Try our Advanced Search for more refined results
Insurance UK
-
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.
-
May 08, 2024
FCA Mulls 'Enforcement Watch' As Naming Alternative
The Financial Conduct Authority's top executives on Wednesday vigorously defended its plans to name firms under investigation, but saw value in a potential alternative move to publish an "enforcement watch" newsletter giving an overview.
-
May 08, 2024
HSF, Ashurst-Led Ardonagh Buys Insurer For $1.5B
U.K. insurance broker Ardonagh Group Ltd. said on Wednesday it has agreed to acquire Australia-based PSC Insurance Group Ltd. in a transaction worth $2.25 billion Australian dollars ($1.48 billion), to help it expand into new markets.
-
May 08, 2024
Insurer Claims 400 Pension Deals Penned In 12 Years
Insurer Just Group said Wednesday it has completed 400 pension transfer deals since it launched in 2012, adding that the year ahead is poised to break more records in the retirement savings de-risking market.
-
May 08, 2024
'Inertia' Fears Over FCA's Pension Anti-Scam Safeguards
The anti-scam safeguards proposed by the Financial Conduct Authority on new pension online portals could inadvertently hinder workers from taking action to improve their retirement savings, an insurer warned Wednesday.
-
May 08, 2024
Investment Cos. Ask Gov't To Settle Disclosure Uncertainties
A trade body has asked the U.K. Treasury to decide now whether to remove investment companies from its planned post-Brexit regime covering disclosures firms must make before selling certain products to investors to resolve a current misleading cost figure.
-
May 08, 2024
South Africa Immune To Sunken WWII Silver Salvage Claim
Britain's highest court ruled Wednesday that South Africa has sovereign immunity against a salvage repayment claim from a company that recovered around $43 million worth of silver bullion from a cargo ship sunk during the Second World War.
-
May 07, 2024
Banks, Regulators Holding Back SMEs, Lawmakers Say
A parliamentary committee urged the financial watchdogs on Wednesday to review their approach to helping small and midsized businesses gain access to money, arguing that banks are making it "needlessly tougher" to take out loans and unfairly closing accounts of legitimate companies.
-
May 07, 2024
Ombudsman Wants Pressure On Gov't On Female Pensions
The public sector ombudsman said Tuesday that it took the unusual step of issuing its report on systemic failures on women's state pension to Parliament because it was concerned that more retirees would die before the government acted on compensation.
-
May 07, 2024
Pension Schemes Weigh Halting Employer Contributions
Sustained improvements in funding levels for private sector pensions in the U.K. means that many defined benefit schemes are considering stopping contributions from sponsors to avoid overfunding, PwC has said.
-
May 07, 2024
EU Watchdog Mulls Opening Funds To Riskier Investments
The European Union's markets watchdog called Tuesday for market views on whether to expand the range of assets in which the most widely used type of investment fund can legally invest, to include crypto-assets as well as risky shares and bonds.
-
May 07, 2024
FCA Bans Investment Firm's Ex-CEO For Misleading Clients
The Financial Conduct Authority has fined the former chief executive of a London-based investment firm for misleading clients about cash held by the group and handed him a ban, according to a statement published Tuesday.
-
May 07, 2024
PwC, EY Hit With Fines Over LC&F Audit Failures
The Financial Reporting Council said Tuesday that it has handed out fines totaling approximately £10 million ($12.5 million) to PwC, EY and a third accounting firm for failures during audits they carried out on London Capital & Finance before the investment company's high-profile collapse.
-
May 03, 2024
SRA Warns Law Firms On Improper Practices In Mass Claims
The Solicitors Regulation Authority voiced concerns on Friday about law firms and legal professionals that handle mass claims involving financial services or products, saying that some are running up costs before they have even been instructed to act.
-
May 03, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.
-
May 03, 2024
EU Regulators To Report AML Suspects To Central Database
The European Union's banking watchdog has said that national regulators can start reporting information on named individuals to the bloc's centralized anti-money laundering database from May, in a step further strengthening the fight against financial crime.
-
May 03, 2024
Pensions Watchdog Targets More Scheme Consolidation
The Pensions Regulator detailed on Friday 22 "priority outcomes" that will drive its work for the next three years, with policies reflecting its vision of "fewer, larger schemes" in the market, which a trade body described as ambitious.
-
May 03, 2024
Hiscox To Begin Second Tranche Of $150M Share Buyback
Hiscox Ltd. said on Friday that it has launched the second portion of a $150 million share buyback program as it aims to return excess cash to its investors after the global insurer reported record profits for 2023.
-
May 03, 2024
Reed Smith Steers £136M Pension Deal For Savings Plan
Insurer Just Group has taken on £136.3 million ($171.2 million) in liabilities from a retirement savings plan, advisers said, in a transaction steered by Reed Smith LLP.
-
May 03, 2024
Motor Insurance Complaints Surge 18% In A Year
Complaints to Britain's finance watchdog about car and motorcycle insurance jumped by 18.2% during the second half of 2023 compared with the same period a year earlier, a consultancy group said on Friday.
Expert Analysis
-
Ensuring Construction Project Insurance Cover Is Adequate
There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.
-
Rebuttal
2nd Circ. Reinsurance Ruling Correctly Applied English Law
Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.
-
Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.
-
What Firms Need To Know About The FCA Consumer Duty
The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.
-
Greenwashing Suits May Implicate D&O Policies
As consumers, regulators, and state and local governments seek to use litigation to hold companies responsible for alleged greenwashing, businesses facing such claims have a number of approaches available for seeking insurance coverage under directors and officers policies, say attorneys at Haynes Boone.
-
2nd Circ. Reinsurance Ruling Misconstrues English Law
The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.
-
4 Emerging Risks For US Insurance Markets
Both insureds and insurers in the U.S. must be aware of significant inbound exposures — including the issues arising from opioids, climate change and artificial intelligence — that could lead to continued volatility in insurance markets, say Aidan McCormack and Wes Reichart at DLA Piper.
-
How The New UK Digital Markets Bill Will Affect CMA's Powers
The highly anticipated U.K. Digital Markets, Competition and Consumers Bill sets out far-reaching changes in terms of merger control and conduct requirements, but some are skeptical of the Competition and Markets Authority’s enhanced powers and potential for divergence in treatment between firms, say Ben Chivers, Stephen Whitfield and Nigel Seay at Travers Smith.
-
Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
-
UK Plan For AI Rules Raises Compliance Questions For Cos.
The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.
-
The FCA's Timely Plan To Reform Asset Management Regime
The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.
-
Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.
-
Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
-
Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
-
How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.