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Insurance UK
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September 20, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen crypto exchange Binance face a new claim from the co-founder of SO Legal, a U.S. immersive art company take on a Bristol venue for copyright violations and Blake Morgan LLP hit with a pension schemes claim by The Trust for Welsh Archeology. Here, Law360 looks at these and other new claims in the U.K.
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September 20, 2024
Replace NHS With Health Insurance Model, Think Tank Says
Britain's National Health Service should be replaced by a social insurance model to bring health outcomes to comparable levels in Europe, a free-market think tank has argued, amid concerns the cash-strapped system is no longer viable.
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September 20, 2024
Insurance Brokers Say Big Cos. Don't Need Consumer Rules
The Financial Conduct Authority should exclude bigger businesses from the scope of consumer protection regulations, in order to boost the competitiveness of the U.K. insurance sector, a trade body said.
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September 20, 2024
Insurers Deny Liability For $911M Stranded Aircraft Claims
Two insurers have argued they are not liable for claims totaling $911 million over aircraft stranded in Russia as part of a wave of claims worth £13 billion ($17.3 billion) that have flooded courts following the invasion of Ukraine.
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September 20, 2024
DLA Piper Boosts Corporate, Insurance Teams With 2 Partners
DLA Piper has strengthened its European corporate and insurance practices with the recruitment of two experienced partners to its offices in Spain and Italy.
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September 20, 2024
Audit Watchdog Revises Actuarial Standard For Insurers
Britain's accounting watchdog on Friday published a revised version of the rules for actuarial work in the insurance sector that it said reflected recent regulatory changes around delivering good outcomes for consumers.
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September 20, 2024
Pension Savings Plans Warned Over 'Deflation Spiral' Risk
Pension schemes should make contingency plans now for falling inflation, a consultancy has said, as it warned that failure to prepare could result in a destabilizing rush to sell off U.K. government bonds.
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September 20, 2024
UK Fraud Reimbursement Plan Could Attract Organized Crime
A program launching in October that allows victims of fraudulent authorized push payments to get reimbursement from banks and payments companies could be exploited by organized crime to cash in with bogus claims, according to lawyers.
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September 19, 2024
Record Number Of Pension Deals Reported In First Half Of '24
A record number of companies in the U.K. carried out pension risk transfer transactions during the first six months of 2024, offloading £15.3 billion ($20.3 billion) of pension plan liabilities to bigger players, Hymans Robertson said in a report.
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September 19, 2024
Gov't Urged To Push Collective Defined Benefit Pension Plans
The U.K. government should push forward new collective pension plans with "bold and innovative" thinking to address Britain's retirement adequacy challenge, Hymans Robertson LLP said Thursday.
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September 19, 2024
Insurers Wrestle With 'Cyberwar' Policy Exclusions
The evolving cyberinsurance market could be heading for a seismic shift if more insurers scale back standard business IT breach policies to limit the impact of state-backed cyberattacks on their bottom line.
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September 19, 2024
UK Issues Disclosure Exemptions For Investment Trusts
The government and Financial Conduct Authority announced Thursday plans to reform the U.K. retail disclosure rules in early 2025, with immediate interim exemption of investment trusts from current requirements on cost disclosures to retail investors.
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September 19, 2024
AI Helping Rise In UK Insurance Fraud, Report Shows
Nearly one in five insurance claim handlers believe that many fraud claims now involve fake supporting documents created or altered using artificial intelligence tools, a new report shows.
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September 18, 2024
Insurers Demand Arbitration Of La. Storm Damage At 2nd Circ.
A Second Circuit panel puzzled over whether to uphold a New York federal court's ruling denying surplus insurers arbitration in a Louisiana hurricane damage case, during oral arguments over whether the court should follow Bayou State law prohibiting arbitration or reverse the lower court's decision.
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September 18, 2024
City Presses For Strategy To Draw £7.7B In New Foreign Cash
The governing body of the City of London urged the government on Thursday to design a strategy that will entice foreign sovereign investors to plow an estimated £7.7 billion ($10.2 billion) of additional capital into the domestic economy.
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September 18, 2024
Dashboards Program To Use Gov't Login Service Details
Savers will be able to use the U.K. government's standardized login service to prove their identity and access the long-awaited pension dashboards once they go live, the program has said.
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September 18, 2024
Eversheds Steers £200M Pension Deal For Bus Co. Arriva
Insurance giant Aviva said Wednesday that it has taken on £200 million ($264 million) worth of pension liabilities from a retirement savings plan sponsored by bus operator Arriva Merseyside Ltd., in a deal guided by Eversheds Sutherland LLP.
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September 18, 2024
Travers Smith, Simpson Thacher-Led PEs In £1.4B Builder Buy
U.S. investors Sixth Street and Patron Capital said Wednesday that they have agreed to buy U.K. house builder Cala from Legal & General Group PLC for £1.35 billion ($1.78 billion), as the nation's construction sector rebounds from a bruising downturn.
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September 17, 2024
Ex-Plexus Lawyer Suspended For Misleading Client, Insurer
A former solicitor at Plexus Legal LLP, the now-defunct law firm, has been suspended after she filed a misleading witness statement at court and failed to disclose that a defense and counterclaim had been struck out, a London tribunal has ruled.
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September 17, 2024
Competitiveness Outranks Climate In New EU Commission
European Commission President Ursula von der Leyen shifted her focus from climate change to boosting competitiveness as she proposed her team of commissioners for the next five-year mandate Tuesday, handing out key jobs covering everything from competition enforcement to trade policy.
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September 17, 2024
Syensqo Transfers $485M of Pension Risk To Pacific Life, RBC
Belgian chemicals company Syensqo said Tuesday it has offloaded $485 million of its U.S. and Canadian pension liabilities through a bulk annuity deal with two insurers.
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September 17, 2024
London Insurance Premiums Combined Total Clears £100B
The combined annual premium income for insurers on the London company market and Lloyd's of London syndicates cleared the £100 billion ($140 billion) barrier for the first time in 2023, according to a trade body for underwriters.
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September 17, 2024
Lawyer Cleared Of Dishonesty Over Insurance Failure
A solicitor was cleared of dishonesty on Tuesday after he was accused of lying to his insurer to hide the acquisition by his company of another firm's work and staff after his insurer refused to offer cover for the change.
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September 17, 2024
70% Of Insurance Underwriters Fear Replacement By AI
Seven out of 10 insurance underwriting professionals in the U.S. and U.K. fear losing their jobs within the next five years to artificial intelligence, a survey released Tuesday suggested, as the sector increasingly invests in new forms of automation.
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September 17, 2024
Wealth Manager Brooks Macdonald To Buy Financial Planner
Brooks Macdonald Group said Tuesday that it will buy Lucas Fettes Financial Planning, a move the London-based wealth manager said it expects to widen its footprint in eastern England.
Expert Analysis
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How New Framework Could Ease EU-US Data Transfer Burden
The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.
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What EU Corporate Sustainability Plan Means For Contracts
The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.
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How The Rise In Ransomware Is Affecting Business Insurance
Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.
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How A New Law Tightens The Screw On Dirty Money In The UK
By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.
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A Landmark UK Enforcement Case For Crypto-Assets
HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.
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Emerging Economic Effects From Russia-Ukraine War
While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.
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Unexplained Wealth Orders' Role In UK Dirty Money Bill
A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.
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How EU Proposal Would Affect Corporate Sustainability Duties
The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.
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How Will UK Use New Penalties For Debt-Dodging Directors?
Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.
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Automated AML Compliance Tools Are No Silver Bullet
As financial institutions increasingly use automated tools for anti-money laundering compliance, attorneys at Covington discuss the risks of overreliance on such tools, regulatory expectations, potential liability and insurance coverage implications, as well as lessons from recent enforcement actions.
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Issues To Watch In Potential English Arbitration Act Reform
Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.
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UK's Vicarious Liability Juggernaut Shows Signs Of Slowing
In the last five years, U.K. court decisions have generally broadened the scope of vicarious liability, holding organizations responsible for individuals' crimes, but more recent decisions suggest that courts are finally taking steps to limit such liability, say Stephanie Wilson and Philip Tracey at Plexus Legal.
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What 9th Circ. Arbitration Case May Mean For Insurance
If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.
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UK Focus On Int'l Data Transfers Shows Appetite For Reform
Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.
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Policyholder Outlook Following UK Biz Interruption Test Case
In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.