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Insurance UK
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October 22, 2024
Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake
French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.
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October 22, 2024
UK Home Premiums Set To Rise As Insurers Remain In Red
U.K. home insurers continued to lose money in 2023, despite a slight improvement from the previous year, according to a report by Ernst & Young LLP.
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October 21, 2024
Truck Asbestos Claims Suit Must Be Arbitrated, Court Hears
A group of reinsurers is pressing a California federal court to order Truck Insurance Exchange to arbitrate its claim seeking coverage for millions of dollars' worth of asbestos bodily injury claims filed against Kaiser Cement & Gypsum, which was driven into bankruptcy in 2016.
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October 21, 2024
D&G Wins Case Against Firms Over Fraudulent Cold Calls
A London court ruled Monday that a string of companies pretended to be associated with Domestic & General during cold calls to lure away its customers and steal business from the insurance and warranties giant.
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October 21, 2024
FCA Sustainability Labels Prompt Worries From Trade Groups
Financial advisers and wealth managers remain concerned about the low range of labels the U.K.'s financial watchdog has included in its new sustainability disclosure regime, a trade group said in research released Monday.
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October 28, 2024
Commercial Barrister Joins Monckton From 2 Temple Gardens
Monckton Chambers has recruited a new barrister from 2 Temple Gardens in a move that adds expertise to its ranks across a broad range of arbitration and commercial matters.
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October 21, 2024
Trade Body 'Extremely Concerned' Over Pension Value Rules
The Financial Conduct Authority's proposed framework for gauging pension scheme value could have "significant consequences for customer outcomes" as currently set out, an investment trade body has warned.
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October 21, 2024
Insurance Broker Hit With £2M Negligence Case After Thefts
A British pipe seal and gasket manufacturer has sued its insurance broker for almost £2 million ($2.6 million), claiming that the broker negligently failed to arrange insurance for tools that were later stolen from shipping containers.
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October 21, 2024
Insurance Premium Finance Costs Fall Under FCA Scrutiny
Insurers have dropped the interest they charge customers for finance arrangements on their annual premiums over the past year amid greater regulatory scrutiny, analysts said Monday.
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October 21, 2024
Gov't Urged To Reform Pension Lifeboat Levy Rules
The government should bring forward legislation to change how Britain's Pension Protection Fund sets its annual levy, a trade body warned Monday, after the lifeboat scheme announced a £100 million ($130 million) charge on the sector for the coming year.
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October 18, 2024
Gov't Warned Over Axing National Insurance Pension Relief
Slashing the tax relief on pension contributions paid by employers could cost businesses nearly £500 ($653) per worker and reduce future retirement savings pots at a time of growing concern that Britons aren't saving enough for later life, Hymans Robertson said Friday.
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October 18, 2024
Insurance Deals Boom May Yield Admin Clog, Hymans Warns
The pensions risk transfer market has seen 600 buy-in deals completed since 2022, amid a boom in such transactions that could create an administration bottleneck as they advance to fall directly under insurers, Hymans Robertson said Friday.
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October 18, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Professor Cat Jarman, Earl Spencer's new girlfriend, sue his ex-wife, Bitcoin fraudster Craig Wright file a £911 billion ($1.18 trillion) claim against BTC Core, journalist Oliver Kamm hit novelist Ros Barber with a defamation claim, and a barrister at Cloisters face a claim from a former client. Here, Law360 looks at these and other new claims in the U.K.
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October 18, 2024
Trade Body Calls For FCA To Clarify UK Rules On PEPs
A trade body for financial institutions called Friday for the Financial Conduct Authority to clarify in proposed amendments to guidance when firms should treat U.K. politically exposed persons and linked entities as lower risk.
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October 18, 2024
Gowling Steers Engineering Biz On £70M Aviva Pension Deal
Gowling WLG has guided the trustee of the pension plan of Rotork, a U.K. manufacturer of industrial valves, on a £70 million ($91.3 million) buy-in transaction with Aviva, meaning the company's scheme is now fully insured.
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October 18, 2024
FCA's 'Pension Value' Rules Criticized for Over-Simplification
The Financial Conduct Authority's proposed regime for assessing the value of pension plans through standardized measures risks overlooking the "unique characteristics" of retirement savings plans in Britian, a financial consultancy warned on Friday.
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October 17, 2024
Equip FCA And BoE For Green Transition Finance, Study Says
The U.K.'s financial watchdogs need to be equipped to help with green transition financing, a government-sponsored study said Thursday.
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October 17, 2024
Insurer Launches UK's 1st Cybercrime Recovery Service
Digital risk insurer Coalition has launched what it says is the U.K.'s first dedicated service for recovering cash stolen from cyberattacks — and has already recouped £1.4 million ($1.8 million) for a law firm.
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October 17, 2024
StanChart Libor Decision Splits Bank And Investor Interests
The High Court's landmark decision allowing Standard Chartered to use an alternative to Libor has provided certainty to contracts that fail to provide for the abolition of the benchmark rate, but gives investors less flexibility than they might consider the wording provides.
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October 17, 2024
Pensions Watchdog To Extend Professional Trustee Oversight
Britain's retirement savings watchdog has confirmed that it will extend its regulatory approach with professional trustee firms amid significant growth in the sector.
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October 17, 2024
FCA Launches AI Lab To Boost Fintech Innovation
Britain's financial watchdog unveiled Thursday its new artificial intelligence lab, which aims to help firms develop and deploy AI solutions in the financial sector and better understand the technology's impact.
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October 31, 2024
Dentons Rehires Financial Reg Partner From Pinsent Masons
Dentons has rehired Andrew Barber to join its regulatory and investigations team in the U.K. as financial regulatory partner, at a time of greater oversight from the Financial Conduct Authority.
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October 17, 2024
Aon Unit Buys Irish Insurance Advisory Firm IHI Group
Global risk manager NFP said on Thursday it has bought IHI Group, a Dublin-based adviser for financial planning, healthcare and general insurance, as the Aon PLC subsidiary looks to bolster its health insurance brokerage service in Ireland.
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October 16, 2024
Companies House Outlines Phased Rollout Of New Powers
Companies House announced Wednesday a two-year timetable for rolling out heightened powers granted under new economic crime legislation that it said will bring the biggest change to its register in over 175 years.
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October 16, 2024
Vanguard Group Nixes Investment Group's TM
Vanguard Group convinced European officials to nix a trademark for "VanguardRe," after its Lebanese rival failed to provide any evidence that it had genuinely used the sign to market its insurance services in years.
Expert Analysis
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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Employers Can 'Waive' Goodbye To Unknown Future Claims
The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.