Insurance UK

  • July 30, 2024

    Eversheds-Led Greggs Lands £100M Pension Deal With Aviva

    Aviva PLC has insured the retirement savings plans of more than 600 members of British bakery and café chain Greggs PLC in a buy-in transaction of £100 million ($128.4 million), with the deal guided by Eversheds Sutherland.

  • August 06, 2024

    HSF Hires Former CMS Insurance Head In Madrid

    Herbert Smith Freehills LLP has hired an experienced insurance expert to join its team in the Spanish capital, as the firm looks to bolster its practice with added expertise in the sector.

  • July 30, 2024

    Regulator Highlights Quality Gaps Among Top Auditors

    The Financial Reporting Council said Tuesday that there is a widening gap between BDO LLP and Forvis Mazars LLP and the better performance of the Big Four accounting firms for high-quality audits of major U.K. companies.

  • July 30, 2024

    Pension Tax Reform Could Unlock £100B For UK Growth

    Changing how pensions are taxed in the U.K. could potentially unlock more than £100 billion ($128 billion) for domestic investment over the next five years, according to a recent analysis by a pensions consultancy.

  • July 30, 2024

    Pensioner Welfare Cuts Create 'Cliff Edge,' LCP Says

    The Labour government's decision to cut annual winter fuel payments worth up to £300 ($385) for retirees not on pension credit or other means-tested benefits will create an unwelcome "cliff edge" for savers, a consultancy has said.

  • July 30, 2024

    Pension Firms Meeting Equity Investment Goals, Insurers Say

    Pension firms that signed up to an agreement to allocate a minimum of 5% of defined contribution funds to unlisted equities by 2030 have laid "strong foundations" in line with the target, British insurers said Tuesday.

  • July 29, 2024

    ECJ Nixes Swedish Dividends Tax On Foreign Pension Funds

    Sweden can't collect a withholding tax on dividends distributed by Swedish companies to public pension funds abroad while exempting its own public funds because that is inconsistent with European Union law requiring the free movement of capital, the European Court of Justice said Monday.

  • July 29, 2024

    Gov't Consults On Tax Hikes For Fund Managers, Non-Doms

    Chancellor Rachel Reeves said Monday that an autumn Budget planned for Oct. 30 will include feature selected tax rises, a warning accompanied by strong hints from HM Treasury that fund managers and non-domicile taxpayers could take a bigger hit.

  • July 29, 2024

    New Defined Benefit Funding Code Laid Before Parliament

    Britain's pensions watchdog on Monday said its long-awaited funding code for defined benefit retirement savings plans has been laid before Parliament, marking what it called a "significant step."

  • July 29, 2024

    Zurich Invests $60M In Cyber Insurance Provider For SMEs

    Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.

  • July 29, 2024

    FCA Weighs Taking Protection From Some Insurance Clients

    The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products. 

  • July 29, 2024

    BMS To Acquire Rival UK Insurance Broker From PE Biz

    Independent insurance and reinsurance broker BMS Group said Monday that it is set to purchase David Roberts & Partners Insurance Brokers Ltd. from Inflexion Private Equity Partners LLP.

  • July 26, 2024

    Virgin Loses Court Battle To Keep Pension Plan Changes

    An appeals court has ruled that regulations on contracted-out retirement savings plans require written confirmation from a scheme's actuary for changes affecting beneficiaries' future rights, not just past benefits, rejecting Virgin Media's challenge to a decision voiding decades-old changes to one of its pensions.

  • July 26, 2024

    Ellex-Led ERGO To Buy €80M Baltic Biz Of European Insurer

    European insurance heavyweight ERGO Group has agreed to acquire Norwegian nonlife insurer Gjensidige Forsikring ASA's Lithuania-based subsidiary ADB Gjensidige for €80 million ($87 million).

  • July 26, 2024

    FCA To Overhaul Prospectus Rules To Boost Capital Markets

    The Financial Conduct Authority set out plans to shake up the U.K.'s prospectus regime Friday, including new rules for public offers and risk disclosures, to help boost the country's ailing capital markets.

  • July 26, 2024

    EU Banks Must Improve Cyberattack Protection, ECB Says

    Lenders in the eurozone still suffer from "shortcomings" in fighting against and recovering from a severe — but plausible — cyberattack, the European Central Bank said Friday after it conducted a resilience stress test.

  • July 26, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.

  • July 26, 2024

    Fraudster Sentenced For Instagram Motor Insurance Scam

    A man who made almost £18,000 by operating as a "ghost broker" and selling invalid car insurance policies on Instagram has been handed a suspended prison sentence of 24 months at a London court, City Police has said.

  • July 25, 2024

    Insurer Can't Link Secrets Suit To $47M Claim, Ex-Worker Says

    A former worker for British insurance company Beazley urged a Florida federal court Thursday to toss claims alleging trade secrets theft, saying the company's suit doesn't show how he supposedly caused it to incur $47 million in damages from an arbitration case over a Brazilian thermoelectric plant.

  • July 25, 2024

    Audit Watchdog Sanctioned Firms £48M Last Year

    The Financial Reporting Council revealed Thursday that it fined firms a total of £48.2 million ($62 million) in the financial year ended March 31, including a £21 million fine against auditor KPMG related to its accounting for construction giant Carillion prior to its collapse in 2018.

  • July 25, 2024

    Insurance Trade Bodies Launch Sustainability Data Standard

    Two insurance trade bodies have released a resource designed to standardize the way underwriters ask clients about their sustainability data to address fragmented approaches across the industry.

  • July 25, 2024

    ITV Gets Regulatory Nod On Box Clever Pension Resolution

    The Pensions Regulator said Thursday that it has inked a preliminary agreement with British broadcaster ITV to provide full pension benefits to members of the Box Clever retirement savings plan after a lengthy legal tussle.

  • July 25, 2024

    Labour Gov't Faces 'Tricky Balancing Act' On Policy Priorities

    The Labour government faces a "tricky balancing act" in implementing policies that meet the financial needs of different generations, pensions provider Aegon said Thursday,

  • July 25, 2024

    Freeholders Face Homeowners' Action Over Insurance Fees

    Freehold owners are facing a class action from leasehold homeowners for allegedly charging hidden commissions on building insurance premiums for years, the law firm bringing the claim has said.

  • July 25, 2024

    FCA Consumer Duty Deadline May Spark Clash With UK Gov't

    The new Labour government and the Financial Conduct Authority could be heading for a clash over what constitutes a vulnerable consumer and how the laws protecting them from abuse should be enforced.

Expert Analysis

  • What Slovak Labor Code Changes Will Mean For Employers

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    With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.

  • An ICO Reminder On Managing Subject Access Requests

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    Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.

  • Opinion

    Increasing Law Firm Polarization Will Degrade Rule Of Law

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    As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.

  • The FTX Fallout So Far And What May Come Next

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    While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.

  • Hard Insurance Market Will Influence Legal Industry, Economy

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    As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.

  • Digital Nomads: Key Considerations For Global Businesses

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    As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.

  • New License Eases Sanctioned Clients' Legal Fee Payments

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    The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.

  • Preparation Is Key To Businesses Minimizing Cyber Breaches

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    A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.

  • UK Policyholders Can Expect Better COVID Claims Handling

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    The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.

  • A Recovery Option For Lenders With Planes Stuck In Russia

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    For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

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