Insurance UK

  • June 07, 2024

    Swiss Finance Watchdog Issues New Cyber Warnings

    Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyber risks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.

  • June 06, 2024

    La. Commercial Property Co. Settles Storm Insurance Dispute

    A Louisiana federal judge has dismissed a commercial property owner's coverage fight over windstorm damage after the company settled in arbitration with a group of 10 insurers.

  • June 06, 2024

    Broker Jailed For £46K Bouncy Castle Insurance Fraud

    A former insurance broker has been jailed for two years after pocketing more than £46,000 ($58,900) by editing another company's contract documents to increase the cost of the insurance premiums paid by his clients, City of London Police said Thursday.

  • June 06, 2024

    5 Questions For Linklaters Partner Guillaume Couneson

    Since European Union law negotiators gave final approval in May to the first worldwide rules on artificial intelligence, the pressure on global banks and insurers to prepare to comply has started. Here, Guillaume Couneson, a partner at Linklaters, tells Law360 that regulators are likely to focus initially on low-hanging fruit breaches.

  • June 06, 2024

    Pension Funding Levels 'Stable' Ahead Of Looming Election

    The political party that wins the July 4 general election will is likely to operate within an environment of stable funding for retirement savings plans, a consultancy said Thursday, as it highlighted the "relatively" consistent levels of funding in the past year.

  • June 06, 2024

    Stranded Plane Claims Belong In Ukraine, UK Judge Says

    A London judge ruled Thursday that a legal battle between insurers and aircraft lessors over planes that have been stranded in Ukraine after Russia's 2022 invasion should be heard in Ukraine rather than England.

  • June 06, 2024

    Lloyd's To Open Miami Office For Latin American Market

    Lloyd's of London said Thursday that it will open a new office in Miami in September to strengthen its business in Latin America and the Caribbean, which accounted for 4.6% of its 2023 gross written premium of $2.7 billion.

  • June 06, 2024

    ProMarine To Act As Underwriter For Allianz

    Allianz Commercial entered into a new partnership with ProMarine UW Ltd. Thursday, to provide comprehensive insurance for the smaller commercial marine industry of up to £10 million ($12.7 million) across the U.K., Ireland and Europe.

  • June 05, 2024

    Debevoise-Led Ambac Unveils 2 Deals Totaling $702M

    Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.

  • June 05, 2024

    Gov't UK ISA Savings Proposal Gets Cold Shoulder

    More financial firms on Wednesday warned that the U.K. government's plans to give consumers a new tax break for investing in U.K. companies was unworkable, adding it could conflict with the Financial Conduct Authority's consumer protection rules.

  • June 05, 2024

    Climate Risk Must Form Part Of Trustee Role

    A quarter of pension scheme trustees want a new interpretation of their fiduciary duties to allow them to consider climate risk because doing so will help tackle the dangers posed by a changing environment, Lane Clark & Peacock LLP said Wednesday.

  • June 05, 2024

    FCA Research Access Plan Is Flawed, EU Finance Body Says

    A group representing European financial firms said Wednesday that the Financial Conduct Authority's proposals to give asset managers more choice in how they obtain and pay for research are too inflexible, failing to make the U.K. more competitive.

  • June 05, 2024

    Labour's Pension Tax Plans Backed By Fiscal Research Body

    An influential economics think tank has backed plans by the Labour Party to reintroduce the lifetime allowance, arguing that there should be a cap on the tax-free accumulation of pensions wealth.

  • June 05, 2024

    EU Financial Watchdogs Team Up With Cybersecurity Agency

    The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.

  • June 04, 2024

    Arch Insurance Denies Liability In £8M Hotel Spa Fire Row

    Arch Insurance (UK) Ltd. has denied liability for the £8 million ($10.2 million) claimed by two English hotel companies for a blaze allegedly caused by a roofer covered by the insurer because the business made "false" presentations about its risk.

  • June 04, 2024

    EU Watchdogs Demand Tighter Greenwashing Controls

    The European Union's financial regulators on Tuesday called on national regulators across the bloc to take tougher steps to combat greenwashing, using more resources and stepping up enforcement.

  • June 04, 2024

    Nearly A Third Of Over 55s Dipping Into Pensions Early

    Almost three in 10 retirees over the age of 55 have said they had withdrawn money from their pension before retirement as savers continue to feel squeezed by rising living costs, Just Group said Tuesday.

  • June 04, 2024

    UK Finance Firms 'Triple Clean Energy Investment' To $2.3B

    Britain's financial firms tripled their investments in clean energy projects to $2.3 billion in 2023, up from $800 million the year before, according to a new study published Tuesday.

  • June 04, 2024

    Labour Calls For Crackdown On Soaring Car Insurance

    The Labour Party said Tuesday it would lean on financial regulators to crack down on soaring car insurance costs if it won the election.

  • June 03, 2024

    Broker Blames Mexican Insurance Co. In $18.7M Fraud Row

    A London-based insurance broker has denied responsibility for the $18.7 million claimed by a Mexican reinsurance broker and one of its clients, saying the North American company was the "author of its own misfortune" and to blame for not spotting fraud that caused the losses.

  • June 03, 2024

    UK Voters Want Pension Reform In Election Manifestos

    Three in four workers with a defined contribution pension are more likely to vote for a political party that reforms workplace pensions, research from a retirement savings company shows.

  • June 03, 2024

    Pension Funding Boosted By Fall In Life Expectancy

    A large portion of the highest level of funding surpluses recorded by pension plans in 2023 was caused by a decline in life expectancy in Britain, a consultancy said Monday, as the sector continues to wrestle with the uncertain impact of the COVID-19 pandemic.

  • June 03, 2024

    Director Fined For Withholding Info From Pensions Regulator

    The director of a shooting range has been ordered by a crown court to pay a total of £15,000 ($19,000) for withholding information from The Pensions Regulator as it investigated his company, the watchdog has said.

  • June 03, 2024

    Geale Takes Helm At Payments Watchdog, Hemsley Resigns

    The Payment Systems Regulator said on Monday that its managing director Chris Hemsley has resigned and Financial Conduct Authority Director David Geale will replace him temporarily with almost immediate effect.

  • May 31, 2024

    4th Circ. Won't Revive NC Homeowners' Storm Coverage Suit

    The Fourth Circuit refused on Friday to revive a suit brought by the owners of a North Carolina beach house accusing certain underwriters at Lloyd's London of stalling a $1 million payout over hurricane damage.

Expert Analysis

  • Knowledge Management: An Unsung Hero Of Legal Innovation

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    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

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    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.

  • How Europe's AML Regime Is Tackling Virtual Currencies

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    The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

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    In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.

  • Why Law Firms Should Monitor The Dark Web

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    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Lessons From UK's Data Backlash

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    Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.

  • Tech, Media, Telecom Investor-State Arbitration Is On The Rise

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    Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.

  • Treat GDPR Compliance As A Marriage, Not A Wedding

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    Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.

  • New UK And US Regimes May Deter Foreign Investment

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    Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.

  • UK Employees May Soon Gain The 'Right To Disconnect'

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    Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

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    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • UK's Proposed Investment Scrutiny Powers Are Far-Reaching

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    The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.

  • Relief For Cos. Conducting UK Internal Investigations

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    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • Breaking Down The UK's Revised Corporate Governance Code

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    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

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    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

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