Insurance UK

  • October 15, 2024

    Sustainability Assurance Market Lacks Choice, FRC Says

    Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.

  • October 15, 2024

    Trustees Urged To Do More Than Minimum On ESG

    Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.

  • October 15, 2024

    StanChart Wins UK Test Case Over Alternative To Libor Rate

    Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.

  • October 15, 2024

    Theater Biz Fights To Revive Allianz COVID-19 Cover Claim

    A theater operator asked an appellate court Tuesday to revive its COVID-19 business interruption cover claim against Allianz, arguing that a lower court was wrong to rule that its policy did not include losses stemming from government lockdowns.

  • October 15, 2024

    EU To Create Governance Structure For Faster Settlements

    The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.

  • October 14, 2024

    Lloyd's Insurers Reject £43M Claim Over Solar Station Flaws

    Seven Lloyd's of London underwriters have denied that they are liable for £43.3 million ($56.5 million) sought by two companies over losses that stem from deals to buy solar generating stations, saying the businesses were aware of the problems with the sites they acquired. 

  • October 14, 2024

    PE Biz BP Marsh Invests £2.5M In Startup Underwriter Volt

    BP Marsh & Partners PLC said Monday that it has made an investment worth up to £2.5 million ($3.3 million) in Volt UW HoldCo. Ltd., snapping up a 25.5% stake in the insurance startup that specializes in energy transition.

  • October 14, 2024

    Fenchurch Law Hires Ex-Kennedys Chief For Denmark Launch

    Fenchurch Law said Monday that it has hired a former co-managing partner at Kennedys and another senior lawyer to open its Denmark office — its second outside the U.K. — as it seeks to expand its international presence.

  • October 21, 2024

    Mayer Brown Taps Life Insurance Expert From Skadden

    Mayer Brown LLP has hired an insurance expert as a partner at its London practice as the U.S.-based firm looks to boost its U.K. presence in the complex life insurance sector.

  • October 14, 2024

    Rockhopper Insures Against Italy Annulling €190M Award

    British energy company Rockhopper Exploration PLC said Monday that it has penned an insurance policy to cover the potential annulment of the €190 million ($207 million) arbitral award it won against Italy after the country banned oil and gas projects off its coastline.

  • October 14, 2024

    FCA Applies Consumer Duty To Tackle Fraud Reimbursement

    The Financial Conduct Authority has applied its consumer protection framework to banks to ensure that they tackle authorized push payment fraud and reimburse victims, beyond the rules set by the payments watchdog, according to lawyers.

  • October 11, 2024

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

    This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.

  • October 11, 2024

    Pension Boss Wins £25K Over Firing For Company Card Use

    An ex-director of the Canada Pension Plan Investment Board has won £25,000 ($32,700) at a tribunal after the fund sacked him for using his corporate credit card for vacation expenses after his personal card was stolen.

  • October 11, 2024

    Linklaters Guides £145M Pension Deal For Church Of England

    The Church of England Pensions Board said it has closed a £145 million ($190 million) pensions risk transfer transaction with Aviva, securing the benefits of the retirements savings plan's members.

  • October 11, 2024

    Market Abuse Behind Majority Of €71M EU Fines

    The European Union's markets authority said Friday the bloc's national regulators issued fines totaling €71.3 million ($93.2 million) in 2023 as they doubled down their efforts to curb insider trading and market manipulation.

  • October 11, 2024

    Retirement Savings Consultancy Isio Buys Pension Broker

    Isio Group Ltd. said Friday that it has inked a deal to buy pensions specialist K3 Advisory Ltd., which it expects will enhance its business amid "strong demand" for transactions in the retirement savings sector.

  • October 11, 2024

    UK Insurer Saga In Talks Over £140M 20-Year Deal With Ageas

    Travel and insurance company Saga PLC confirmed Friday that it was in "exclusive negotiations" with Ageas over a two-decade partnership, as well as the sale of its underwriting unit to the Belgian business.

  • October 10, 2024

    Private Equity Behind Half Of UK Insurance Intermediary Deals

    Private equity-backed transactions continue to dominate the mergers and acquisitions scene in Britain's insurance distribution sector, which could see a rise in transactions this month despite a quiet September, according to financial services advisory firm MarshBerry.

  • October 10, 2024

    Howden Seeks To Move Part Of Aon Poaching Case To Brazil

    Howden Group Thursday urged a court to stay parts of a claim by professional services firm Aon against the broker related to alleged staff poaching from Aon's Brazilian insurance business, saying the South American country is the right venue for the dispute.

  • October 10, 2024

    Gupta Prosecuted Over Missing Accounts For 76 Companies

    British businessman Sanjeev Gupta and four other executives in his industrial group face criminal charges over their alleged failure to file accounts for more than 70 listed companies, the U.K. corporate registry confirmed Thursday.

  • October 10, 2024

    £300B Of Pension Assets Could Be Invested In UK, PwC Says

    The largest pension funds in Britain could potentially invest up to £300 billion ($391 billion) into the U.K. economy, PwC said Thursday, after the sector logged a record funding surplus in September.

  • October 10, 2024

    FCA Warns Of Rise In Market Abuse Through Regulated Firms

    The Financial Conduct Authority has said it has seen a rise in potential market abuse from trading accounts administered by authorized companies working with overseas firms.

  • October 10, 2024

    Pension Deals Market Expected To Finish Year Below £49B

    The annual volume of pension deals completed in 2024 is set to close below the record of £49.1 billion ($64.2 billion) in 2023, Lane Clark & Peacock LLP has said, as the consultancy suggested the market is now at "cruising altitude."

  • October 10, 2024

    Osborne Clarke Guides Purchase Of Broker DeadHappy

    Estate planning company Octopus Legacy said Thursday that it has bought the technology assets of controversial defunct life insurance broker DeadHappy, in a deal steered by Osborne Clarke LLP.

  • October 09, 2024

    Insurance Firm Keoghs Expands With Ireland Solicitors Deal

    Insurance law firm Keoghs LLP said Wednesday it has expanded into Ireland with the acquisition of Dublin-based O'Brien Lynam Solicitors, in a deal steered by A&L Goodbody LLP and Addleshaw Goddard (Ireland) LLP.

Expert Analysis

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

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    The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

  • Opinion

    A Better Gov't Response To Pensions Misselling Is Needed

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    To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.

  • A Review Of The New UK Financial Services And Markets Bill

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    In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.

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