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Insurance UK
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January 13, 2025
BoE 2025 Pension Deal Focus Dubbed A 'Reassurance'
The Prudential Regulation Authority's continued focus on the bulk purchase annuity sector is a positive step in light of the rapid increase in pension deals over recent years, Lane Clark & Peacock LLP said.
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January 13, 2025
UK Unveils Blueprint To Become AI World Leader
The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
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January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks
The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
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January 20, 2025
Clyde & Co. Lands Plane Insurance Pro From Kennedys
An insurance specialist has returned to Clyde & Co., joining its aviation liability practice as a partner in London as the law firm looks to bolster its firepower and support its clients' complex and evolving needs.
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January 13, 2025
Gallagher Settles £15M Koko Venue Negligence Claim
The owner of London music venue Koko reached a settlement in its £15 million ($18 million) case against Arthur J. Gallagher on the first day of a trial in London on Monday, ending its claim that the insurer-broker failed to ensure it had cover for a fire.
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January 13, 2025
Pension Annuity Rates Soar On Bond Market Turmoil
The income on a newly-purchased pension annuity has surged because of a crisis in the bond market, offering a silver lining for those approaching retirement, a consultancy said Monday.
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January 13, 2025
Dutch Insurer Aegon Begins €150M Buyback Scheme
Aegon said on Monday that it has started buying back shares worth up to €150 million ($153 million) in a program designed to return cash to shareholders and fund payouts to reward the Dutch insurance giant's senior managers.
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January 10, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen legal services group RBG Holdings face a winding-up petition from founder Ian Rosenblatt amid soured talks about the group's leadership, J.P. Morgan file a fresh claim against WeRealize, retailer Asda face an intellectual property claim over a specific type of mandarin and financier Nathaniel Rothschild sue German entrepreneur Lars Windhorst and his investment vehicle Tennor International. Here, Law360 looks at these and other new claims in the U.K.
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January 10, 2025
Lawyer Cleared Of Dishonesty Over AML Compliance Failings
A disciplinary tribunal on Friday cleared a lawyer of dishonesty over allegations that he misled an insurer and the English solicitors regulator about his lack of compliance with anti-money laundering regulations.
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January 10, 2025
Pension Funds So Far Riding Out Bond Market Volatility
Pension funds have mostly weathered the current sell-off in bond markets, experts are saying, despite fears of a repeat of the liability-driven investment crisis of two years ago.
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January 10, 2025
CMS Taps Tax Disputes Specialist From KPMG
CMS announced that it has appointed a former KPMG director as a partner in its London-based tax practice.
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January 10, 2025
Financial Lifeboat Scheme Sets Budget Of £103.6M
The Financial Services Compensation Scheme on Friday said it expects its running costs for the upcoming financial year to be £103.6 million ($126.7 million) — a 0.5% increase on the current financial year.
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January 10, 2025
Broker Arian Hit With Fine For Cum-Ex Trade Failings
The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.
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January 10, 2025
UK Audit Watchdog Outlines Plans To Boost UK Growth
The Financial Reporting Council said on Friday that it has adopted five priorities to support the Labour government's broader ambition to boost economic growth, including plans to improve investors' confidence in British companies.
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January 09, 2025
Insurer Utmost Formally Enters Pension Deal Market
Utmost Life and Pensions Ltd. on Thursday formally confirmed it has entered the bulk purchase annuity market, signaling ambitions to hold over 5% of the pension transfer market within five years.
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January 09, 2025
Direct Line Names New GC Ahead Of Planned Aviva Merger
Direct Line Group has appointed a new general counsel to its executive committee, as the insurer moves toward its anticipated merger with rival Aviva later in 2025.
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January 09, 2025
Broker Launches Ukraine Property War Risk Reinsurance
McGill and Partners said Thursday it has launched what it calls the first-of-its-kind war risk reinsurance facility for commercial property in Ukraine to improve understanding and underwriting of risks to assets in the region.
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January 09, 2025
Freshfields Steers £1.5B Pension Megadeal For Catering Co.
A food catering giant has offloaded £1.5 billion ($1.8 billion) of its pension liabilities to Standard Life, the insurer said Thursday, the first megadeal for the sector of 2025.
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January 09, 2025
Pension Transfer Redress Falls From Rising Gilt Yields
The compensation that pension savers can claim for being poorly advised to transfer their pensions has fallen significantly — in most cases to zero — due to recent bond market fluctuations, a consultancy said Thursday.
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January 09, 2025
BoE Pledges To Get Tough On Cyberthreat, Climate Change
The Prudential Regulation Authority wrote to chief executives in the insurance sector on Thursday, setting out tough regulatory priorities for 2025, as it seeks better resistance to cyberthreats and greater management of climate-change risk.
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January 08, 2025
BoE Eyes Relaxed Financial Regulation To Support Growth
The Bank of England's regulatory arm told a House of Lords Committee on Wednesday that it will reduce bank reporting requirements and enable insurers to make certain investments before regulatory approval, amid other easing of its rules in line with government growth priorities.
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January 08, 2025
Loss Adjuster QuestGates Buys Insurance Investigation Biz
Loss adjuster QuestGates has said it has bought investigations specialists Brownsword Group in a move the business said improves its market share in the third-party probe sector.
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January 08, 2025
Pension Trustees Warned Against Complacency On Funding
Pension trustees should not be complacent over record improvements in scheme funding positions over the coming year, a consultancy warned.
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January 08, 2025
'Rainy Day' Funds Could Be In Next Pension Review
The U.K. government may potentially weigh the benefits of new "rainy day" funds for those saving for retirement as part of a wider policy review, an insurer said Wednesday.
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January 08, 2025
80% Of UK Retired Homeowners Missing State Benefits
Eight in 10 pensioner homeowners failed to claim any of the benefits they were eligible to receive in 2024 and missed out on an average of over £1,800 ($2,220) a year in extra income, Just Group said Wednesday.
Expert Analysis
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.