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Insurance UK
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March 12, 2025
Gov't Confirms Date For Local Gov't Pension 'Megafunds'
The U.K. government has confirmed it plans to stick to the deadline of March next year for all assets in the highly fragmented Local Government Pension Scheme to be pooled into larger, regulated funds.
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March 12, 2025
Regulatory Rollback Gathers Pace As Programs Axed
The City watchdog has dropped three of its top regulatory initiatives, responding on Wednesday to industry criticism and government pressure to boost competitiveness and economic growth.
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March 19, 2025
Pierson Ferdinand Hires Former Magistrate From Walkers
Pierson Ferdinand LLP has recruited Daniel Hayward-Hughes, a former magistrate and associate with Walkers, as a junior partner in its international disputes practice as the firm continues to grow its London office a year after its launch.
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March 12, 2025
Great Lakes Denies Liability For £1.26M Crane Damage
An insurance company involved in a row over damage caused by a crane in a property in an Essex industrial estate said it is not liable for the £1.26 million ($1.63 million) claimed because the incident happened in a private warehouse.
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March 12, 2025
FCA Drops Plan To 'Name And Shame' Firms It Investigates
The Financial Conduct Authority said Wednesday that it has scrapped its proposals to publicly identify companies at an early stage in enforcement investigations as the watchdog responds to widespread resistance from the sector.
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March 12, 2025
UK Watchdogs Drop Diversity And Inclusion Regulation Plans
The financial services watchdogs have walked back plans to introduce new regulations for diversity and inclusion policies, saying on Wednesday that they hope to avoid duplicating existing regulation and legislative guidelines.
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March 12, 2025
L&G Launches £500M Buyback, Reports 6% Rise In Profits
Legal & General Group PLC said Wednesday that it plans to line shareholders' pockets with £500 million ($647 million) over 2025 as it reported a 6% rise in core operating profits for 2024.
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March 11, 2025
AXA Says Santander Was In 'Driving Seat' In £670M PPI Trial
Insurance giant AXA said at the start of a £670 million ($867 million) London trial Tuesday that Santander should compensate it for what it has paid out dealing with claims for missold payment protection insurance because the Spanish bank's subsidiary was "in the driving seat."
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March 11, 2025
Over-50s Regret Not Taking Pension Seriously, Study Shows
A quarter of those over the age of 50 said they regret not taking their pension more seriously at a younger age, according to research from insurance giant Aviva that comes amid increased warnings about Britons not saving enough for retirement.
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March 11, 2025
UK Regulators Seek AI Guidance From Industry
Britain's financial and data regulators have reached out to U.K. trade bodies and business chief executives for guidance on how to provide regulatory certainty on artificial intelligence.
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March 11, 2025
Norway Insurer Gjensidige To Buy Home Cover Rival For $40M
Gjensidige Forsikring ASA said Tuesday it has agreed to acquire home coverage specialist Buysure AS and its subsidiary for up 430 million Norwegian krone ($40.4 million), as the insurance company moves to diversify its business.
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March 11, 2025
Brokers Fail To Address Liquidity Risks, City Watchdog Finds
The City watchdog has found that many brokers in Britain which trade in securities or commodities are failing to identify potential risks to their liquidity that could be sparked by crises in the markets such as war or a bank collapse.
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March 11, 2025
Nationwide To Pay £600M In Rewards After Virgin Money Deal
Nationwide Building Society said Tuesday that it plans to reward its members with a total of £600 million ($775 million) after completing its £2.9 billion takeover of rival lender Virgin Money UK.
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March 10, 2025
PIB Insurance Group Acquires Litigation Insurer Litica
PIB Group said Monday it has bought litigation insurance provider Litica in the latest in a string of acquisitions announced by the U.K.-based business over recent months.
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March 10, 2025
Eversheds Guides Canada Life £361M Pension Scheme Deal
Insurer Canada Life Ltd. said Monday it has finalized a buy-in transaction with a U.K. pension scheme worth £361 million ($465 million).
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March 10, 2025
FCA Finds Firms Prioritizing Sales Over Consumer Outcomes
Some companies in the financial services sector are coming up short under the Consumer Duty regime by prioritizing sales over good customer outcomes, according to a review by the City watchdog.
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March 10, 2025
FRC Launches Tool To Boost Access To Company Data
Britain's accounting watchdog on Monday said it has launched a new digital tool it said would improve free access to company reporting data.
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March 10, 2025
Aviva Finalizes £4.8M Buy-Out For Defunct Fruit Distributor
Aviva PLC said Monday it has finalized a bulk purchase annuity buy-out with a pensions scheme for a now-defunct U.K. fresh fruit distributor A Gomez Ltd. for £4.8 million ($6.2 million).
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March 07, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an Iranian oil company sued for $95 million, Betfred hit with a lawsuit from a property company and NHS England face a human rights claim brought by a man detained under the Mental Health Act for over 20 years. Here, Law360 looks at these and other new claims in the U.K.
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March 07, 2025
Gallagher's $13.5B AssuredPartners Deal Faces FTC Inquiry
Arthur J. Gallagher & Co. announced Friday that federal regulators requested additional information, for a second time, on its $13.5 billion acquisition of independent insurance brokerage AssuredPartners, extending the waiting period under the Hart-Scott-Rodino Act until 30 days after the firm complies with the request.
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March 07, 2025
EU Regulator Eyes Harmonized AML Enforcement
Europe's banking regulator wants the European Union's planned anti-money laundering watchdog to harmonize enforcement across member states, penalizing rule breaches against categories of severity.
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March 07, 2025
Howden Sued For £20M Over Hotel Chain's COVID Losses
The owner of a string of boutique hotels has said Howden Insurance Brokers Ltd. must pay out over £20.4 million ($26.4 million) for failing to arrange adequate insurance cover that allegedly left it short when the COVID-19 pandemic took hold and shuttered sites.
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March 07, 2025
EU Fund Managers Push For More Competitive Regulations
Europe's fund managers have called for more regulatory consistency across the European Union to help restore competitiveness, removing unnecessary rules as well as making environmental, social and governance data more reliable.
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March 07, 2025
Debevoise Helps Resolution Life Cover $9.7B Of Annuity Risk
Resolution Life said Friday that it will take on $9.7 billion worth of insurance risk for Protective Life Corp. to help the U.S. group manage complex life and annuity products.
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March 07, 2025
FCA Awaits Gov't Answer To City Consumer Duty Pushback
The Financial Conduct Authority is waiting for the government to clarify how much consumers can be exposed to risk in favor of more growth-focused regulation as the watchdog faces push back from the sector against its flagship consumer protection program.
Expert Analysis
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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The Art Of Corporate Apologies: Crafting An Effective Strategy
Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
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.
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3 Notable Pensions Reforms In Spring Budget
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.
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UK Arbitration Ruling Offers Tips On Quelling Bias Concerns
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.
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Bias Ruling Offers Guidance On Disqualifying Arbitrators
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.
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Insurance Policy Takeaways From UK Lockdown Loss Ruling
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.
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What COVID Payout Ruling Means For Lockdown Loss Claims
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.
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Spartan Arbitration Tactics Against Well-Funded Opponents
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.
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Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases
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.
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Unpacking The Building Safety Act's Industry Overhaul
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.
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A Rare Look At Judicial Interpretation Of LEG Exclusions
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.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
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.
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Breaking Down The New UK Pension Funding Regs
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.