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Insurance UK
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October 02, 2024
Insurer Saga In Talks With Ageas On Partnership
Travel and insurance company Saga PLC confirmed on Wednesday that it is in talks with Ageas, a Belgian-French insurer, over a potential partnership for its insurance business.
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October 02, 2024
Reed Smith Steers £140M Pension Deal For Insurance Biz
Aviva PLC has covered £140 million ($186 million) of pension liabilities for insurance group Thomas Miller & Co. Ltd. to secure the benefits of all members of the retirement savings plan, the companies said Wednesday.
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October 01, 2024
Insurers Set For Mega-Trial Over 'Lost' Planes Stuck In Russia
A multibillion-dollar trial between the biggest aircraft lessors in the world and their insurers over hundreds of planes stranded in Russia kicks off in London on Wednesday in a case that could have wide ramifications for the insurance and reinsurance sector.
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October 01, 2024
Lloyd's Says Forgery Sinks Claim Over Ship Struck In Ukraine
Lloyd's of London's Belgian unit has denied owing a wealth advisory business $3.7 million to cover alleged losses after a ship was struck by a mine, claiming the vessel at the time was trading in Ukrainian waters so it wasn't covered under the insurance policy.
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October 01, 2024
Insurer Warns Over 43% UK Gender Pension Gap
The U.K. is seeing an emerging gender pension gap, with women having slightly more than half the retirement savings of men by the time they reach later life, an insurer warned Tuesday.
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October 01, 2024
Pension Insurance Deal Market To Hit £60B In 2025
The total value of pension insurance transactions could hit £60 billion ($79.6 billion) for the first time next year, according to a poll of lawyers, trustees and others in the retirement sector published on Tuesday.
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October 01, 2024
EU Markets Watchdog To Help Tighten Greenwashing Rules
The markets watchdog of the European Union said Tuesday that it will concentrate more on sustainable finance rules, and will develop tools to help national regulators address risks such as greenwashing.
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October 01, 2024
Insurance Consolidator PIB Group Buys UK Broker
PIB Group Ltd. said it has bought RS Insurance Brokers Ltd., as the insurance acquisition vehicle seeks to boost its presence in the sector with a "burgeoning" portfolio of specialisms across the U.K. and Europe.
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October 01, 2024
4 Firms Guide Partners Group In €6.7B Sale Of German Biz
Swiss private equity shop Partners Group said Tuesday that it is selling its stake in a German digital energy metering business to Texas-based TPG and Singapore's sovereign wealth fund for approximately €6.7 billion ($7.4 billion).
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September 30, 2024
Reinsurer Loses Appeal Over £69M COVID Catastrophe Claim
An Italian reinsurer has lost its challenge against French insurer Covéa Insurance PLC's COVID-19 business interruption claim, with a London appellate court on Monday upholding findings that the pandemic met the definition of "catastrophe" used in the policy.
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September 30, 2024
Ex-Meghraj Boss Still Being Pursued Over £1.8M Pension Bill
The U.K.'s retirement watchdog said Monday that a former company director was still being pursued for payment into a staff pension scheme, more than a year after he was slapped with a £1.8 million ($2.4 million) bill.
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September 30, 2024
Royal London Enters Pension Insurance Market
The Royal London Mutual Insurance Society Ltd. said Monday that it has officially entered the bulk purchase annuity market after it completed several smaller transactions.
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September 30, 2024
FCA And BoE Launch Digital Securities Sandbox
The Financial Conduct Authority and Bank of England said Monday they have opened a digital securities sandbox for applications, enabling entrants to use new technologies to issue and trade securities in traditional financial markets.
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September 30, 2024
UK Urged To Help Tackle Global £420B "Fraudemic"
Britain must do more to tackle the global "fraudemic," as one in five adults in the world has fallen victim to fraudsters at total cost of £420 billion ($560 billion) in the past three years, according to a think-tank's new report.
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September 30, 2024
Trustees Urged To Rethink Longevity Trends Over NHS Crisis
U.K. pension trustees should be aware of the impact of longer National Health Service waiting times on longevity figures when they come to calculate long-term liabilities, experts warned.
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September 30, 2024
AXA XL Denies $190M Claim For Planes Stranded In Russia
AXA XL and other reinsurers have hit back at allegations that they are liable for claims totaling almost $190 million over planes said to be stranded in Russia after the invasion of Ukraine, arguing that the aircraft are not completely lost.
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September 30, 2024
Private School Wants Insurer To Cover Abuse Scandal Cost
A private school embroiled in a historic sexual abuse scandal has sued its insurer, arguing it should cover any damages the school might have to pay in a barrage of cases brought by former pupils.
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September 27, 2024
FCA Efforts To Curb Misconduct Surge Behind The Scenes
The Financial Conduct Authority has brought a record number of criminal prosecutions against individuals, yet its crackdown on corporations is happening largely behind the scenes as the regulator challenges misconduct without opening formal investigations.
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September 27, 2024
Santander, Skipton Beat Attempts To Reopen PPI Settlements
Santander Cards UK Ltd. and Skipton Building Society have fought off attempts by customers to revive claims alleging the lenders' offers to compensate them for misselling payment protection insurance were invalid.
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September 27, 2024
Watchdog Targets Underperforming Pension Schemes
Nearly one in five of the defined contribution pension schemes targeted by The Pensions Regulator as part of a regulatory improvement drive have chosen to wind up after the plans themselves concluded their schemes do not offer good value for customers.
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September 27, 2024
Gov't Could Target Pension Contributions In Tax Raid
The U.K. government could introduce a new levy on employer pension contributions as a means of plugging a £22 billion ($29.5 billion) black hole in public finances, experts said Friday.
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September 27, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.
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September 27, 2024
StanChart Seeks Approval For Rate Change In Libor Test Case
Standard Chartered on Friday asked two judges to approve a change in the interest rate it pays on its preferred shares, in the first dispute to come before the High Court over the transition from the Libor benchmark.
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September 27, 2024
Annuity Buyers Encouraged To Shop Around For Best Deal
Annuity buyers should shop around to secure the best value deals, Just Group said Friday, highlighting recent figures that show large numbers of savers purchasing from their existing pension provider despite more competitive offers being available.
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September 27, 2024
Insurance To Fall As Motor Injury Rate Is Cut In Scotland, NI
Insurance premiums could fall for motorists in Scotland and Northern Ireland after the Government's actuary department tweaked a formula for calculating damages for major injury claims.
Expert Analysis
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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CMA Guidance Can Help Businesses Act On Climate Change
Guidance recently published by the Competition and Markets Authority, which explains how competition law applies to sustainability and climate change agreements, provides clarity for businesses seeking to collaborate and emphasizes the regulator’s open-door policy, says Andrew Maxwell at Freeths.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.
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Key Points From Ireland's New Accountability Framework
The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.
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Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
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Looking Ahead At AI Regulation In The EU And UK
With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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How Businesses Can Prepare For Cyber Resilience In 2024
With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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DC Ruling Provides Support For Builders Risk Claim Recovery
To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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New Fixed Costs Rules May Have Unforeseen Consequences
The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.