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Insurance UK
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November 21, 2024
Ex-Gibson Dunn Disputes Pro To Move Into In-House Role
Marsh McLennan has hired a dispute resolution partner from Gibson Dunn & Crutcher LLP in London as a general counsel for two of its consulting businesses, the firm said Thursday.
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November 14, 2024
UK Unveils Plan To Roll Back Post-Financial Crisis Safeguards
The U.K. government said on Thursday that it is launching reforms to drive economic growth and competitiveness in financial services by rebalancing a regulatory regime that is focused more on minimizing risk.
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November 14, 2024
Ex-BDO Auditor Gets 20-Year Ban For 'Serious' Misconduct
A former BDO auditor has been banned from the accountancy profession for two decades after the sector's watchdog said Thursday she acted with "sustained dishonesty" by forging signatures and other official documents over a five-year period.
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November 14, 2024
Just Group Pens £1.8B Private Security Biz Pension Deal
Insurer Just Group on Thursday said it has penned its largest pension deal by taking on £1.8 billion ($2.3 billion) of retirement savings liabilities from a scheme sponsored by private security giant G4S Ltd., in a deal guided by three leading law firms.
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November 14, 2024
Standard Setter Warns Watchdogs To Address AI Risk Better
A global standard setter warned Thursday that artificial intelligence might amplify vulnerability in the financial sector and damage market stability, telling regulators to improve data-led monitoring.
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November 14, 2024
Proposed Pension Megafunds Create New Risks For Savers
The U.K. government's plans to drum up more long-term investment in the U.K. economy by creating pension megafunds designed could create new risks for the retirement savings of millions of workers, experts warned.
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November 14, 2024
Canadian Pension Fund Buys UK Airport Operator For £1.5B
A subsidiary of Public Sector Pension Investment Board, a Canadian investor, has said it will buy the operator of airports in Aberdeen, Glasgow and Southampton for £1.53 billion ($1.94 billion).
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November 13, 2024
Gov't Sets Out Major £80B Pension Investment Reforms
The U.K. government on Wednesday set out landmark reform to create new pension megafunds that together will invest an additional £80 billion ($102 billion) into the economy.
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November 13, 2024
Pension Dashboards A '£2B Time Bomb,' Master Trust Warns
The arrival of the pensions dashboards project could cause savers to lose over £2 billion ($2.5 billion) before 2030 because of poorly informed transfer decisions, a pension provider warned on Wednesday, calling for comparable value-for-money metrics on the portals.
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November 13, 2024
Pension Watchdog Lays Out Law For New Collective Schemes
The retirement savings watchdog set out on Wednesday how it will intervene if a new generation of collective pension plans are not being properly run, warning that it will act if it sees a risk to savers.
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November 13, 2024
£100K Gender Pensions Gap Will Take 20 Years To Close
The gender pensions gap of approximately £100,000 ($127,500) in favor of men is projected to take at least 20 years to close without more aggressive measures, according to a report published Wednesday by Scottish Widows.
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November 13, 2024
FCA Warns Ratings Agencies To Address Conflicts Of Interest
The Financial Conduct Authority has warned chief executives of credit rating agencies in a letter to improve their governance to mitigate conflicts of interest, amid limited evidence that some companies are reviewing their ratings outcomes.
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November 13, 2024
FCA Admits Mishandling Of 'Name And Shame' Roll-Out
The Financial Conduct Authority conceded on Wednesday that it might have handled its announcement of controversial plans to publish names of the firms it probes and other details of investigations at an earlier stage differently after heated protests from the sector.
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November 13, 2024
Global M&A Insurance Claims Slumped By 21% In 2023
Insurance claims connected with corporate mergers and acquisitions fell worldwide by approximately a fifth in 2023, Liberty Mutual said Wednesday, in line with a dip in the total number of transactions.
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November 12, 2024
Forsters, Ex-Bank Lawyer Avoid Case Of Failed Property Deal
Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer have avoided being sucked into a philanthropist's £3.5 million ($4.7 million) legal battle over a collapsed property deal.
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November 12, 2024
Young Drivers Buying Fake Insurance, Aviva Says
Nearly one in three young drivers have bought fraudulent car insurance from criminals on social media, Aviva has said, urging teenagers and early adults to treat "too good to be true" deals with suspicion despite soaring costs testing consumers.
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November 12, 2024
Pensions Regulator Can't Defend Claims After Delayed Reply
A case manager can seek a default judgment in his claim for unfair dismissal and disability bias after an employment tribunal ruled that the U.K.'s pensions agency couldn't justify filing its defense 53 days late.
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November 12, 2024
BoE, Regulators Set Out Regime For Critical Third Parties
The Bank of England and other City regulators set out new rules on Tuesday for critical third parties such as cloud service providers used by finance firms to reduce the risk of failure and disruption to the market.
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November 12, 2024
Gov't Could Get £200B Investment Boost From LGPS Overhaul
The U.K. could free up £200 billion ($256 billion) for investment in national infrastructure projects by reforming the Local Government Pension Scheme into a Canadian-style megafund, an insurer has predicted.
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November 12, 2024
New Defined Benefit Pension Funding Code Goes Live
A long-awaited funding code for defined benefit retirement savings plans in the U.K. went live on Tuesday, introducing what the pensions minister described as a "stronger set of standards" for the sector.
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November 12, 2024
FCA Strengthens Disclosure Process In Enforcement Cases
The Financial Conduct Authority has said it has improved its process for disclosing evidence to individuals and companies under investigation in regulatory enforcement cases, a move designed to cut the risk of omitting necessary documents.
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November 11, 2024
Lloyd's Syndicate Sued Over Unpaid Subsidence Claim
A Bedfordshire property owner has sued a Lloyd's of London syndicate for allegedly failing to pay out over £1 million ($1.3 million) to cover the cost of fixing damage caused by subsidence.
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November 11, 2024
Barings Lawyers Cleared Of Misleading Clients In SRA Case
A tribunal has dismissed a case against two senior lawyers at the consumer finance firm Barings Ltd. who were accused of misleading clients over payday loans claims and sending out letters on behalf of fictional clients, including Mickey Mouse.
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November 11, 2024
Zurich Sued For £584K Over Law Firm's Settlement Terms
A bankrupt insurance company shut out from an earlier settlement agreement amid alleged mistakes by its lawyers has argued that Zurich should be liable as the firm's insurer for its losses of £583,600 ($751,700).
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November 11, 2024
New Lloyd's Underwriter Doe & Emuss Gets OK To Operate
New underwriting manager Doe & Emuss said Monday that it has been given the green light to operate by Lloyd's of London to provide professional liability insurance for the North America market.
Expert Analysis
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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UK Arbitration Ruling Offers Tips On Quelling Bias Concerns
An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
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Bias Ruling Offers Guidance On Disqualifying Arbitrators
An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
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Insurance Policy Takeaways From UK Lockdown Loss Ruling
An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases
The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.
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Unpacking The Building Safety Act's Industry Overhaul
Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.
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A Rare Look At Judicial Interpretation Of LEG Exclusions
A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Decoding UK Case Law On Anti-Suit Injunctions
The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.