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Insurance UK
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September 05, 2024
Surge In Pension Deal Demand Expected In 2nd Half Of 2024
There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.
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September 05, 2024
FRC Warns Against Misuse Of Offsetting Financial Data
Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.
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September 04, 2024
Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years
Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.
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September 04, 2024
Gov't Flood Plan Shortcomings Risk Coverage, Scheme Warns
Britain's state-backed flood reinsurance scheme warned Wednesday that a lack of transparency and consistency in the planning system around flood mitigation is threatening the insurance sector's ability to insure new properties against flooding risk.
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September 11, 2024
Hausfeld Snaps Up Litigation Pro From Covington In London
Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.
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September 04, 2024
Broker Clear Buys 4th Specialist Underwriter
Insurance broker Clear has acquired specialist underwriter Accelerate Underwriting for an undisclosed amount to grow its managing general agent capabilities.
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September 04, 2024
Grenfell Disaster Charges May Come In 2026, CPS Says
London's police force said Wednesday it expects to provide evidence of possible criminal wrongdoing over the deadly Grenfell Tower fire in 2017 to prosecutors in 2026, after a long-running public inquiry into the causes of the disaster published its final report.
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September 04, 2024
Cap On Push-Payment Fraud Payouts To Plummet To £85K
The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.
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September 04, 2024
Sackers, HSF Guide £1.3B Coats UK Pension Insurance Deal
British textiles manufacturer Coats Group PLC said Wednesday that it has offloaded its retirement savings plan liabilities to Pension Insurance Corp. in a deal worth up to £1.3 billion ($1.7 billion), steered by Sacker & Partners LLP and Herbert Smith Freehills LLP.
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September 03, 2024
Vet Gets Suspended Sentence For Allianz Pet Insurance Fraud
A crown court handed a veterinary nurse from West Sussex a suspended sentence after she admitted to making over £13,000 ($17,000) worth of fraudulent insurance claims from Allianz subsidiaries for her pets using the systems at her workplace.
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September 03, 2024
Norton Rose Hires Insurance Pro From Eversheds Sutherland
Norton Rose Fulbright said Tuesday that it has hired an insurance specialist as a partner from Eversheds Sutherland to boost its strengths representing companies in the sector on corporate and regulatory matters.
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September 03, 2024
Pensions Reform Could Fuel £200K Savings Boost
The government could boost the long-term savings of workers by £217,000 ($285,000) per person by increasing minimum pension contributions, an insurer said, as the U.K. wrestles with the prospect of a retirement savings crisis.
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September 03, 2024
Nearly Half Of Employers Advertise Legal Rights As 'Perks'
Nearly half of U.K. employers promoted legal entitlements such as pensions and sick pay as perks in job advertisements in August, according to research published on Tuesday.
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September 03, 2024
Half Of Women Unsure They Will Have Enough For Retirement
More than half of women in Britain do not believe they will have enough money to support their income in retirement, findings by an investment management company suggest, amid concerns over the gender pension gap.
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September 03, 2024
Pay To Play: The 2-Tier Legal Route For Crypto-Fraud Victims
More people are falling victim to cryptocurrency scams, but their options for recovering money are few and expensive, which creates a two-tier approach — one for those who have the means to pay lawyers and consultants and another for those who don't.
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September 02, 2024
SRA Rebukes Solicitor For Trading Without Insurance
The Solicitors Regulation Authority said Monday that it has rebuked a lawyer for operating without professional indemnity insurance and had failed to close his firm before the expiration of run-off cover.
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September 02, 2024
Greensill, Gupta Deny Conspiracy In Zurich Insurance Row
Financier Lex Greensill and steel magnate Sanjeev Gupta have denied conspiring to deceive underwriters at insurance giant Zurich over allegedly fake debts, amid a $400 million court battle in London over trade credit insurance.
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September 02, 2024
UK Underwriter Dual Buys Specialist Travel Insurance Co.
Underwriter Dual UK said Monday that it has acquired International Passenger Protection, a managing general agency, as it plots further expansion into the travel insurance sector.
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September 02, 2024
EU Asset Managers Seek Strong Governance On Data Feeds
A trade body for European asset managers called on Monday for strong governance of providers of consolidated tapes, which set out prices and volumes of shares and bonds in bloc-wide feeds for investors.
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September 02, 2024
National Grid Pension Plan Outsources Executive Services
The trustee of the National Grid UK Pension Scheme has outsourced several executive services to consultancy Lane Clark & Peacock LLP in a move designed to provide flexibility for the retirement savings plan of the electric power transmission network as it matures.
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August 30, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen television property developer Kambiz Babaee hit with a fraud claim, a Bitcoin podcaster reignite a dispute with Australian computer scientist Craig Wright and football club owner Massimo Cellino's company file a claim against ClearBank. Here, Law360 looks at these and other new claims in the U.K.
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August 30, 2024
Ireland Urged To Step In Over Insurance Reform 'Profiteering'
Insurance companies in Ireland have been accused of "profiteering" from personal injury reforms rather than passing savings on to customers in the form of lower premiums.
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August 30, 2024
Record Numbers With Pet Insurance In 2023, ABI Says
Some 4.4 million pet owners in Britain took out insurance to protect their animals in 2023 in an all-time high for the sector, according to the latest figures from the Association of British Insurers.
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August 30, 2024
Teachers Fired For Refusing New Pension Scheme Win Case
A school operator unfairly fired two teachers that refused to ink new employment contracts with a less favorable pension scheme, a tribunal has ruled.
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August 30, 2024
Standard Life Named 'Safe Haven' For Defrauded Pensioners
Insurer Standard Life has been appointed as a "safe haven" pension provider for members of retirement schemes that have lost out to fraud, the company said.
Expert Analysis
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.