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Insurance UK
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April 05, 2024
UK Urges Delay In Claiming Pensions Until Rules Change
The U.K. tax authority has warned people to delay claiming their pensions until after Saturday, when the lifetime allowance is abolished, while the government clarifies technical changes to the legislation.
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April 05, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the BBC sued by former Georgian defense minister David Kezerashvili, Russian businessman Ildar Sharipov file a defamation claim against the publisher of the Liverpool Echo newspaper, MEX Group Worldwide sue Barclays and NatWest, and a climbing gear company hit retailer Next with a claim of copyright infringement. Here, Law360 looks at these and other new claims in the U.K.
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April 05, 2024
Rothesay Sees 'Unprecedented' Pipeline For Pension Deals
Pension insurer Rothesay Life said Friday it secured £12.7 billion ($16 billion) in new business premiums across a dozen de-risking retirement savings deals in 2023, with the year ahead marked by an "unprecedented pension risk transfer market pipeline."
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April 05, 2024
Cloud Biz Denies Owing Telecom Execs Over Bad Sale
A cloud technology business has denied owing directors of a telecommunications company £1.5 million ($1.9 million) left unpaid after it bought their business, claiming the money due is offset by the £2 million it lost from the sale.
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April 05, 2024
UK Pension Schemes Maintain Near-Record Surpluses
The aggregate surplus of the U.K.'s defined benefit pension sector remained at near-record levels of around £151 billion ($190.8 billion) in March, a consultancy has said.
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April 05, 2024
Chubb Pulled Into $83.4M Ukrainian Airline Insurance Claim
Chubb European Group has been dragged into an $83.4 million claim in London which alleges that insurers have refused to pay out for aircraft that have been stranded in Ukraine after the Russian invasion, according to an amended High Court claim.
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April 19, 2024
Fieldfisher Expands Pensions Practice With 4 PwC Hires
European law firm Fieldfisher LLP has announced it is bolstering its U.K. pensions practice by hiring a partner, two directors and an associate from PwC UK.
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April 04, 2024
Cargo Ship Owner Sues 2 Firms For $1.9M Over Vessel Fire
A cargo-ship owner has sued two Turkish companies in a London court in an attempt to be reimbursed for costs incurred after an engine room fire caused the vessel to drift toward the Yemeni coast, saying the companies are liable for the costs incurred to save the ship and discharge their cargo.
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April 04, 2024
Insurer Wants Greater Flexibility On State Pension Age
The U.K. government should explore giving Britons more choice over when they can start claiming their state pension amid concerns over increases to the official retirement age, insurer Aegon said Thursday.
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April 04, 2024
Hotel Sues Arch Insurance For £8M Over Spa Fire Damage
Two English hotel companies have sued Arch Insurance (UK) Ltd. for £8 million ($10.1 million) after a roofing company allegedly caused a blaze on their London hotel spa's roof, according to a newly public claim.
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April 04, 2024
Fladgate Sued For $26.5M Over Botched Debt Claim Advice
Fladgate LLP lost an investment fund an estimated $26.5 million after negligently advising it on how to take action to recover money owed under bonds, according to a High Court claim.
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April 04, 2024
UK Joins Global Data Protection Enforcement Program
Britain's data watchdog said Thursday it has signed a new agreement with the Global Cooperation Arrangement for Privacy Enforcement to cooperate on cross-border data protection with the U.S. and eight other Pacific Rim countries.
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April 04, 2024
Financial Ombudsman Braces For Bigger Caseload
The U.K. Financial Ombudsman Service said Thursday that it had upped its estimate of how many complaints it expects to receive in the coming financial year to 210,000 from 181,000 due to increased everyday financial concerns.
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April 04, 2024
EU Regulators Pushed To Reassess 3rd-Country Reinsurers
The European Union's insurance and pensions watchdog on Thursday urged national regulators to reassess the risks stemming from reinsurers of non-EU countries dealing with firms that don't adhere to the same EU regulatory standards.
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April 04, 2024
Insurer Resolution Life To Buy New Zealand Biz For $247M
Resolution Life said on Thursday that its Australasian arm has agreed to buy Asteron Life, an insurer based in New Zealand, for 410 million New Zealand dollars ($247 million), as the global group eyes entry into the country's growing insurance sector.
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April 04, 2024
Standards Setter Warns Of Conflicts Of Interest In Exchanges
A global standards setter for regulators warned Thursday of the risk of conflict of interests in stock exchanges, including in situations where exchanges also run data or technology services.
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April 04, 2024
STM Wins Regulatory Approval For £4.5M Pension Biz Sale
Financial services company STM said on Thursday that the City watchdog has approved the sale of its self-invested personal pensions unit to its chief executive for £4.5 million ($5.7 million), part of a wider sale of the business.
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April 04, 2024
Standard Life Bags Insurer's Pension Plan In £95M Deal
Standard Life has completed a £95 million ($120 million) buy-in of a pension scheme sponsored by Brit Insurance in a deal guided by Burges Salmon LLP.
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April 04, 2024
Money Was Siphoned To Former Exec's Wife, Insurer Says
A Liechtenstein insurer suing two of its former directors for allegedly funneling millions of pounds to accounts they had ties to has now accused one of the men's wives of also benefiting from unauthorized payments.
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April 03, 2024
More Pension Schemes Considering Running On, LCP Says
An increasing number of pensions schemes are considering running on their retirement savings plans as funding levels continue to strengthen in the U.K., a consultancy has said.
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April 03, 2024
UK Regulators Propose Special Regime For Digital Securities
Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.
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April 03, 2024
Single Pensioner Income Inequality Found To Be Widening
Government data shows income disparity between rich and poor single pensioners is widening in the U.K. due to low earnings growth and rising housing costs, according to research by consultancy Broadstone published Wednesday.
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April 03, 2024
Watchdog Bans 'Misleading' Advertisements By UK Lender
The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade.
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April 03, 2024
Insurer Lands Battery Brand Pension Scheme In £44M Deal
Insurer Just Group said Wednesday it has completed a £44 million ($55.3 million) buy-in of a pension scheme sponsored by battery and lighting brand Energizer Group Ltd.
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April 02, 2024
La. Property Owners, Insurers To Arbitrate Hurricane Claims
A Hurricane Ida damage coverage dispute between seven New Orleans-area property owners and their insurers will be stayed pending arbitration, a Louisiana federal judge ruled, agreeing with the insurers that the policy's arbitration agreement is enforceable under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Expert Analysis
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Breaking Down The UK's Revised Corporate Governance Code
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
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Q&A
Back To School: Widener's Rod Smolla Talks Free Speech
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.
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When To Use Options Analysis In Damages Assessments
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
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Opinion
UK 'Unexplained Wealth Orders' Will Discourage Investors
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
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Brexit: Bracing For A No-Deal Scenario
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
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Considering Contract Termination Under English Common Law
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
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UK Corporations Face Growing Risk Of Class Actions
Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.
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Goldman Sachs Decision Raises Bank Failure Questions In UK
Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.
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Opinion
A Revolution For 3rd-Party Funding In The UK
Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.
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UK Seeks To Balance Asset Protection And Protectionism
In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.
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Is It Time To Prosecute UK Cos. For Human Rights Violations?
The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.
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6 Trends Will Shape Future International Commercial Disputes
The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.
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Fortis Case Confirms Viability Of Dutch Settlement Law
A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.
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UK Reflective Loss Rule Impedes Shareholder Recovery
The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.
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Opinion
Law360's Global 20 Doesn't Acknowledge Global Networks
While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.