    UK Extends Review Into Insurers' Solvency II Regime

    The government said on Monday that it is giving the insurance sector extra time to respond to its review of European Union rules that set out how much capital insurers must keep on their books to protect them against financial stress.

  • November 27, 2020

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

    This past week in London has seen a state-owned energy company in Norway being sued, major telecom providers targeted by academic publishers and Italian cable manufacturer Prysmian instigate an intellectual property dispute. 

  • November 27, 2020

    Linklaters Guides £875M Pension Deal For Aviva Staff Scheme

    Aviva Life & Pensions UK Ltd. said on Friday that it has insured £875 million ($1.1 billion) of liabilities for its parent company's staff retirement savings plan.

  • November 27, 2020

    Top UK Court Tosses Halliburton Appeal In Deepwater Case

    Britain's top court has dismissed an appeal by U.S. oil-services company Halliburton over Chubb's choice of arbitrator for a dispute over the Deepwater Horizon disaster, in a highly anticipated ruling on Friday that has also clarified the legal test for apparent bias in arbitration.

  • November 27, 2020

    Gov't Shouldn't Be Insurer Of Last Resort, Survey Finds

    Most insurance companies do not believe the U.K. government should try to prevent every business in the country from failing during the COVID-19 pandemic by being the insurer of last resort, an industry survey suggests.

  • November 27, 2020

    7 Questions for Quinn Emanuel's Richard East

    Changing jobs is always a risk. But leaving an established BigLaw firm to set up one of the first litigation-only law firms in London at the height of the last financial crisis goes beyond the standard career shifts.

  • November 26, 2020

    Insurers Hit Back In $23M Lawsuit Over Scrapped Ships

    A group of 12 insurance underwriters including Axis, Munich Re and Tokio Marine have told a London court that a finance company was fully aware that a fleet of ships was likely to be scrapped as they hit back in a $23.7 million claim.

Expert Analysis

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    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.

  • Whether And How To Compel Remote Arbitration

    Excerpt from Practical Guidance
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    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.

  • Creditors Welcome UK Supreme Court's Reflective Loss Decision

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    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.

  • How Courts Are Encouraging Mediation In England And Wales

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    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.

  • Opinion

    EU Class Action Policy Guided By Wrong Measure Of Success

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    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.

  • An Attractive Regime For Governing Jurisdiction Post-Brexit

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    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.

  • Reinsurance Implications Of COVID-19 Biz Interruption Laws

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    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.

  • UK Appellate Rulings Clarify Arbitral Choice Of Law

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    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.

  • Post-Pandemic Litigation To Expect In England And Wales

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    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.

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    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.

  • A UK Business View Of COVID-19's Economic Fallout

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    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.

  • Remote Depositions Bring Ethics Considerations For Lawyers

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    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.

  • Time For Presumptive Virtual Mediation In The UK

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    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.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.

  • 3 EU And UK Data Protection Tips During COVID-19

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    Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.

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