Insurance UK

  • November 15, 2024

    FCA To Upgrade Redress System To Help Boost Investment

    The City watchdog gave its backing on Friday for a government plan for the financial sector to drive more growth, as HM Treasury outlined plans to modernize its system for redress to help fuel investment.

  • November 15, 2024

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

    This past week in London has seen Ocado file an intellectual property claim against an African fruit and vegetable importer, a claim filed against a Swiss bank founded by Indian billionaire Srichand Parmanand Hinduja and 300 individuals sue travel company TUI. Here, Law360 looks at these and other new claims in the U.K.

  • November 15, 2024

    TPR's New Pension Funding Code Will Bring Clarity For Sector

    Most pension professionals believe the funding code for defined benefit retirement savings plans launched by The Pensions Regulator this week will bring greater clarity in the sector, a trade body has said.

  • November 15, 2024

    BoE Floats New Rules For Insurance Special Purpose Vehicles

    The Bank of England on Friday laid out new reforms that could speed up the process of applying for alternative forms of reinsurance, in a wider effort to make the U.K. a hub for the insurance-linked securities market.

  • November 15, 2024

    Aegon Unveils €150M Share Buyback, Rewards Shareholders

    Dutch insurance company Aegon said Friday that it will line shareholders' pockets by buying back €150 million ($159 million) worth of shares between January and June 2025.

  • November 21, 2024

    Ex-Gibson Dunn Disputes Pro To Move Into In-House Role

    Marsh McLennan has hired a dispute resolution partner from Gibson Dunn & Crutcher LLP in London as a general counsel for two of its consulting businesses, the firm said Thursday.

  • November 14, 2024

    UK Unveils Plan To Roll Back Post-Financial Crisis Safeguards

    The U.K. government said on Thursday that it is launching reforms to drive economic growth and competitiveness in financial services by rebalancing a regulatory regime that is focused more on minimizing risk.

  • November 14, 2024

    Ex-BDO Auditor Gets 20-Year Ban For 'Serious' Misconduct

    A former BDO auditor has been banned from the accountancy profession for two decades after the sector's watchdog said Thursday she acted with "sustained dishonesty" by forging signatures and other official documents over a five-year period.

  • November 14, 2024

    Just Group Pens £1.8B Private Security Biz Pension Deal

    Insurer Just Group on Thursday said it has penned its largest pension deal by taking on £1.8 billion ($2.3 billion) of retirement savings liabilities from a scheme sponsored by private security giant G4S Ltd., in a deal guided by three leading law firms.

  • November 14, 2024

    Standard Setter Warns Watchdogs To Address AI Risk Better

    A global standard setter warned Thursday that artificial intelligence might amplify vulnerability in the financial sector and damage market stability, telling regulators to improve data-led monitoring.

  • November 14, 2024

    Proposed Pension Megafunds Create New Risks For Savers

    The U.K. government's plans to drum up more long-term investment in the U.K. economy by creating pension megafunds designed could create new risks for the retirement savings of millions of workers, experts warned.

  • November 14, 2024

    Canadian Pension Fund Buys UK Airport Operator For £1.5B

    A subsidiary of Public Sector Pension Investment Board, a Canadian investor, has said it will buy the operator of airports in Aberdeen, Glasgow and Southampton for £1.53 billion ($1.94 billion).

  • November 13, 2024

    Gov't Sets Out Major £80B Pension Investment Reforms

    The U.K. government on Wednesday set out landmark reform to create new pension megafunds that together will invest an additional £80 billion ($102 billion) into the economy.

  • November 13, 2024

    Pension Dashboards A '£2B Time Bomb,' Master Trust Warns

    The arrival of the pensions dashboards project could cause savers to lose over £2 billion ($2.5 billion) before 2030 because of poorly informed transfer decisions, a pension provider warned on Wednesday, calling for comparable value-for-money metrics on the portals.

  • November 13, 2024

    Pension Watchdog Lays Out Law For New Collective Schemes

    The retirement savings watchdog set out on Wednesday how it will intervene if a new generation of collective pension plans are not being properly run, warning that it will act if it sees a risk to savers.

  • November 13, 2024

    £100K Gender Pensions Gap Will Take 20 Years To Close

    The gender pensions gap of approximately £100,000 ($127,500) in favor of men is projected to take at least 20 years to close without more aggressive measures, according to a report published Wednesday by Scottish Widows.

  • November 13, 2024

    FCA Warns Ratings Agencies To Address Conflicts Of Interest

    The Financial Conduct Authority has warned chief executives of credit rating agencies in a letter to improve their governance to mitigate conflicts of interest, amid limited evidence that some companies are reviewing their ratings outcomes.

  • November 13, 2024

    FCA Admits Mishandling Of 'Name And Shame' Roll-Out

    The Financial Conduct Authority conceded on Wednesday that it might have handled its announcement of controversial plans to publish names of the firms it probes and other details of investigations at an earlier stage differently after heated protests from the sector.

  • November 13, 2024

    Global M&A Insurance Claims Slumped By 21% In 2023

    Insurance claims connected with corporate mergers and acquisitions fell worldwide by approximately a fifth in 2023, Liberty Mutual said Wednesday, in line with a dip in the total number of transactions.

  • November 12, 2024

    Forsters, Ex-Bank Lawyer Avoid Case Of Failed Property Deal

    Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer have avoided being sucked into a philanthropist's £3.5 million ($4.7 million) legal battle over a collapsed property deal.

  • November 12, 2024

    Young Drivers Buying Fake Insurance, Aviva Says

    Nearly one in three young drivers have bought fraudulent car insurance from criminals on social media, Aviva has said, urging teenagers and early adults to treat "too good to be true" deals with suspicion despite soaring costs testing consumers.

  • November 12, 2024

    Pensions Regulator Can't Defend Claims After Delayed Reply

    A case manager can seek a default judgment in his claim for unfair dismissal and disability bias after an employment tribunal ruled that the U.K.'s pensions agency couldn't justify filing its defense 53 days late.

  • November 12, 2024

    BoE, Regulators Set Out Regime For Critical Third Parties

    The Bank of England and other City regulators set out new rules on Tuesday for critical third parties such as cloud service providers used by finance firms to reduce the risk of failure and disruption to the market.

  • November 12, 2024

    Gov't Could Get £200B Investment Boost From LGPS Overhaul

    The U.K. could free up £200 billion ($256 billion) for investment in national infrastructure projects by reforming the Local Government Pension Scheme into a Canadian-style megafund, an insurer has predicted.

  • November 12, 2024

    New Defined Benefit Pension Funding Code Goes Live

    A long-awaited funding code for defined benefit retirement savings plans in the U.K. went live on Tuesday, introducing what the pensions minister described as a "stronger set of standards" for the sector.

Expert Analysis

  • What To Know About The Russia-Stranded Plane Ruling

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    The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.

  • 3 Notable Pensions Reforms In Spring Budget

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    The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.

  • UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

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    An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.

  • Bias Ruling Offers Guidance On Disqualifying Arbitrators

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    An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.

  • Insurance Policy Takeaways From UK Lockdown Loss Ruling

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    An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

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    The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.

  • Unpacking The Building Safety Act's Industry Overhaul

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    Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.

  • A Rare Look At Judicial Interpretation Of LEG Exclusions

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    A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

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