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Insurance UK
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August 23, 2024
Swiss Watchdog Recognizes Insurance Self-Regulation Plan
The financial watchdog of Switzerland said Friday that it has officially recognized the insurance industry's self-regulation concerning the training and education of insurance intermediaries, but warned that it will intervene if necessary to protect consumers.
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August 22, 2024
Fidelis Denies Liability For $238M Over Stranded Planes
Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.
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August 22, 2024
EU Decision Keeps Tax Relief For UK Investment Schemes
The European Commission will allow U.K. government-backed programs that encourage private investment in small companies to continue offering favorable tax terms for investors, according to a decision published Thursday.
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August 22, 2024
'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo
Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.
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August 22, 2024
Over 3M UK Pensioners To Be Dragged Into Higher Tax Rates
Government data shows 3.1 million U.K. pensioners will be dragged into paying higher taxes in the next four years due to the freeze on income thresholds, financial firm Quilter PLC said Thursday.
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August 22, 2024
UK Pension Deal Market Likely To Hit £40B In 2024
The value of pension insurance transactions in 2024 is likely to drop to £40 billion ($52.4 billion), an insurer has said, bucking expectations of another record-breaking year for the market.
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August 22, 2024
Mike Lynch's Body Recovered From Yacht Wreck
Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.
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August 22, 2024
Insurance Conman Gets 20-Month Sentence For Bogus Claims
A fraudster has been hit with a 20-month prison sentence after he pocketed almost £12,000 ($15,700) after he used multiple identities to file fake home insurance claims under multiple identities, a London police force said Thursday.
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August 22, 2024
Nearly 2,000 Failing To Claim UK State Pension 'Goldmine'
Almost 2,000 people could be sitting on a pensions "goldmine" because they have failed to respond to letters from the Department for Work and Pensions about the potential underpayment of state pensions to their dead relatives, according to a former pensions minister.
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August 21, 2024
NJ Man Fighting Lloyd's Arbitration Bid After False Arrest
A New Jersey man who received a $5 million settlement from the city of Trenton after being falsely arrested and imprisoned for 212 days has urged a federal court not to force him to arbitrate a subsequent dispute with Lloyd's of London underwriters over payment of the judgment.
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August 21, 2024
Top Commercial Disputes To Watch In 2nd Half Of 2024
A claim against BHP from victims of Brazil's deadliest environmental disaster, a $10 billion insurance megatrial over planes stranded in Russia and a legal challenge to the response by the U.K. financial regulator to the mis-selling scandal are just some of the trials to look out for in the second half of 2024.
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August 21, 2024
Pension Bodies Call For Investment Consultants Regulation
The government should urgently move forward with delayed plans to bring investment consultants under the supervision of the Financial Conduct Authority, pension bodies and climate groups warned.
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August 21, 2024
PE Firm's £432M Deal Wins UK Security Clearance
Wealth management firm Mattioli Woods said Wednesday that the U.K. government has granted national security clearance to its acquisition for approximately £432 million ($564 million) by private equity firm Pollen Street, clearing the way after some delay for the completion of the deal.
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August 21, 2024
UK Fraud Fund Pays Out £9.8M To Norton Pension Members
The pensions fraud compensation body said it has paid out £9.8 million ($12.8 million) to retirement savings plans sponsored by manufacturer Norton Motorcycles Holdings Ltd., after the company director was convicted of misappropriating funds.
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August 21, 2024
Broker SRG Eyes UK Rival Amid 2024 Shopping Spree
Specialist Risk Group has said it hopes to make its fifth acquisition for 2024 after it offered to buy Anthony James Insurance Brokers Ltd., which it expects will boost its retail division across the U.K.
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August 21, 2024
Insurers Failing To Give Customers Good Value, FCA Warns
The Financial Conduct Authority called on insurers and brokers on Wednesday to remedy failures to demonstrate that they offer fair value to customers with good outcomes.
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August 20, 2024
Insurers Deny Liability Over $790M Stranded Aircraft Claims
Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.
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August 27, 2024
Linklaters Taps White & Case For Finance Head In Sweden
Linklaters LLP said Tuesday that it has recruited a leveraged finance expert from White & Case LLP to lead its banking practice in Sweden and to boost its support to clients including banks and private equity firms.
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August 20, 2024
Clifford Chance 'In Shock' Over Missing Partner
Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.
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August 20, 2024
Marsh Launches $50M Insurance After Baltimore Bridge Crash
Insurance broker Marsh said on Tuesday that it has launched a $50 million insurance product to guard against losses caused by blockages in shipping ports following the disruption caused by the collapse of the Francis Scott Key Bridge in Baltimore.
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August 20, 2024
FCA Move To Results-Based Regulation Could Hurt Firms
The Financial Conduct Authority's planned move to an outcomes-based approach to regulation is raising concerns among lawyers that the resulting uncertainty could undermine companies in the sector and weaken the government's push for international competitiveness.
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August 20, 2024
Pinsent Masons-Led Broker AUB Acquires UK Movo Group
AUB Group Ltd. has said that it has agreed to buy an 80% equity stake in U.K. insurer Movo Group, as the Australian broker bids to expand its operations in Britain.
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August 20, 2024
Gov't Launches Pension Credit Promo Before Fuel Benefit Cut
The government launched a campaign on Tuesday to boost the number of people claiming pension credits, after it said that winter fuel allowances will be a means-tested benefit this year.
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August 19, 2024
Gov't Will Meet With Women State Pension Campaigners
The U.K. pension minister will meet with women who are owed billions in compensation due to historic state pension failings, campaigners said.
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August 19, 2024
German Finance Watchdog Warns Of AI-Linked Discrimination
Germany's financial watchdog has said it will take "decisive action" against the companies it supervises it they fail to stop illegal discrimination caused by artificial intelligence and machine learning.
Expert Analysis
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
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Real-Life Lessons For Lawyers From 'Game Of Thrones'
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
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UK Firms Should Be Prepared For Government Raids
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
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Series
Why I Became A Lawyer: Completing The Journey Home
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.
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Where The Post-Libor Litigation Tsunami Will Hit
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
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UK Antitrust Watchdog Proposals Would Bolster Enforcement
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.