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Insurance UK
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April 16, 2024
UK Pension Withdrawals Hit Record High
The number of people making lump sum withdrawals from their U.K. pension savings reached a record high during the financial year that ended in March 2023, according to a new report by the country's financial watchdog published Tuesday.
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April 16, 2024
Global Body Mulls Better Bank Modeling For Climate Change
Banks may need to develop new models that integrate artificial intelligence to better assess the risks posed by climate change, a global standard setter said Tuesday.
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April 16, 2024
Lawyers Call For Rethink Of Personal Injury 'Discount Rate'
The government must radically rethink the way compensation for major personal injury claims is calculated or else risk continually under-compensating claimants, a legal industry trade body warned.
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April 15, 2024
Broker Hit With £15M Claim Over Mexican Reinsurance Policies
A Mexican reinsurance broker and one of its clients are suing a London-based broker for more than £14.8 million ($18.4 million), claiming that one of the U.K. company's agents faked documents for nonexistent reinsurance arrangements and pocketed the proceeds.
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April 15, 2024
Tyson Can't Have Reinsurance Row In UK, Appeal Court Rules
A London appeals court on Monday dismissed a bid by a Tyson Foods Inc. subsidiary to overturn a ruling that prevented the food giant from bringing proceedings in England in a jurisdictional row involving two reinsurance contracts over fire coverage.
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April 15, 2024
Skat Kicks Off £1.4B London Trial Against British Trader
A British trader was accused Monday of being the "mastermind" behind a fraudulent trading scheme that cost the Danish tax authority £1.4 billion ($1.7 billion) at the start of a year-long High Court trial.
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April 15, 2024
European Banks Tell FCA To Prioritize Bond Data Rule Reform
A body representing large European banks has "strongly recommended" that the Financial Conduct Authority make any reforms to underlying rules causing high costs of data in bond markets without delay.
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April 15, 2024
Home Insurers Paid Record £573M In Weather-Linked Claims
Devastating storms that swept through the U.K. in 2023 drove up weather-related insurance claims by more than a third, hitting a record of almost £573 million ($715 million), the trade body for the sector said on Monday.
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April 15, 2024
BNP Paribas Buys 9% Stake In Insurer Ageas For €730M
French banking giant BNP Paribas said Monday that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for approximately €730 million ($777 million) from Chinese conglomerate Fosun Group.
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April 15, 2024
WTW Plans £450M Private Equity Long-Term Asset Fund
Insurance firm WTW said on Monday it plans to launch a new long-term asset fund with £450 million ($560 million) to focus on private equity investments.
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April 15, 2024
Pension Protection Fund Has 'Crucial' Future Role, LCP Says
The Pension Protection Fund could play a crucial role in the "endgame" for defined benefit pension schemes as a state-backed consolidator of smaller retirement plans, a consultancy has said.
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April 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.
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April 12, 2024
Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'
Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.
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April 12, 2024
Insurers, FCA To Face Grilling Over Rising Car Premiums
British insurers and regulators are due to be quizzed by senior MPs on April 17 on the reasons behind spiraling increases in motor insurance premiums.
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April 12, 2024
Pension Body Warns Of 'Burdensome' New Reporting Rules
A U.K. pension industry body has called for new reporting regulations on the sector to be toned down, warning that the additional red tape could deter smaller schemes from taking steps to improve their investment strategies.
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April 12, 2024
SocGen To Sell Moroccan Units To Investment Firm For €745M
Societe Generale SA said on Friday that it has agreed to sell its Moroccan banking and insurance businesses to private investor Saham Group SA for €745 million ($794 million) as part of its long-term ambition to streamline the company.
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April 11, 2024
Squire Patton Advises Broadstone Buy Of Credit Risk Co.
Broadstone said on Thursday it had acquired credit risk company Vestigo Partners Ltd., in a deal steered by Squire Patton Boggs and Harrison Clark Rickerbys.
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April 11, 2024
Biggest Insurers Failing On Climate Plans, Says UK Charity
Lloyd's of London is among the worst insurance players in the world in terms of providing cover to fossil fuel polluters, climate activists said Thursday.
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April 11, 2024
Pension Schemes Moving Toward Net Zero, Watchdog Says
Britain's pensions watchdog said in a review published Thursday that retirement savings schemes have moved closer to achieving net-zero emissions standards in their portfolios by updating investment strategies and boosting allocations to low-carbon funds.
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April 11, 2024
£500K Injury Fraudster Sentenced After TV Appearance
A woman who sought to claim almost £500,000 ($627,000) for injuries that she said left her unable to walk unaided has been sentenced for fraud after being spotted on a daytime reality TV talk show.
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April 11, 2024
Squire Patton Steers £130M Mitsubishi Pension Deal
Insurer Just Group said Thursday it has signed off on a £130 million ($163 million) buy-in transaction for a scheme sponsored by Mitsubishi Chemical UK Ltd. in a deal guided by Squire Patton Boggs LLP.
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April 10, 2024
Insurer Aviva Expands Bulk Purchase Pilot For Small Pensions
Insurance giant Aviva said Wednesday it has launched a streamlined bulk purchase annuity service to support smaller pension schemes with assets of less than £100 million ($126 million) to de-risk their plans.
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April 10, 2024
Pensions Watchdog Spurs Trustees On Climate Transition
The Pensions Regulator on Wednesday urged trustees to consider official guidance for transitioning their investment portfolios to net-zero emissions standards.
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April 10, 2024
Insurers Say Regs Tweaks Make Accountant Cover Affordable
Insurers welcomed on Wednesday revised regulations on accountants over the terms of their professional indemnity cover, saying the changes will keep costs down for firms.
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April 10, 2024
Compensation For Poor Pensions Advice At Record Low
Compensation for retirement savers who were wrongly advised to transfer out of their defined benefit pension has hit a record low, a consultancy said on Wednesday.
Expert Analysis
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Key Risks And Developments For UK Law Firm Culture In 2020
In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.
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Cos. Can Start Preparing Now For Immigration Beyond Brexit
Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.
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#MeToo Pressure On UK Businesses Is Set To Rise
Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.
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Opinion
UK's Insurer Investigations May Not Help Policyholders
The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.
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The Outlook For Autonomous Vehicles In The UK And US
As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.
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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.