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Insurance UK
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December 19, 2024
Lloyd's Syndicate Says £1M Property Claim Exaggerated
A Lloyd's syndicate has denied owing £1 million ($1.25 million) to cover costs of subsidence damage to a property in southern England, arguing the owner fraudulently exaggerated the claim and submitted false documents.
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December 19, 2024
Sacker, Kramer Levin Lead £340M British Airways Pension Deal
The pension scheme for British Airways staff said on Thursday it has completed a £340 million ($425 million) reinsurance deal, transferring the risk of its members living longer than expected.
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December 19, 2024
PRA Pushes Back 'Solvent Exit' Rules For Insurers
The Bank of England has pushed back a new regime designed to minimize the economic fallout of the collapse of a major insurer.
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December 19, 2024
FCA Proposes To Simplify Investment Product Information
The financial regulator of the U.K. said Thursday that it has proposed changes to rules to simplify the information provided to investors to "boost confidence and drive investment" in the country.
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December 19, 2024
UK Private Stock Market May Fail To Attract Investors, Firms
A world-first regulated market that the U.K. government has proposed for private companies to trade shares might fail to offer enough of an incentive to attract firms and investors.
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December 18, 2024
Insurers Say Arbitration Is Proper In $7M Ida Damage Suit
A group of international and domestic insurers asked a Louisiana federal judge to keep in place an order to arbitrate a $7 million Hurricane Ida damage claim, disputing a property owner's argument that state law has a say in the matter.
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December 18, 2024
DWF Dublin Adds Insurance Pro From DAC Beachcroft
DWF LLP has hired an insurance specialist to head the firm's practice in Dublin and become managing partner of the firm's Irish offering, as it moves to strengthen its presence in the area with "a light hand on the rudder."
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December 18, 2024
Gov't Urged To Pause State Pension Reform Before Review
The government must pause any further policy decisions on the state pension until it carries out its review into retirement savings adequacy, experts told lawmakers Wednesday.
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December 18, 2024
Pension Bodies Call For Regulation After Court Ruling
The government should issue regulation to clarify the scope of a landmark Court of Appeal ruling that could potentially cost pension providers billions of pounds in redress, a coalition of trade bodies has said.
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December 18, 2024
FCA's 2024 Consumer Focus Still Has Firms Guessing
The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.
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December 18, 2024
UK Must Address Regulatory Bias Toward Risk, ABI Says
Regulation in the U.K. has become heavily weighted toward risk rather than growth and its "structural bias," which creates layers of rules in the financial services sector, must be tackled, the Association of British Insurers said Wednesday.
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December 18, 2024
Kennedys Elects Financial Lines Pro As New Senior Partner
Kennedys named on Wednesday a financial lines expert as its new senior partner to replace Nick Thomas, who is stepping down from the role after 27 years.
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December 17, 2024
Gov't Ignores Calls For Redress Over State Pension Failings
The Labour government said on Tuesday it will not compensate women affected by historical failures to inform them that their retirement age had changed, in a move campaigners called an "unprecedented political choice" set to have long-term repercussions.
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December 17, 2024
MPs Quiz Gov't Over Pension Credit Delays
Lawmakers are asking the government what it is doing to tackle a deluge of pension credit claims, amid fears that those below the poverty line might not receive a winter fuel allowance this season.
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December 17, 2024
Broker Banned For 'Lack Of Integrity' Over Indemnity Risk
The director of a mortgage broker who demonstrated a "lack of integrity" has been banned and must pay a £10,000 ($12,700) fine after a London appeals court ruled Tuesday that he recklessly risked his company operating without professional indemnity insurance.
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December 17, 2024
Barclays Loses Challenge To Major UK Motor Finance Ruling
Barclays lost its challenge to a decision that found it had treated a customer unfairly by paying commission to a car finance broker as a London court ruled on Tuesday that the relationship was unfair and not adequately disclosed.
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December 17, 2024
Allianz Pulls $1.6B Bid For Singapore's Income Insurance
Germany's Allianz SE has withdrawn its all-cash offer to buy a majority stake in Singapore-based Income Insurance Ltd. for 2.2 billion Singapore dollars ($1.64 billion), citing opposition from the Singaporean government.
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December 17, 2024
FCA Proposes Rules For New Private Company Stock Market
The Financial Conduct Authority set out proposals on Tuesday for a regulatory regime for the world's first regulated stock market, which is designed to allow investors to trade shares in private companies and is intended to make the U.K. more competitive.
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December 17, 2024
FCA Bans Director, Adviser Over 'Flawed' Pensions Advice
The City watchdog has banned a company director and pensions adviser from the financial services sector for giving "fundamentally flawed" guidance that jeopardized consumer retirement savings.
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December 16, 2024
Travelers Settles Warehouse Fire Row With Building Co.
Travelers Insurance Co. Ltd. has settled a U.K.-based building operator's legal claim over alleged losses from fires that destroyed its warehouse in Scotland.
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December 16, 2024
Gov't Drops Promise Of 2nd Pensions Review By End Of 2024
Millions of Britons could face retirement without sufficient savings, experts said Monday, after the government appeared to delay its long-awaited review into pension adequacy.
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December 16, 2024
Sky Can Claim More In Insurance Spat Over Faulty Roof
Sky has secured a new victory in its multimillion-pound dispute with insurers over water damage to the roof of its headquarters, after an appeals court said Monday that the media giant can claim for damages incurred after its policy lapsed.
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December 16, 2024
Squire Patton Guides £102M Pension Deal For Chemicals Co.
A British chemicals manufacturer has offloaded £102 million ($129 million) of its pension liabilities with insurer Royal London, advisers said Monday, in a transaction steered by Squire Patton Boggs.
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December 16, 2024
Insurer Saga Partners With Belgian Rival Ageas In £140M Deal
Travel and insurance company Saga PLC confirmed Monday that it has entered into a partnership with Ageas in a deal worth up to £140 million ($177 million) and will also sell its underwriting subsidiary to the Belgian business for up to £67.5 million.
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December 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.
Expert Analysis
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Legal Technology Is Likely To Flourish In The UK
The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.
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Opinion
Legal Operations Teams Are Gaining Popularity In EU
As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
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UK Privacy Rules That Can Catch You Off Guard
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 2
With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 1
Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.
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A Victory For Legal Privilege In Cross-Border Investigations
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.