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Insurance UK
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June 27, 2024
DWF Buys Australian Claims Management Business
Private equity-backed DWF LLP said Thursday it has agreed to buy Australian claims management company Proclaim for an undisclosed amount to bolster its presence in the country.
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June 27, 2024
Shell, Insurer Sue Oil Co. For $3.7M Over Cargo Failures
Shell Trading International Ltd. and its insurer have sued a Greek oil company for $3.7 million after claiming the near 30,000 metric tons of bitumen it bought from the European business did not comply with the agreed specification or quality.
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June 27, 2024
Chubb Claims No Liability In $219M Stranded Jets Row
Chubb has denied that it owes a Bermuda-based subsidiary of a U.S. aircraft lessor in a $219 million row over a fleet of aircraft engines stranded in Russia and Ukraine because the planes are not lost and its policy does not cover war risk.
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June 27, 2024
Insurance Biz DeadHappy Goes Under After Serial Killer Ads
Life insurance broker DeadHappy has fallen into administration, liquidators said Thursday, after bad taste adverts featuring a serial killer prompted its partners to pull the plug on new business.
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June 27, 2024
R&Q Insurance Appoints Liquidators To Push $465M Sale
R&Q Insurance said Thursday that the Supreme Court of Bermuda has given it a green light to appoint three joint provisional liquidators to oversee the complete winding up of the troubled insurer.
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June 27, 2024
Sackers Steers Bentley Trustee In £880M Pensions Deal
Luxury carmaker Bentley Motors Ltd. has passed £880 million ($1.1 billion) of the liabilities of its staff pension plan to Standard Life, the insurer said Thursday, in a deal steered by Sacker & Partners LLP, Travers Smith LLP and Eversheds Sutherland.
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June 26, 2024
Fidelis Says Aircraft Lessors Not Covered Under Russian Law
Fidelis Underwriting Ltd. has said that the lessor and owners of three aircraft stranded in Russia after the country's invasion of Ukraine cannot reclaim $77.2 million for the planes from the reinsurer because they are not insured parties under Russian law.
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June 26, 2024
Britain's Phoenix Group Plans Sale Of SunLife
Life insurance heavyweight Phoenix Group said Wednesday that it is planning to sell its SunLife Ltd. subsidiary that provides financial services to over 50s in the U.K.
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June 26, 2024
FCA Warns Insurers Over Consumer Protection Failings
The City watchdog warned insurers on Wednesday over a failure to properly monitor clients who suffer financial harm from their products, following a sweeping review of consumer protection regulation.
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June 26, 2024
Aviva Sees 39% Rise In Insurance Fraud Claims
Insurance giant Aviva on Wednesday said it spotted 39% more instances of fraud in 2023 than it did in the year previous, despite the value of fraudulent claims being lower than 2022.
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June 26, 2024
Eversheds Steers £33M Pension Deal For Metal Recycling Co.
A global scrap metal company has offloaded £33 million ($42 million) of its U.K. staff pension liabilities to insurer Aviva PLC, advisers said Wednesday, in a deal steered by Eversheds Sutherland.
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June 26, 2024
Consultancy Broadstone Warns Insurers Of Geopolitical Risks
Insurers could risk a reduction in business, higher claims frequency, and investment and operational losses due to the world's major geopolitical upheavals, a consultancy warned Wednesday.
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June 26, 2024
Zurich To Acquire AIG's Travel Insurance Biz For $600M
Zurich Insurance Group said Wednesday that it will buy the personal travel insurance business from U.S. financial group AIG for $600 million to help the Swiss insurer to become a leading provider of holiday cover in the U.S.
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June 25, 2024
BBC Fights For Ability To Cut Costs Of £20B Pension Scheme
The British Broadcasting Corporation launched an appeal Tuesday in a case that will decide whether it is able to reduce future benefits for members of its £19.8 billion ($25 billion) pension scheme.
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June 25, 2024
Insurtech Body Calls For Regulatory Shakeup To Fuel Growth
The next government must create a "positive, enabling policy environment" that allows more insurance technology firms to enter the market and facilitates better funding to drive growth in the sector, a trade body said Tuesday.
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June 25, 2024
Disability Care May Leave Parents' Pension Funds Short
Employers must create more flexible workplace cultures to ensure parents can balance caring and working after research shows that those with disabled children could be worse off in retirement because of caring responsibilities, People's Partnership said Tuesday.
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June 25, 2024
Chubb Relies On War Exclusion In $180M Russian Planes Suit
Chubb has denied claims that it owes several Irish lessors for two jets insured for over $180 million stranded in Russia, saying the aircraft are not physically lost and would be excluded as a war risk from the reinsurance policy.
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June 25, 2024
Squire Patton Guides PE Shop's Insurance Platform Deal
European private equity shop Perwyn has said it will acquire specialist insurance platform Atec Group from rival buyout business Kester Capital to strengthen its stable of niche and non-standard products.
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June 24, 2024
Herbert Smith Launches ESG Regulations Monitoring Tool
Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.
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June 24, 2024
Retired Judges Lose Appeal In Pension Row With MoJ
An appeals tribunal ruled Monday that the Ministry of Justice did not discriminate against three judges when it switched their pension schemes, ruling that their new judicial posts — rather than their part-time worker status — caused the change.
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June 24, 2024
Charity Urges Better Ways To Fight Investment Greenwashing
A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.
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June 24, 2024
Burges Salmon Steers £25M Pension Deal For Travel Co.
Legal & General will take on £25 million ($31.7 million) worth of pension liabilities from a scheme sponsored by travel company TUI in a deal steered by Burges Salmon LLP, advisers on the transaction said Monday.
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June 24, 2024
Prudential Launches First Tranche Of $2B Buyback Program
Insurer and asset manager Prudential PLC has commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme, advised by Slaughter and May.
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June 24, 2024
FCA Takes Action Against 3 Fund Mngrs On Risky Investments
The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.
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June 24, 2024
Insurer Files For Liquidation, To Sell Unit To Rival For £11.3M
Troubled insurer R&Q said Monday that it has agreed to sell Inceptum Insurance for £11.25 million ($14.25 million) to Marco Capital Holdings Ltd., a Malta-based legacy acquisition group, after filing for liquidation.
Expert Analysis
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A Look At The Solvency II Insurance Sector Proposed Reforms
It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.
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4 Ways M&A Deals Are Changing
There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.
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The Digital Markets Act: Key Implementation Issues To Watch
The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.
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New FCA Listing Rules May Start Regulatory Shift On Diversity
Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.
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Examining UK Commission's Corporate Crime Reform Ideas
The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.
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FCA Review Offers 'Challenger Banks' Advice On Crime Risks
Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.
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New Anti-Modern Slavery Bill Unlikely To Accomplish Goals
A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.
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Opinion
FCA Proposal Fails British Steel Pension Scandal Victims
The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.
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How New Framework Could Ease EU-US Data Transfer Burden
The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.
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What EU Corporate Sustainability Plan Means For Contracts
The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.
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How The Rise In Ransomware Is Affecting Business Insurance
Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.
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How A New Law Tightens The Screw On Dirty Money In The UK
By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.
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A Landmark UK Enforcement Case For Crypto-Assets
HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.
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Emerging Economic Effects From Russia-Ukraine War
While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.
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Unexplained Wealth Orders' Role In UK Dirty Money Bill
A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.