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Insurance UK
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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.
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August 01, 2024
Accounting Standards Setter Eyes Better Climate Reporting
A global accounting standards setter has proposed "new illustrative examples" to improve how companies report climate change-related uncertainty and other factors in their financial statements.
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August 07, 2024
RPC Recruits New Insurance Partner From Womble Bond
Reynolds Porter Chamberlain LLP has hired Christian Charlesworth as an insurance partner from Womble Bond Dickinson (UK) LLP to join its office in the southwestern English city of Bristol.
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July 31, 2024
SFO Eyes Potential £237M Legal Bill For ENRC Misconduct
The Serious Fraud Office has registered a potential £237.7 million ($305 million) payment to ENRC for damages over findings that its officers encouraged a former partner at Dechert LLP to divulge confidential information about alleged corruption at the Kazakh miner.
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July 31, 2024
Crashes Top $15B Aviation Insurance Claims, Allianz Says
Plane crashes and collisions accounted for almost two thirds of the aviation insurance claims valued at $15 billion in the last five years, according to a report by German insurer Allianz SE published Wednesday.
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July 31, 2024
Budget Cuts 'Jeopardize' Pension Portals, Aegon Warns
The Labour government's decision to cut £50 million ($64 million) from its communication and marketing budget for the next two years could jeopardize the successful rollout of the long-delayed pensions portal program, provider Aegon has warned.
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July 31, 2024
Gov't Plans Backstop Legislation To Tackle Audit Backlog
The new Labour government said Wednesday it is preparing legislation to introduce a statutory backstop as the U.K. faces a growing backlog of audits of local authorities.
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July 31, 2024
FCA Maintains Restrictions On London Stone Securities
The Financial Conduct Authority said Wednesday that it will continue to restrict London Stone Securities, preventing the wealth manager from conducting any regulated activities because of serious concerns that it is not delivering good results for clients.
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July 31, 2024
Aussie Bank ANZ Acquires Suncorp Unit For $3.2B
Australia and New Zealand Banking Group Ltd. said Wednesday that it has acquired Suncorp Bank for approximately 4.9 billion Australian dollars ($3.2 billion), two years after it signed the deal.
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July 31, 2024
Pension Plans Do Minimum ESG Compliance, Watchdog Says
Too many retirement savings plans attain only minimum compliance with environmental, social and governance standards, The Pensions Regulator has said, and urged them to improve their approach.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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).
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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.
Expert Analysis
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Looking Ahead At AI Regulation In The EU And UK
With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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How Businesses Can Prepare For Cyber Resilience In 2024
With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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DC Ruling Provides Support For Builders Risk Claim Recovery
To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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New Fixed Costs Rules May Have Unforeseen Consequences
The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.
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Sustainable Finance Consultations May Signal Key Changes
The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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What The Auto-Enrollment Law Means For UK Workforce
In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
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Protecting The Arbitral Process In Russia-Related Disputes
Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
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RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
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Key Takeaways From ICO Report On Workforce Monitoring
The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.