Insurance UK

  • August 09, 2024

    The Top Commercial Dispute Trials & Rulings Of 2024 So Far

    So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.

  • August 09, 2024

    FCA Warned Over Risks From Value-For-Money Pension Rules

    The Financial Conoduct Authority's new "traffic light" system for assessing the value-for-money offered by a pension scheme could create unintended consequences, experts warned Friday.

  • August 09, 2024

    Hargreaves Lansdown Agrees To £5.4B CVC Takeover Offer

    Hargreaves Lansdown PLC said Friday that its board has agreed to a £5.4 billion ($6.9 billion) take-private offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.

  • August 08, 2024

    EU Watchdog Finds Poor Practices In Nonbank Lenders

    The European Union's banking watchdog has found that nonbank lenders are often failing to verify the accuracy of information they gather on borrowers, helping to put them in too much debt.

  • August 08, 2024

    Finance Co. Botched Risk Outline In Fire Claim, Insurer Says

    A subsidiary of U K Insurance Ltd. has denied having to pay out on a policy with Parker Asset Management Ltd. over a fire that destroyed a property costing around £4.2 million ($5.3 million), saying the company did not fairly present its insurance risk.

  • August 08, 2024

    Insurer Hiscox Puts Aside $28M To Cover Baltimore Bridge

    Insurance giant Hiscox said it has put aside $28 million to pay potential claims from the collapse of the Francis Scott Key Bridge in Baltimore earlier this year.

  • August 08, 2024

    UK Gov't Refunds £57M In Pension Freedoms Overtaxation

    The government has been forced to repay £59.6 million ($75.5 million) in the three months between April and June to people who overpaid tax after they tapped into their pensions for the first time, according to HM Revenue and Customs.

  • August 08, 2024

    FCA Proposes Framework For Long-Term Pensions Value

    The finance watchdog has said it is planning a new "traffic light" guide for retirement investment plans as it seeks to improve long-term value in workplace pensions, shifting the emphasis for providers from a simple consideration of costs.

  • August 07, 2024

    Chubb, Fidelis Deny Liability For Planes Stranded In Russia

    Two insurers have separately denied they are liable for $325 million in losses claimed by a group of aircraft leasing businesses stemming from jets grounded in Russia after its invasion of Ukraine.

  • August 07, 2024

    Crypto-Asset Firms Must Improve On Compliance, FCA Says

    The financial watchdog said Wednesday it has found that more work "needs to be done" to improve compliance with new marketing rules in many cases at crypto-asset companies

  • August 07, 2024

    Aon Calls For More Transparency On Funded Reinsurance

    Broking giant Aon PLC said Wednesday it was concerned about the lack of public disclosure requirements on offshore risk-sharing contracts, ahead of new regulation for life insurers due to come into force later this year.

  • August 07, 2024

    FCA Expands Leeds Office With 100 More Employees

    Britain's financial watchdog announced plans on Wednesday to expand its presence in Leeds by adding 100 new employees to its workforce in the northern English city, reflecting the emergence of the region as a second financial center.

  • August 07, 2024

    Insurer Loses Appeal Over Romanian License Withdrawal

    Euroins Insurance Group AD has lost its bid to challenge a refusal by the European Insurance and Occupational Pensions Authority to investigate why the Romanian Financial Supervisory Authority withdrew the operating license of a subsidiary, the EU-wide regulator said Wednesday.

  • August 07, 2024

    Gov't Urges Pension Plans To Feed Infrastructure Spending

    The government said Wednesday that it wants the U.K. to adopt a Canadian-style model for pensions, with a handful of megafunds investing in vital infrastructure projects to "fire up" the economy.

  • August 07, 2024

    Womble Bond Steers £20M Pension Deal For Landlord Biz

    Aviva PLC said Wednesday that it has covered the full £20 million ($25.4 million) of pensions liabilities for a subsidiary of Grainger PLC, a residential property manager in the build-to-rent sector.

  • August 07, 2024

    EY Sanctioned For Breaching Fee Cap Over Russian Client

    The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.

  • August 06, 2024

    Insurer Loses Bid To Ax 'Time Barred' Housing Assoc. Claim

    A London judge on Tuesday dismissed an insurer's bid to strike-out a claim from a housing association over the insurance company's alleged failure to cover additional costs after a building contractor went bust, ruling that the action was not time-barred.

  • August 06, 2024

    Senior SFO Official Heads For Exit After Less Than 2 Years

    The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.

  • August 06, 2024

    Pension Body Urges Sector Tech Overhaul After CrowdStrike

    The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.

  • August 06, 2024

    Eversheds Steers Sale Of Kodak Unit By Pensions Lifeboat

    The U.K. Pension Protection Fund has sold a business unit of photography giant Kodak to U.S. private equity firm Kingswood Capital Management in a deal steered by Eversheds Sutherland and Kirkland & Ellis LLP.

  • August 06, 2024

    Alternative Investor Great Point Enters Into Liquidation

    Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.

  • August 06, 2024

    Brown & Brown Buys Trade Credit Insurance Specialist

    Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.

  • August 05, 2024

    Most Pension Plans Unclear On Members' Retirement Income

    Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.

  • August 05, 2024

    EU Regulator Floats Capital Tweaks For Smaller Insurers

    Europe's insurance watchdog has proposed new rules on regulatory breaks for smaller insurers amid a wider shakeup of rules on capital adequacy for the market.

  • August 05, 2024

    FRC Tightens Accounting Guidance, Extends It To Listed Firms

    Britain's accounting watchdog on Monday proposed tighter guidance for directors to assess whether a company is a "going concern" and broadened its application to the largest listed companies, after some high-profile corporate failures.

Expert Analysis

  • How Law Firms Can Handle Challenges Of Mass Claims

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    With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Insurance Ruling Stresses High Hurdle To Fix Policy Wording

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    In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • The Art Of Corporate Apologies: Crafting An Effective Strategy

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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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