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Insurance UK
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January 07, 2025
Travers Smith Steers £540M Pension Deal For UK Retailer
Footwear retailer Clarks has offloaded £540 million ($677 million) of its staff retirement liabilities to Pension Insurance Corp. PLC, the insurer said Tuesday, in a deal guided by Burges Salmon, Travers Smith and CMS.
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January 07, 2025
PE Firm Lovell Minnick Invests In UK Consultancy Broadstone
Lovell Minnick said Tuesday that it has taken a stake in Broadstone, a British financial services consultancy, as the U.S. private equity firm eyes a slice of the growing advisory sector.
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January 06, 2025
Royal London Sued For £27M Over Company Sale
Asset manager M&G is suing Royal London for at least £27 million ($33.8 million) for allegedly failing to disclose a range of issues linked to a company the mutual insurance and investment firm sold to M&G that it says would have lowered the company's value had they been revealed.
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January 06, 2025
Zurich Denies Insurer's Bid For £580K Slice Of Settlement
Zurich's U.K. entity has denied that a law firm it insured shut out a bankrupt insurance company from recovering over £580,000 ($730,000) as part of negligence claim that was settled without the bankrupt insurer's consent.
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January 06, 2025
Insurance Losses From Baltimore Bridge Pinned At $1.5B
Insurers expect to face a total of $1.5 billion in losses from the Baltimore Bridge disaster last year, according to broker Gallagher Re.
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January 06, 2025
'Third Way' Pension Scheme Rules To Be Expanded This Year
The regulatory foundations could be laid this year for a massive expansion in new types of collective pension schemes, a retirement savings provider said Monday.
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January 06, 2025
Most Fraud Starts On Social Media And Tech, Barclays Finds
Most frauds start on social media and technology platforms, with investment scams accounting for a third of the total, according to new findings by Barclays Bank.
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January 03, 2025
Clyde & Co. Merges With Dallas Insurance Boutique
Clyde & Co. LLP has announced a merger with Dallas boutique Tillman Batchelor LLP, expanding the global law firm's insurance capabilities in Texas amid its ongoing growth in North America.
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January 03, 2025
Complaints Commissioner To Warn FCA About P2P Lending
The Complaints Commissioner for financial regulators has undertaken to write to the Financial Conduct Authority on significant issues in the peer-to-peer lending sector.
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January 03, 2025
Lloyd's Insurer Says No Business Interrupted In £3.7M Row
A Lloyd's of London insurer has reiterated that the owner of a property in Greater Manchester cannot claim £3.7 million in damages and business interruption cover because no actual business was occurring at the building damaged by a burst water pipe.
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January 03, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Chris Eubank Jr. hit with a libel claim from a boxing promoter, a perfume boss face proceedings from his businesses following sanctions violations claims, and Israeli broadcasters file intellectual property claims against BT and Sky. Here, Law360 looks at these and other new claims in the U.K.
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January 03, 2025
UK Levy Hike Drives Labor Costs Up In 2025, Think Tank Says
U.K. businesses are facing a spike in labor costs, thanks to the government's decision to raise employers' National Insurance contributions, a payroll levy used to fund social programs, a think tank said Friday.
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January 03, 2025
Early Settlements Could Cut Russia Aviation Claims By $10B
Insurers could reduce claims for aircraft stranded in Russia by as much as $10 billion through early settlements, a broker has said, but warned that the final bill will still be the largest aviation loss in history.
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January 03, 2025
Trustees Warned On 'Dead Money' Over Pensions Portal
Trustees of pension scheme should carefully decide whether it is in the best interest of their members to connect to the long-awaited online retirement savings dashboards program and incur its associated costs, a retirement savings specialist said Friday.
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January 02, 2025
Legal Expenses Insurer Restructures After DAS Acquisition
British insurer ARAG PLC said Thursday it has now fully integrated DAS UK, the legal protection insurer that it bought a year ago amid a broader restructuring of the company's operations.
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January 02, 2025
EU's 1st Financial Regulation Deal With Japan In Force
The European Union said that a first-ever agreement with Japan designed to improve regulation in banking and other financial services and to combat money laundering has come into force.
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January 02, 2025
Global Insurance Prices Dip For First Time Since 2017
Insurance prices for businesses globally fell by 0.9% last year, the first decrease after seven years of rate hikes and a possible sign of a market turn, Howden said Thursday.
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January 02, 2025
Elite Law Denies Fault In Lender's £1.9M Loan Fraud Case
An English firm of solicitors has denied a claim that it cost a lender £1.9 million ($2.4 million) by failing to spot that the borrower of a property loan was allegedly a fraudster, telling a London court that it was not obliged to verify his identity.
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January 02, 2025
New Superfund Expected In 2025 Pension Deals Market
A second defined benefit superfund could enter the pensions risk transfer market in 2025, a retirement savings consultancy said on Thursday as it predicted another bumper year ahead for transactions.
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January 01, 2025
Pensions, Insurance Risk Consolidation On Radar For 2025
The main themes in 2025 for the insurance and pensions sectors will be consolidation and government priorities for greater investment in the economy —although potential legal and systemic risks loom.
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January 01, 2025
Regulation To Prioritize UK Growth Over Risk-Aversion In 2025
Financial regulators have committed to giving priority to economic growth over risk-aversion in 2025 under new government priorities, a rebalancing that could create a conflict of interest with a recent focus on protecting consumers.
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December 23, 2024
Clifford Chance Steers Aviva's £3.7B Offer For Direct Line
Insurer Aviva PLC said Monday that it will buy a rival company, Direct Line, in a £3.7 billion ($4.7 billion) cash and stock deal, a move that will create a British motor and home insurance giant.
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December 20, 2024
Many Firms Lack AI In Risk Operations, Study Finds
A new study highlighted by UK Finance on Friday has found that almost four in 10 financial services organizations have not implemented artificial intelligence in their risk operations, leaving them with a widening technology gap compared with those who are so prepared.
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December 20, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the University of Southampton sue a drone-maker over the rights to an uncrewed aircraft patent, Importers Service Corp. and its subsidiary ISC Europe take action against a former director who allegedly owes the company over £1.1 million ($1.4 million), and DAC Beachcroft face a fraud claim by a "prolific litigant."
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December 20, 2024
Pension Scams Body Held Back By Lack Of Industry Funding
An influential campaign group on pension scams said Friday that it will not be able to play a bigger role in raising awareness without funding from the retirement sector.
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.