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Insurance UK
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January 10, 2025
Pension Funds So Far Riding Out Bond Market Volatility
Pension funds have mostly weathered the current sell-off in bond markets, experts are saying, despite fears of a repeat of the liability-driven investment crisis of two years ago.
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January 10, 2025
CMS Taps Tax Disputes Specialist From KPMG
CMS announced that it has appointed a former KPMG director as a partner in its London-based tax practice.
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January 10, 2025
Financial Lifeboat Scheme Sets Budget Of £103.6M
The Financial Services Compensation Scheme on Friday said it expects its running costs for the upcoming financial year to be £103.6 million ($126.7 million) — a 0.5% increase on the current financial year.
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January 10, 2025
Broker Arian Hit With Fine For Cum-Ex Trade Failings
The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.
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January 10, 2025
UK Audit Watchdog Outlines Plans To Boost UK Growth
The Financial Reporting Council said on Friday that it has adopted five priorities to support the Labour government's broader ambition to boost economic growth, including plans to improve investors' confidence in British companies.
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January 09, 2025
Insurer Utmost Formally Enters Pension Deal Market
Utmost Life and Pensions Ltd. on Thursday formally confirmed it has entered the bulk purchase annuity market, signaling ambitions to hold over 5% of the pension transfer market within five years.
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January 09, 2025
Direct Line Names New GC Ahead Of Planned Aviva Merger
Direct Line Group has appointed a new general counsel to its executive committee, as the insurer moves toward its anticipated merger with rival Aviva later in 2025.
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January 09, 2025
Broker Launches Ukraine Property War Risk Reinsurance
McGill and Partners said Thursday it has launched what it calls the first-of-its-kind war risk reinsurance facility for commercial property in Ukraine to improve understanding and underwriting of risks to assets in the region.
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January 09, 2025
Freshfields Steers £1.5B Pension Megadeal For Catering Co.
A food catering giant has offloaded £1.5 billion ($1.8 billion) of its pension liabilities to Standard Life, the insurer said Thursday, the first megadeal for the sector of 2025.
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January 09, 2025
Pension Transfer Redress Falls From Rising Gilt Yields
The compensation that pension savers can claim for being poorly advised to transfer their pensions has fallen significantly — in most cases to zero — due to recent bond market fluctuations, a consultancy said Thursday.
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January 09, 2025
BoE Pledges To Get Tough On Cyberthreat, Climate Change
The Prudential Regulation Authority wrote to chief executives in the insurance sector on Thursday, setting out tough regulatory priorities for 2025, as it seeks better resistance to cyberthreats and greater management of climate-change risk.
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January 08, 2025
BoE Eyes Relaxed Financial Regulation To Support Growth
The Bank of England's regulatory arm told a House of Lords Committee on Wednesday that it will reduce bank reporting requirements and enable insurers to make certain investments before regulatory approval, amid other easing of its rules in line with government growth priorities.
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January 08, 2025
Loss Adjuster QuestGates Buys Insurance Investigation Biz
Loss adjuster QuestGates has said it has bought investigations specialists Brownsword Group in a move the business said improves its market share in the third-party probe sector.
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January 08, 2025
Pension Trustees Warned Against Complacency On Funding
Pension trustees should not be complacent over record improvements in scheme funding positions over the coming year, a consultancy warned.
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January 08, 2025
'Rainy Day' Funds Could Be In Next Pension Review
The U.K. government may potentially weigh the benefits of new "rainy day" funds for those saving for retirement as part of a wider policy review, an insurer said Wednesday.
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January 08, 2025
80% Of UK Retired Homeowners Missing State Benefits
Eight in 10 pensioner homeowners failed to claim any of the benefits they were eligible to receive in 2024 and missed out on an average of over £1,800 ($2,220) a year in extra income, Just Group said Wednesday.
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January 07, 2025
Franco Manca Owner Sues Insurer QIC Over COVID Cover
The owner of a restaurant chain has filed a legal claim against insurer QIC Europe over its failure to pay out compensation for COVID-19 losses after the U.K. Supreme Court refused to hear an appeal on a landmark ruling in favor of policyholders.
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January 07, 2025
NI Law Society Partners With Broker Gallagher On Cyber Risk
Insurance broker Gallagher said it will provide risk management on cyber threats to hundreds of legal practices in Northern Ireland as a result of a tie-up with the region's professional standards body.
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January 07, 2025
Treasury Committee Launches Review Of Lifetime ISAs
The Treasury Committee on Tuesday said it has launched a review to gauge whether the Lifetime Individual Savings Account introduced in 2016 is still fit for purpose as a combined financial product for first-time house buyers and pension savings.
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January 07, 2025
Finance Sector Seeks To Limit EU Technology Rules
Finance trade bodies in Europe have urged lawmakers to exclude digital-based financial services from a new European Union regime that will strengthen cyber-resilience in finance when it starts in January because it would overlap with existing rules.
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January 07, 2025
Gallagher Sues Ex-CEO For £1.85M Over 'Fraud' In Exit Talks
Gallagher's benefits and consulting arm has sued the former chief executive of a company it acquired for more than £1.85 million ($2.32 million) for allegedly withholding information about a major client that inflated the financial prospects of the business and the severance he received.
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January 07, 2025
Travers Smith Steers £540M Pension Deal For UK Retailer
Footwear retailer Clarks has offloaded £540 million ($677 million) of its staff retirement liabilities to Pension Insurance Corp. PLC, the insurer said Tuesday, in a deal guided by Burges Salmon, Travers Smith and CMS.
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January 07, 2025
PE Firm Lovell Minnick Invests In UK Consultancy Broadstone
Lovell Minnick said Tuesday that it has taken a stake in Broadstone, a British financial services consultancy, as the U.S. private equity firm eyes a slice of the growing advisory sector.
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January 06, 2025
Royal London Sued For £27M Over Company Sale
Asset manager M&G is suing Royal London for at least £27 million ($33.8 million) for allegedly failing to disclose a range of issues linked to a company the mutual insurance and investment firm sold to M&G that it says would have lowered the company's value had they been revealed.
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January 06, 2025
Zurich Denies Insurer's Bid For £580K Slice Of Settlement
Zurich's U.K. entity has denied that a law firm it insured shut out a bankrupt insurance company from recovering over £580,000 ($730,000) as part of negligence claim that was settled without the bankrupt insurer's consent.
Expert Analysis
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The Lawyer's Daily
How To Requalify As A Lawyer In Canada
Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.
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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.