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Insurance UK
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August 07, 2024
Womble Bond Steers £20M Pension Deal For Landlord Biz
Aviva PLC said Wednesday that it has covered the full £20 million ($25.4 million) of pensions liabilities for a subsidiary of Grainger PLC, a residential property manager in the build-to-rent sector.
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August 07, 2024
EY Sanctioned For Breaching Fee Cap Over Russian Client
The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.
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August 06, 2024
Insurer Loses Bid To Ax 'Time Barred' Housing Assoc. Claim
A London judge on Tuesday dismissed an insurer's bid to strike-out a claim from a housing association over the insurance company's alleged failure to cover additional costs after a building contractor went bust, ruling that the action was not time-barred.
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August 06, 2024
Senior SFO Official Heads For Exit After Less Than 2 Years
The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.
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August 06, 2024
Pension Body Urges Sector Tech Overhaul After CrowdStrike
The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.
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August 06, 2024
Eversheds Steers Sale Of Kodak Unit By Pensions Lifeboat
The U.K. Pension Protection Fund has sold a business unit of photography giant Kodak to U.S. private equity firm Kingswood Capital Management in a deal steered by Eversheds Sutherland and Kirkland & Ellis LLP.
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August 06, 2024
Alternative Investor Great Point Enters Into Liquidation
Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.
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August 06, 2024
Brown & Brown Buys Trade Credit Insurance Specialist
Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.
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August 05, 2024
Most Pension Plans Unclear On Members' Retirement Income
Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.
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August 05, 2024
EU Regulator Floats Capital Tweaks For Smaller Insurers
Europe's insurance watchdog has proposed new rules on regulatory breaks for smaller insurers amid a wider shakeup of rules on capital adequacy for the market.
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August 05, 2024
FRC Tightens Accounting Guidance, Extends It To Listed Firms
Britain's accounting watchdog on Monday proposed tighter guidance for directors to assess whether a company is a "going concern" and broadened its application to the largest listed companies, after some high-profile corporate failures.
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August 05, 2024
Gov't Warned Over Tapping Pensions For Economic Growth
The Labour government must remember that the "primary role" of pensions is to support retirees in later life amid growing efforts to use the trillion-pound sector to drive economic growth, Royal London has warned.
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August 05, 2024
Brake Put On Motor Insurance Prices For First Time In 2 Years
The average cost of comprehensive motor insurance eased for the first time in two years in the second quarter of this year, and dropped 2% to £622 ($793) from £635 in the first quarter, according to data published Monday by U.K. insurers.
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August 05, 2024
Royal London Plans Broader Entry Into Pension Deals Market
Insurance giant Royal London said it plans to enter the wider bulk annuity market in 2024 after insuring two of its own staff pension plans.
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 02, 2024
FCA To Allow Flexible Use Of Unclaimed Investment Assets
The Financial Conduct Authority said Friday it has changed its rules to enable companies such as banks and insurers to release dormant investment assets and client money into a scheme to find their owners or support U.K. growth through good causes.
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August 02, 2024
HCR Law-Led Howden Hits Right Note With Allianz Music Buy
Howden Group Holdings Ltd. has agreed to buy the musical insurance book of Allianz UK as the U.K. broker looks to broaden its global business.
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August 02, 2024
Broker Sails Away With Marine Insurer From Zurich UK
A subsidiary of Ardonagh Group Ltd. has bought boat insurance specialist Navigators & General from Zurich UK, as it looks to broaden its horizons in the maritime insurance sector.
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August 02, 2024
CMS Guides Legal & General On £1.1B Essity Pension Deal
Legal & General has covered £1.1 billion ($1.4 billion) of pension liabilities for the U.K. business of Essity, a maker of hygiene and health products, in a move to secure the benefits of 5,900 retirees and 3,600 deferred members of the workplace savings plan.
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August 02, 2024
BNP Paribas To Buy Axa's Investment Manager For €5.1B
BNP Paribas SA has said it will buy an investment management subsidiary from French insurer Axa SA for €5.1 billion ($5.5 billion) to create a combined platform with €1.5 trillion of assets under management.
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August 01, 2024
City Firms To Invest Up To £20B Of Pension Funds In UK Biz
Phoenix Group and Schroders have announced plans to invest as much as £20 billion ($25.7 billion) of pension money into private markets over the next decade in line with wider industry commitments to direct retirement savings capital toward the British economy.
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August 01, 2024
EU Watchdog Warns Of Risk From Global Crypto-Asset Firms
Europe's financial markets watchdog has warned national regulators to address the risk that global crypto groups may seek authorization in the European Union to obtain clients unlawfully and expose them to non-EU-regulated services.
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August 01, 2024
Natural Catastrophe Losses In 2024 Hit $62B, Munich Re Says
Total global insured losses caused by natural catastrophes reached $62 billion in the first half of 2024, Munich Re has reported, a figure that significantly surpasses the 10-year average of $37 billion for half-year data.
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August 01, 2024
Early Pension Dips Raise Long-Term Concerns, Insurer Says
Pensions insurer Just Group has said official government statistics showing that seven in 10 people taking flexible payments from their pensions are younger than 65, raising questions about the sustainability of retirement savings in later life.
Expert Analysis
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Remote Working Tips For Lawyer Trainees And Their Firms
The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.
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What Growing Focus On ESG Means For Insurers
As the world pays steadily more attention to environmental, social and governance issues, insurers and reinsurers will need to integrate ESG risks into their underwriting and compliance efforts, but doing so will help attract consumers and achieve positive investment returns, say attorneys at Debevoise.
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Finance Firms May See Increased FCA Enforcement This Year
Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.
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UK Supreme Court Ruling Clarifies Arbitrator Bias Standard
The U.K. Supreme Court's judgment in Halliburton v. Chubb, likely the court's most important decision in the area of international arbitration in the past decade, articulates important guidelines for how English courts will police issues of arbitrator disclosure and bias, even as it fuels concerns among insurance policyholders, say Allan Moore and Ramon Luque at Covington.
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Evaluating Ethical And Legal Risk In Ransomware Payments
Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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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.