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Insurance UK
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December 16, 2024
Insurer Saga Partners With Belgian Rival Ageas In £140M Deal
Travel and insurance company Saga PLC confirmed Monday that it has entered into a partnership with Ageas in a deal worth up to £140 million ($177 million) and will also sell its underwriting subsidiary to the Belgian business for up to £67.5 million.
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December 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.
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December 13, 2024
Gov't Urged To Go Further On Local Pension Reforms
The U.K. government's proposed plan to pool assets in the highly fragmented Local Government Pension Scheme has a good motive but requires more detail to ensure the floated reforms work successfully, the consultancy Lane Clark & Peacock said Friday.
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December 13, 2024
Hopes Rise For Law Change As Pension Lifeboat Delays Levy
The pension lifeboat fund has pushed back until January an announcement on its annual levy for the next financial year, amid speculation that long-awaited legislative change could be on the horizon.
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December 13, 2024
Eversheds Steers £210M Transfer Deal For Superfund Clara
Britain's only defined benefit superfund has carried out a £210 million ($265 million) pension liability transfer with a property management company, in a deal steered by Eversheds Sutherland, Osborne Clarke, Macfarlanes and CMS.
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December 13, 2024
Lloyd's Trade Body Wants Reporting Burden Eased More
A Lloyd's of London trade body has said that the specialist market has made good progress in its bid to reduce the compliance and reporting obligations for participants this year — but it must take more action 2025 to "fully realize" the benefits of easing the burden.
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December 13, 2024
Pensions Pro Wins Whistleblower Appeal, But Was Fairly Fired
A pensions administrator has convinced an appeals tribunal that a Scottish government agency wrongly penalized him for blowing the whistle on problems with a retirement savings plan, but he could not prove that the decision to sack him was unfair.
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December 12, 2024
Insurer Fights £400K Moldy Beef Payout On Appeal
A British insurer launched its appeal Thursday to avoid paying a meat producer's claim over 100 tons of moldy beef, arguing that the storage company it insured breached its policy terms.
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December 12, 2024
BoE Probes Business Exposure To Crypto-Assets
The Bank of England's regulatory arm said Thursday it is asking the firms it oversees to detail their current and expected future exposure to crypto-assets as it looks to "calibrate" its oversight.
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December 12, 2024
BoE Bolsters Liquidity Reporting For Life Insurers
The Bank of England has set out new rules on life insurers overreporting their liquidity positions, in a bid to better monitor the sector following the liability-driven investment crisis two years ago.
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December 12, 2024
More £1B-Plus Deals Forecast For 2025 Pensions Market
The market for defined benefit retirement savings plans offloading their pension liabilities to insurers will "remain strong" in 2025, with more deals in excess of £1 billion ($1.3 billion) expected, Standard Life has said.
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December 12, 2024
Spain Can't Enforce €855M Oil Spill Award Against Insurers
Spain has failed in its latest attempt to enforce an €855 million ($898 million) Spanish judgment against maritime insurers over a huge oil spill off its coast, as an appeals court found on Thursday that it was prevented from doing so by English arbitration.
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December 12, 2024
FCA Floats New Guidance Rules To Support Pension Savers
The financial watchdog said on Thursday that it is consulting on new rules that it hopes will allow providers of pension plans to offer better support to workers saving for retirement.
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December 11, 2024
MoD Loses Bid To Redo Army Reservist's Pension Bias Case
A Scottish tribunal has declined to reconsider a ruling that the Ministry of Defence's refusal to let a retired army reserve officer join the armed forces pension plan left him worse off than full-time military personnel.
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December 11, 2024
CMS Guides Just Group's £17M Pension Scheme Deal
Just Group on Wednesday said it has taken on £17 million ($21.6 million) worth of retirement savings liabilities from an unnamed pension scheme in a deal guided by law firm CMS Cameron McKenna Nabarro Olswang LLP, marking the latest transaction signed by the company this year.
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December 11, 2024
Utmost Group All Clear To Acquire Rival Insurer Lombard
Utmost Group PLC said Wednesday that it has received all necessary regulatory approvals to complete its acquisition of rival insurer Lombard International Assurance Holdings SARL.
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December 11, 2024
Hogan Lovells Steers £370M Pension Deal For Hays
Recruitment company Hays Group PLC has offloaded £370 million ($472 million) of its U.K. pension liabilities to Pension Insurance Corp. PLC, in a deal steered by Hogan Lovells International LLP, Slaughter and May and Addleshaw Goddard LLP.
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December 11, 2024
Insurance Consolidators Looking Abroad As UK M&A Dries Up
British insurance consolidators are looking abroad for new acquisition targets as a result of fewer viable targets in the U.K., a transaction consultancy said.
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December 11, 2024
Linklaters-Led Orsted To Sell Wind Farm Stake For $1.6B
Danish multinational energy company Orsted said Wednesday that it has agreed to sell a 50% stake in an offshore wind farm in the South China Sea to Taiwanese insurer Cathay Life Insurance for approximately 11.6 billion Danish kroner ($1.6 billion).
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December 11, 2024
Gov't Urged To Carefully Prioritize Regulatory Reforms
The British government must prioritize a "logical sequence" of regulatory reforms that most benefit consumers and improve economic growth instead of introducing changes all at once, the insurer Aegon said Wednesday.
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December 11, 2024
6 Firms Guide Nippon Life's $8.2B Resolution Life Acquisition
Japanese life insurer Nippon Life said Wednesday that it has agreed to buy the remaining 77% stake in holding group Resolution Life that it does not already own for $8.2 billion.
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December 10, 2024
High Car Insurance Keeping 2.6M From Driving In UK
The soaring cost of car insurance is keeping 2.6 million drivers who are unable to afford the price off of the roads in the U.K., statistics published by Citizens Advice on Tuesday show.
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December 10, 2024
Dorsey & Whitney-Led UK Insurance Co. To Buy US Claims Biz
The Davies insurance group said it has agreed to acquire a U.S. insurance claims company, in a deal guided by Dorsey & Whitney LLP and The Law Offices of Steven D. Rubin APC, to strengthen its presence in North America.
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December 10, 2024
Cybersecurity Firm Launches Legal Expenses Insurance
British cybersecurity firm M2 Recovery unveiled a new "after the event" legal expenses policy on Tuesday, expanding its crypto-insurance services to assist individuals seeking to recover stolen digital assets.
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December 10, 2024
Regulations Halt Pension Transfers 'Needlessly,' Adviser Says
Four out of five pension transfers have been halted either for an unknown reason or because they involved potentially low-risk overseas investments, a financial adviser said.
Expert Analysis
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
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UK Privacy Rules That Can Catch You Off Guard
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 2
With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 1
Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.
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A Victory For Legal Privilege In Cross-Border Investigations
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.