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Insurance UK
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August 02, 2024
BNP Paribas To Buy Axa's Investment Manager For €5.1B
BNP Paribas SA has said it will buy an investment management subsidiary from French insurer Axa SA for €5.1 billion ($5.5 billion) to create a combined platform with €1.5 trillion of assets under management.
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August 01, 2024
City Firms To Invest Up To £20B Of Pension Funds In UK Biz
Phoenix Group and Schroders have announced plans to invest as much as £20 billion ($25.7 billion) of pension money into private markets over the next decade in line with wider industry commitments to direct retirement savings capital toward the British economy.
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August 01, 2024
EU Watchdog Warns Of Risk From Global Crypto-Asset Firms
Europe's financial markets watchdog has warned national regulators to address the risk that global crypto groups may seek authorization in the European Union to obtain clients unlawfully and expose them to non-EU-regulated services.
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August 01, 2024
Natural Catastrophe Losses In 2024 Hit $62B, Munich Re Says
Total global insured losses caused by natural catastrophes reached $62 billion in the first half of 2024, Munich Re has reported, a figure that significantly surpasses the 10-year average of $37 billion for half-year data.
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August 01, 2024
Early Pension Dips Raise Long-Term Concerns, Insurer Says
Pensions insurer Just Group has said official government statistics showing that seven in 10 people taking flexible payments from their pensions are younger than 65, raising questions about the sustainability of retirement savings in later life.
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August 01, 2024
Accounting Standards Setter Eyes Better Climate Reporting
A global accounting standards setter has proposed "new illustrative examples" to improve how companies report climate change-related uncertainty and other factors in their financial statements.
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August 07, 2024
RPC Recruits New Insurance Partner From Womble Bond
Reynolds Porter Chamberlain LLP has hired Christian Charlesworth as an insurance partner from Womble Bond Dickinson (UK) LLP to join its office in the southwestern English city of Bristol.
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July 31, 2024
SFO Eyes Potential £237M Legal Bill For ENRC Misconduct
The Serious Fraud Office has registered a potential £237.7 million ($305 million) payment to ENRC for damages over findings that its officers encouraged a former partner at Dechert LLP to divulge confidential information about alleged corruption at the Kazakh miner.
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July 31, 2024
Crashes Top $15B Aviation Insurance Claims, Allianz Says
Plane crashes and collisions accounted for almost two thirds of the aviation insurance claims valued at $15 billion in the last five years, according to a report by German insurer Allianz SE published Wednesday.
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July 31, 2024
Budget Cuts 'Jeopardize' Pension Portals, Aegon Warns
The Labour government's decision to cut £50 million ($64 million) from its communication and marketing budget for the next two years could jeopardize the successful rollout of the long-delayed pensions portal program, provider Aegon has warned.
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July 31, 2024
Gov't Plans Backstop Legislation To Tackle Audit Backlog
The new Labour government said Wednesday it is preparing legislation to introduce a statutory backstop as the U.K. faces a growing backlog of audits of local authorities.
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July 31, 2024
FCA Maintains Restrictions On London Stone Securities
The Financial Conduct Authority said Wednesday that it will continue to restrict London Stone Securities, preventing the wealth manager from conducting any regulated activities because of serious concerns that it is not delivering good results for clients.
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July 31, 2024
Aussie Bank ANZ Acquires Suncorp Unit For $3.2B
Australia and New Zealand Banking Group Ltd. said Wednesday that it has acquired Suncorp Bank for approximately 4.9 billion Australian dollars ($3.2 billion), two years after it signed the deal.
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July 31, 2024
Pension Plans Do Minimum ESG Compliance, Watchdog Says
Too many retirement savings plans attain only minimum compliance with environmental, social and governance standards, The Pensions Regulator has said, and urged them to improve their approach.
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July 30, 2024
Eversheds-Led Greggs Lands £100M Pension Deal With Aviva
Aviva PLC has insured the retirement savings plans of more than 600 members of British bakery and café chain Greggs PLC in a buy-in transaction of £100 million ($128.4 million), with the deal guided by Eversheds Sutherland.
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August 06, 2024
HSF Hires Former CMS Insurance Head In Madrid
Herbert Smith Freehills LLP has hired an experienced insurance expert to join its team in the Spanish capital, as the firm looks to bolster its practice with added expertise in the sector.
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July 30, 2024
Regulator Highlights Quality Gaps Among Top Auditors
The Financial Reporting Council said Tuesday that there is a widening gap between BDO LLP and Forvis Mazars LLP and the better performance of the Big Four accounting firms for high-quality audits of major U.K. companies.
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July 30, 2024
Pension Tax Reform Could Unlock £100B For UK Growth
Changing how pensions are taxed in the U.K. could potentially unlock more than £100 billion ($128 billion) for domestic investment over the next five years, according to a recent analysis by a pensions consultancy.
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July 30, 2024
Pensioner Welfare Cuts Create 'Cliff Edge,' LCP Says
The Labour government's decision to cut annual winter fuel payments worth up to £300 ($385) for retirees not on pension credit or other means-tested benefits will create an unwelcome "cliff edge" for savers, a consultancy has said.
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July 30, 2024
Pension Firms Meeting Equity Investment Goals, Insurers Say
Pension firms that signed up to an agreement to allocate a minimum of 5% of defined contribution funds to unlisted equities by 2030 have laid "strong foundations" in line with the target, British insurers said Tuesday.
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July 29, 2024
ECJ Nixes Swedish Dividends Tax On Foreign Pension Funds
Sweden can't collect a withholding tax on dividends distributed by Swedish companies to public pension funds abroad while exempting its own public funds because that is inconsistent with European Union law requiring the free movement of capital, the European Court of Justice said Monday.
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July 29, 2024
Gov't Consults On Tax Hikes For Fund Managers, Non-Doms
Chancellor Rachel Reeves said Monday that an autumn Budget planned for Oct. 30 will include feature selected tax rises, a warning accompanied by strong hints from HM Treasury that fund managers and non-domicile taxpayers could take a bigger hit.
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July 29, 2024
New Defined Benefit Funding Code Laid Before Parliament
Britain's pensions watchdog on Monday said its long-awaited funding code for defined benefit retirement savings plans has been laid before Parliament, marking what it called a "significant step."
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July 29, 2024
Zurich Invests $60M In Cyber Insurance Provider For SMEs
Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.
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July 29, 2024
FCA Weighs Taking Protection From Some Insurance Clients
The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products.
Expert Analysis
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.
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Surefire Marketing Methods To Build Your Legal Practice
Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.
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Mandatory Mediation May Lie Ahead For England And Wales
The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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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.