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Insurance UK
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January 29, 2025
UK Watchdog To Help Small Businesses Obtain Audits
The Financial Reporting Council said Wednesday it has launched a year-long campaign to help small businesses get audit services to help them raise capital.
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January 29, 2025
'Huge Disparity' In Pension Savings Between Men And Women
Recent figures revealing that adult men have almost twice as much median pension wealth as women demonstrate the "huge disparity" among retirees and highlights the need for more targeted support to bridge the gap, a financial services consultancy said Wednesday.
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January 28, 2025
AerCap Says Insurers Are On The Hook For Stranded Planes
There is "no merit whatsoever" to arguments by aviation insurers seeking to escape liability for the loss of aircraft seized by Russian airlines, a lawyer for major lessor AerCap said in closing submissions Tuesday at a High Court trial with billions of dollars at stake.
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January 28, 2025
Gov't Floats Pension Reforms To Reinvest Surplus Funds
The U.K. government on Tuesday mapped out plans to relax pension fund rules to allow schemes to invest billions of pounds tied up in retirement plan surpluses in their own business or wider economy.
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January 28, 2025
HDI Reaches Settlement On Planes Stranded In Russia
Insurance company HDI Global Specialist SE has settled its fight with a dozen aircraft companies over payouts for planes stranded after Russia's invasion of Ukraine, ending one of many disputes in sprawling litigation worth billions of pounds.
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January 28, 2025
Insurers Challenged Over Furlough Cuts On COVID Claims
Hospitality businesses forced to close during the COVID-19 pandemic launched an appeal on Tuesday over whether insurers were right to attempt to deduct the £6.5 million ($8.1 million) they received in state support from claims payouts.
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January 28, 2025
NFU Mutual Denies Liability In £10M COVID-19 Loss Row
The National Farmers Union Mutual Insurance Society has argued that it does not owe a group of hospitality and farming businesses approximately £10.5 million ($13 million) for alleged losses after COVID-19 took hold in Britain because their policies did not cover the pandemic.
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January 28, 2025
Hotel Group Settles With Aviva Over £6.2M Blaze Payout
Britannia Hotels has settled its £6.2 million ($7.7 million) damages claim against Aviva which alleged that the insurer did not pay out money owed for damage caused by a fire, a London court has confirmed.
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January 27, 2025
Royal London Hits Back In £27M Company Sale Row
Mutual insurance and investment firm Royal London has denied that it breached any warranties during the sale of a company to M&G and that it does not owe at least £27 million ($33.7 million) claimed by the asset manager.
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January 27, 2025
Trader Faces US Extradition Over $10M Securities Fraud
A trader wanted for running a "pump and dump" scheme that generated more than $10 million in unlawful stock sales will face extradition to the U.S. at a London court hearing in June, it was confirmed on Monday.
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January 27, 2025
UK Pension Deals Market Set To Hit £70B In 2025, WTW says
The pension deal market in the U.K. is likely to hit £70 billion ($88 billion) in 2025, broker WTW said Monday, as funding levels continue to improve, and more insurance companies enter the market.
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January 27, 2025
FCA Warns Wholesale Brokers Of Money Laundering Risk
The City watchdog has urged wholesale brokers to work harder to manage risks associated with money laundering because they might be used to execute trades that facilitate financial crime.
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January 24, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Axa Insurance and Admiral face a claim from a former lawyer recently exposed for personal injury fraud, the owner of Reading Football Club sue a prospective buyer and mobile network Lycamobile tackle action by Spanish network Yogio. Here, Law360 looks at these and other new claims in the U.K.
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January 24, 2025
Ex-AXA Staffer Can Retry 10-Year-Old Bias Claim
An appellate judge has ruled that the employment tribunal must take a second look at a former AXA unit employee's disability discrimination claim after the lower tribunal found a nine-year delay made a fair hearing impossible.
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January 24, 2025
Eversheds Guides £53M Pension Deal For Building Co.
Buildings insulations maker Rockwool secured its pension scheme through a £53 million ($66 million) full scheme buy-in transaction with Royal London Group guided by Eversheds Sutherland, an insurance broker said Friday.
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January 24, 2025
EU Parliament Can't Get €800K Flooding Insurance Payout
The Parliament of the European Union has failed to force its insurers to cough up almost €800,000 ($841,000) to cover for its flooded administrative office, after the bloc's highest court rejected its appeal over whether the damage fell under a flood exclusion in its policy.
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January 24, 2025
Broker SRG Expands Into Europe With German Partner
Insurance broker Specialist Risk Group said Friday that it has reached a new long-term partnership deal with Ecclesia Group that will allow it to expand in mainland Europe, and take on the German company as one of its shareholders.
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January 24, 2025
Gov't Stats Reveal 13% Of Pensioners Living In Poverty
The government has said that approximately 13% of pensioners are living in poverty, publishing figures that shine further light on the issue of retirement deprivation that is now under parliamentary scrutiny.
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January 23, 2025
Aspen Sued For £4.2M Over Wood Pellet Equipment Damage
A company claiming to be one of the largest wood pellet manufacturers in the U.K. has sued Aspen Insurance UK Ltd. for over £4.2 million ($5.2 million) for allegedly failing to cover losses the company says it sustained after damage to its production equipment.
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January 23, 2025
Actuaries Body Wants Separate Inheritance Tax For Pensions
The government must consider a separate inheritance tax regime for pension assets, a trade body said, warning that proposed reforms were unworkable as currently drafted.
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January 23, 2025
FCA Finds Gaps In Brokers' Money Laundering Defenses
The Financial Conduct Authority on Thursday urged brokers to tighten anti-money laundering controls, after a review it ran found gaps in their defenses against the flow of tainted cash through Britain's capital markets.
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January 23, 2025
Watchdog Restricts Scottish Broker Over Premium Concerns
The Financial Conduct Authority has restricted a Scotland-based insurance broker from carrying out regulated activities over "concerns" the business has sold policies but failed to pass on payments to insurers.
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January 23, 2025
Archaeology Trust Sues Blake Morgan Over Pensions Advice
An archaeological trust has accused Blake Morgan LLP of providing negligent advice on the closure of its pensions plan, telling a London court that a failure to validly shut the savings scheme led to £2.5 million ($3.1 million) in extra payouts.
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January 23, 2025
Gov't Floats Tweak To Pension Tax As £49M Returned
The government confirmed Thursday that it will close a controversial loophole that has resulted in retirees being overtaxed to the tune of £1.3 billion ($1.6 billion) over the past decade.
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January 23, 2025
5 Questions For Katten Partner Nathaniel Lalone
The Digital Operational Resilience Act has set tough new rules for financial businesses in the European Union to prevent disruptions in digital services from external providers. Here, Nathaniel Lalone, of Katten Muchin Rosenman LLP, tells Law360 about how the act could have an impact on some financial entities in Britain.
Expert Analysis
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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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.