Insurance UK

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • October 16, 2024

    EU Watchdogs Warn Digital Act Changes Will Hinder Rollout

    The European Union's financial market regulators have said amendments proposed by the bloc's executive arm under the Digital Operational Resilience Act around registering information will cause "unnecessary complexity" and hinder the rollout of the legislation.

  • October 16, 2024

    Fresh Warnings Issued Over FCA Value-For-Money Rules

    The Financial Conduct Authority's proposed new assessment of pension schemes' value is so complex it risks failing savers, trade body the Pensions and Lifetime Savings Association has warned.

  • October 16, 2024

    Gov't Launches Taskforce To Combat Spiraling Insurance Cost

    The government said Wednesday that it would take on the surging car insurance rates faced by drivers, with a cross-party group of politicians, experts and regulators looking to get to the bottom of the problem.

  • October 16, 2024

    FCA Launches Probe Into Premium Finance Insurance Market

    Britain's finance watchdog said Wednesday that it will investigate premium finance practices over concerns that consumers who pay for cover in installments might not be getting fair deals.

  • October 15, 2024

    Shipping Repair Co. Chases AXA For £950K In Fire Damages

    A ship repair and maintenance company has hit AXA's U.K. business with a court claim, alleging the insurer failed to pay out over £950,000 ($1.24 million) for the company's losses from a fire at its head office.

  • October 15, 2024

    AXA Argues For Group Extension In Foreign Unit Tax Fight

    AXA told the Court of Appeal on Tuesday that a limitation ruling in a test case against HMRC over taxes collected under a violation of European Union law had a "binding effect" on follower claims in a group litigation order.

  • October 15, 2024

    Sustainability Assurance Market Lacks Choice, FRC Says

    Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.

  • October 15, 2024

    Trustees Urged To Do More Than Minimum On ESG

    Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.

  • October 15, 2024

    StanChart Wins UK Test Case Over Alternative To Libor Rate

    Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.

  • October 15, 2024

    Theater Biz Fights To Revive Allianz COVID-19 Cover Claim

    A theater operator asked an appellate court Tuesday to revive its COVID-19 business interruption cover claim against Allianz, arguing that a lower court was wrong to rule that its policy did not include losses stemming from government lockdowns.

  • October 15, 2024

    EU To Create Governance Structure For Faster Settlements

    The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.

  • October 14, 2024

    Lloyd's Insurers Reject £43M Claim Over Solar Station Flaws

    Seven Lloyd's of London underwriters have denied that they are liable for £43.3 million ($56.5 million) sought by two companies over losses that stem from deals to buy solar generating stations, saying the businesses were aware of the problems with the sites they acquired. 

Expert Analysis

  • Pension Plan Amendment Power Lessons From BBC Ruling

    Author Photo

    The High Court's recent ruling in BBC v. BBC Pension Trust upheld an unusually restrictive fetter on the pension scheme's amendment power, which highlights how fetters can vary in degrees of protection and the importance of carefully considering any restriction, says Maxwell Ballad at Freeths.

  • UK Securitization Reform Opts For Modest Approach, For Now

    Author Photo

    Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.

  • FCA Consumer Duty May Pose Enforcement Challenges

    Author Photo

    The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.

  • How The OECD Global Tax Proposal Could Affect M&A

    Author Photo

    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • What Trustees Must Know About Virgin Media Pension Case

    Author Photo

    The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.

  • Trustees Should Take Caution After UK Pension Tap Plan

    Author Photo

    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Factors Driving Increased Litigation Against European Cos.

    Author Photo

    European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

    Author Photo

    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • What TPR's Guidance On DEI Means For Pensions Industry

    Author Photo

    The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.

  • Ensuring Construction Project Insurance Cover Is Adequate

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Insurance UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!