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Plan To Recast £2.5T Pensions Sector Raises New Risks

The government unveiled a set of reforms Tuesday designed to tap the U.K.'s £2.5 trillion ($3.2 trillion) pension sector for investment in new technology startups — but experts say the shakeup could lead to an uncertain future for millions of workers saving for retirement.
May 14, 2024
Insurance Broker Jensten Launches Major Restructuring

British insurance brokerage Jensten said Tuesday that it is conducting a strategic restructuring by separating its underwriting business from its wholesale brokering division after recently raising nearly £170 million ($214 million) from its investors.
May 14, 2024
EU Watchdog Sets Anti-Greenwashing Guidelines For Funds

The European Union's markets regulator on Tuesday published its final guidelines for firms using ESG terms in fund names, requiring 80% of the fund's investments to match the claimed criteria to combat greenwashing risk.
May 14, 2024
Gov't To Add Legal Powers, Staff To Stop Benefits Fraud

The Department for Work and Pensions said Tuesday it will support new legislation to expand its powers to make arrests and conduct searches in its crackdown on benefits fraud.
May 14, 2024
UK Pension Scheme Funding Edges Up £2.8B

The overall funding level of U.K. pension schemes edged up £2.8 billion ($3.5 billion) last month, according to official figures Tuesday, but experts warned that there was potential "volatility" on the horizon amid uncertainty over whether interest rates will change this year.
May 14, 2024
Taxpayers Could Face Bill For 'Shadow Fleet' Oil Spill

British taxpayers could be on the hook for the cleanup if oil leaks from a ship operating without full insurance as a result of sanctions imposed on Russia, a senior figure at Lloyd's of London warned a panel of MPs on Tuesday.
May 13, 2024
Pret Parent JAB To Dish Out Global Insurance Platform

JAB Holding Co. the owner of Pret a Manger cafes, said Monday that it is planning to build a global insurance company and an asset management business to build on the success of its existing pet insurance businesses.
May 13, 2024
Warning On Surge In Mortgages Going Beyond Retirement

Almost half of new mortgages issued in Britain toward the end of 2023 reach beyond the state pension age, figures published on Monday show, raising the risk of an impending retirement crisis.
May 13, 2024
UK Broker WTW Launches Ukraine Land War Insurance Cover

Insurance broker WTW said on Monday that it has struck a deal to insure cargo traveling over land in Ukraine that comes under fire amid the protracted war with Russia.
May 13, 2024
Gov't Tells Finance, Law Watchdogs To Improve AML Reports

HM Treasury and Britain's anti-money laundering watchdog have told professional bodies in sectors including law and accounting to sharpen the focus in their annual reports on failures in compliance and supervisory actions.
May 13, 2024
Demand Grows For Cross-Border Pensions In Unstable States

Cross-border pension and saving plans have more than doubled in just five years, with much of the growth in schemes covering employees in unstable countries, according to a survey published Monday.
May 10, 2024
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.
May 10, 2024
Medical Device Co., Insurers Settle Equipment Damage Loss

A medical device manufacturer and its insurers have settled their coverage dispute over the manufacturer's claim it suffered an "equipment breakdown loss" damaging its mills, lathes and vacuum pump, the insurers told a Florida federal court.
May 10, 2024
Costs Of Pension Portals Rise £54M Over Launch Delays

The cost of building new online pensions dashboards has risen by £54 million ($67.6 million) in three years as the project has faced delays due to poor governance, a damning report by the public sector audit watchdog said on Friday.
May 10, 2024
Burges Salmon Steers £100M Pension Deal For Rathbones

Insurer Canada Life said it has completed a £100 million ($125.1 million) buy-in with the pension schemes of investment and wealth management company Rathbones Group PLC, in a deal steered by Burges Salmon LLP.
May 10, 2024
FCA Warns Firms Of Market Abuse Surveillance Failings

The Financial Conduct Authority has warned in its latest market watch newsletter that some companies have inadequate or faulty systems to detect market abuse, with insufficient governance arrangements.
May 10, 2024
MPs Mull Using Frozen Russian Assets For Ukraine Recovery

Politicians are to probe leading experts, including the head of financial crime and compliance at Lloyd's of London, on whether the U.K. should follow the European Union and use profits from Russia's frozen assets to help Ukraine, as they examine the sanctions regime.
May 09, 2024
AmTrust Loses Cap Costs Fight In Lloyd's Syndicate Deal

A London court ruled Thursday that two reinsurers are entitled to cap at £1 million ($1.25 million) a range of expenses they are required to pay after they acquired AmTrust's economic interests in a Lloyd's syndicate.
May 09, 2024
Insurer Beats Engineering Co.'s New Bid For $10M Payout

England's Court of Appeal said Thursday that an insurer should not be on the hook for $10.4 million (£8.3 million) after a ship crashed into an oil platform, throwing out a legal challenge by a French engineering company.
May 09, 2024
Pension Watchdog In Talks With Gov't Over New Remit

The U.K.'s retirement savings watchdog said it is in talks with the government on formally extending its remit to encompass pension scheme administrators.
May 09, 2024
Aviva Takes On Construction Co. Pension Scheme In Full

Insurance giant Aviva has secured the benefits of all uninsured final salary members of a pension plan sponsored by a British construction group in a deal guided by CMS.
May 09, 2024
Watchdog Preps Rules For Banks To Repay High-Value Fraud

The payments watchdog has set out plans to extend its fraud reimbursement scheme to high-value bank transfers through the CHAPS system, reducing the risk that fraudsters will move there to avoid detection.
May 09, 2024
Home Insurance Premiums Rise But Below Peaks, Says ABI

Home insurance premiums rose 3% in the first quarter of 2024 because of harsh weather conditions, according to data published on Thursday by the Association of British Insurers.
May 09, 2024
Fall In Inflation To Slow Insurance Price Hikes, EY Says

British insurers will not make as much money from selling policies in the next three years because of an expected fall in inflation, Ernst & Young LLP said on Thursday, even though demand for car and home cover has risen.
May 09, 2024
BBVA €12B Offer For TSB Owner Sabadell Turns Hostile

Spanish banking giant BBVA launched a hostile takeover of Banco de Sabadell on Thursday, approaching shareholders directly with a €12 billion ($12.8 billion) all-share deal after being rebuffed by the rival bank's board.
May 08, 2024
Marsh Can't Duck Chemical Co.'s Negligence Claim

A London court on Wednesday refused Marsh's bid to strike out a global chemicals group's claim alleging the insurance broker negligently arranged faulty motor insurance cover.

Editor's Picks

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.
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.
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

The Art Of Corporate Apologies: Crafting An Effective Strategy

Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
Dissecting Recent Developments Against The Misuse Of NDAs

The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
What To Know About The Russia-Stranded Plane Ruling

The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
3 Notable Pensions Reforms In Spring Budget

The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
Bias Ruling Offers Guidance On Disqualifying Arbitrators

An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
Insurance Policy Takeaways From UK Lockdown Loss Ruling

An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
What COVID Payout Ruling Means For Lockdown Loss Claims

While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
Spartan Arbitration Tactics Against Well-Funded Opponents

Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
Unpacking The Building Safety Act's Industry Overhaul

Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
A Rare Look At Judicial Interpretation Of LEG Exclusions

A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
Ruling In FCA Case Offers Tips On Flexible Work Requests

In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
Breaking Down The New UK Pension Funding Regs

Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
Decoding UK Case Law On Anti-Suit Injunctions

The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.