Insurance UK

  • 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.

  • August 05, 2024

    Gov't Warned Over Tapping Pensions For Economic Growth

    The Labour government must remember that the "primary role" of pensions is to support retirees in later life amid growing efforts to use the trillion-pound sector to drive economic growth, Royal London has warned.

  • August 05, 2024

    Brake Put On Motor Insurance Prices For First Time In 2 Years

    The average cost of comprehensive motor insurance eased for the first time in two years in the second quarter of this year, and dropped 2% to £622 ($793) from £635 in the first quarter, according to data published Monday by U.K. insurers.

  • August 05, 2024

    Royal London Plans Broader Entry Into Pension Deals Market

    Insurance giant Royal London said it plans to enter the wider bulk annuity market in 2024 after insuring two of its own staff pension plans. 

Expert Analysis

  • 5 Gen X Characteristics That Can Boost Legal Leadership

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    As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.

  • ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake

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    The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.

  • What Slovak Labor Code Changes Will Mean For Employers

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    With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.

  • An ICO Reminder On Managing Subject Access Requests

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    Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.

  • Opinion

    Increasing Law Firm Polarization Will Degrade Rule Of Law

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    As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.

  • The FTX Fallout So Far And What May Come Next

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    While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.

  • Hard Insurance Market Will Influence Legal Industry, Economy

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    As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.

  • Digital Nomads: Key Considerations For Global Businesses

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    As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.

  • New License Eases Sanctioned Clients' Legal Fee Payments

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    The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.

  • Preparation Is Key To Businesses Minimizing Cyber Breaches

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    A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.

  • UK Policyholders Can Expect Better COVID Claims Handling

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    The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.

  • A Recovery Option For Lenders With Planes Stuck In Russia

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    For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

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