Insurance UK

  • October 10, 2024

    Private Equity Behind Half Of UK Insurance Intermediary Deals

    Private equity-backed transactions continue to dominate the mergers and acquisitions scene in Britain's insurance distribution sector, which could see a rise in transactions this month despite a quiet September, according to financial services advisory firm MarshBerry.

  • October 10, 2024

    Howden Seeks To Move Part Of Aon Poaching Case To Brazil

    Howden Group Thursday urged a court to stay parts of a claim by professional services firm Aon against the broker related to alleged staff poaching from Aon's Brazilian insurance business, saying the South American country is the right venue for the dispute.

  • October 10, 2024

    Gupta Prosecuted Over Missing Accounts For 76 Companies

    British businessman Sanjeev Gupta and four other executives in his industrial group face criminal charges over their alleged failure to file accounts for more than 70 listed companies, the U.K. corporate registry confirmed Thursday.

  • October 10, 2024

    £300B Of Pension Assets Could Be Invested In UK, PwC Says

    The largest pension funds in Britain could potentially invest up to £300 billion ($391 billion) into the U.K. economy, PwC said Thursday, after the sector logged a record funding surplus in September.

  • October 10, 2024

    FCA Warns Of Rise In Market Abuse Through Regulated Firms

    The Financial Conduct Authority has said it has seen a rise in potential market abuse from trading accounts administered by authorized companies working with overseas firms.

  • October 10, 2024

    Pension Deals Market Expected To Finish Year Below £49B

    The annual volume of pension deals completed in 2024 is set to close below the record of £49.1 billion ($64.2 billion) in 2023, Lane Clark & Peacock LLP has said, as the consultancy suggested the market is now at "cruising altitude."

  • October 10, 2024

    Osborne Clarke Guides Purchase Of Broker DeadHappy

    Estate planning company Octopus Legacy said Thursday that it has bought the technology assets of controversial defunct life insurance broker DeadHappy, in a deal steered by Osborne Clarke LLP.

  • October 09, 2024

    Insurance Firm Keoghs Expands With Ireland Solicitors Deal

    Insurance law firm Keoghs LLP said Wednesday it has expanded into Ireland with the acquisition of Dublin-based O'Brien Lynam Solicitors, in a deal steered by A&L Goodbody LLP and Addleshaw Goddard (Ireland) LLP.

  • October 09, 2024

    £41.5M InvestAcc Group Pensions Biz Deal Finalized

    London-headquartered InvestAcc Group Ltd, formerly Marwyn Acquisition Co. II Ltd., said Wednesday it has completed its £41.5 million ($54.3 million) acquisition of a pensions services provider in Carlise, North England, a move expected to bolster its retirement savings business.

  • October 09, 2024

    Litigation Funder Sues After-The-Event Insurer For £61M

    A legal loans company has sued an insurer for around £61.4 million ($80.3 million) over its alleged failure to pay out under a litigation funding arrangement.

  • October 09, 2024

    Pinsent Masons Steers £1.5B Pension Deal For Michelin

    Aviva said Wednesday it has taken on £1.5 billion ($1.96 billion) in pension liabilities from a scheme sponsored by tire giant Michelin in the largest bulk purchase annuity deal announced so far this year.

  • October 09, 2024

    Gov't Warned Over National Insurance Levy On Pensions

    About half of U.K. employers would scale back the amount they pay into staff pensions to regulatory minimums if a new tax was applied to contributions, according to a survey by a trade group published Wednesday.

  • October 08, 2024

    Gov't Urged To Fix Britain's 'Inflexible' Savings System

    The government should allow savers to draw on their pension early and use the money for a house deposit, Schroders said Tuesday, among a raft of proposals designed to boost financial resilience and improve Britain's "unusually inflexible" savings system.

  • October 08, 2024

    Gov't Floats Expansion Of 'Collective' Pension Fund Rules

    The government on Tuesday floated plans to create new pooled pension funds spanning multiple employers, which will have the financial firepower to invest in U.K. economic growth.

  • October 08, 2024

    Gov't Urged To Commit To Pension Tax 'Lock' In Budget

    The government must commit to a long-term pact on pension tax policy, experts said, warning that prolonged uncertainty is damaging consumer confidence.

  • October 08, 2024

    Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms

    The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.

  • October 08, 2024

    FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP

    The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.

  • October 08, 2024

    Broker, Property Firm Settle In £2M Fire Insurance Dispute

    An insurance broker has reached a settlement in its attempt to pull a property management company into litigation brought by an investor seeking an insurance payout to cover the costs of rebuilding two properties tied to a fire in Glasgow.

  • October 07, 2024

    Putin Helped Airlines Survive, Insurers Say In Stranded Jets Trial

    The Russian government did not order the country's private airlines to retain aircraft after Western sanctions were imposed, a group of insurers argued at trial Monday, but instead facilitated the necessary conditions for its aviation industry to survive.

  • October 07, 2024

    Firm's Boss Misled Insurer Over Suspended Lawyer, SRA Says

    The solicitors' watchdog told a disciplinary tribunal Monday that the boss of a law firm misled insurers to cover up employing a lawyer who was banned from handling client accounts.

  • October 07, 2024

    Investors Urge UK Pension Reforms To Boost Returns

    Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.

  • October 07, 2024

    Underwriter Rejects €1.6M Contract Cancellation Claim

    A German underwriter has said it is not liable for €1.6 million ($1.75 million) in damages claimed by a Liechtenstein-based insurer that alleges it failed to end contracts correctly, saying it did not have a duty to record their termination.

  • October 07, 2024

    Watchdog Now Orders Banks To Pay Back APP Fraud Victims

    The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.

  • October 04, 2024

    SFO Seizes £295K From Convicted Tycoon In $700M Fraud

    Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago. 

  • October 04, 2024

    Former TUI Pilot Loses Health Insurance Employment Claim

    A former TUI Airways Ltd. pilot did not have the right to receive permanent health insurance benefits until the state pension age of 66 because his contractual retirement age was 65, an employment tribunal has ruled.

Expert Analysis

  • A Look At UK, EU And US Cartel Enforcement Trends

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    The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.

  • What Green Claims Directive Proposal Means For Businesses

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    With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.

  • EU Reports Signal Greenwashing Focus For Financial Sector

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    Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.

  • Embedding Consumer Duty: 6 Areas Firms Should Prioritize

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    The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.

  • Insuring Lender's Baseball Bet Leads To Major League Dispute

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    In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.

  • What Steps Businesses Can Take After CrowdStrike Failure

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    Following last month’s global Microsoft platform outage caused by CrowdStrike’s failed security software update, businesses can expect complex disputes over liability resulting from multilayered agreements and should look to their various insurance policies for cover despite losses not stemming from a cyberattack, says Daniel Healy at Brown Rudnick.

  • What To Expect From Labour's Pension Schemes Bill

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    The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.

  • What EU Opinion May Mean For ESG Product Classification

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    The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.

  • Insurance Rulings Show Court Hesitancy To Fix Policy Errors

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    Two recent Court of Appeal insurance decisions highlight that policyholders can only overcome policy drafting errors and claim coverage if there is a very obvious mistake, emphasizing courts' reluctance to rewrite contract terms that are capable of enforcement, says Aaron Le Marquer at Stewarts.

  • EU Investment Fund Standards Offer Welcome Clarity

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    The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.

  • 10 Ways To Manage AI Risks In Service Contracts

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    With the European Union Artificial Intelligence Act coming into force on Aug. 1 and introducing a new regulatory risk, and with AI technology continuing to develop at pace, parties to services arrangements should employ mechanisms now to build in flexibility and get on the front foot, says James Longster at Travers Smith.

  • Unpacking The New Concept Of 'Trading Misfeasance'

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    In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.

  • Key Takeaways From Proposed EU Anticorruption Directive

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    The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.

  • Tips For Implementing EU Sustainability Reporting Guidance

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    Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.

  • Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

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    In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.

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