Insurance UK

  • June 21, 2024

    Travelers Denies Liability Over Arson Risk In Fire-Loss Row

    Travelers Insurance Company Ltd. has denied it is liable for losses claimed by a building operator after fires destroyed its warehouse in Scotland because the company failed to disclose the property had previously suffered an arson attack.

  • June 21, 2024

    Lloyd's Delays Next Phase Of Modernization Plan

    Lloyd's of London said Friday it has pushed back the launch of its next modernization program, saying that delays to testing have meant it is no longer safe to go live as planned in October. 

  • June 21, 2024

    European Funds Want Laxer Rules On Derivatives Calls

    A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.

  • June 21, 2024

    Next UK Gov't Urged To Ease Private Healthcare Insurance Tax

    Whoever wins the U.K. election on July 4 should introduce tax breaks on private medical insurance to relieve pressure on the National Health Service, a consultancy warned Friday.

  • June 20, 2024

    Pensioners Still Taxed With 'Triple Lock Plus,' LCP Says

    The ruling Conservative Party's pledge to add a tax break to the anti-inflation "triple lock" on pensions would still mean that 2.5 million U.K. pensioners will be taxed, consultancy Lane Clark & Peacock LLP said Thursday.

  • June 20, 2024

    WTW Says Professional Trustee Appointments Up 11%

    Professional trustee appointments have surged by 11% over the past year, with corporate sole trustee appointments rising at 14%, according to WTW's 2024 professional trustee survey published Thursday.

  • June 20, 2024

    Aegon Plans ESG Shakeup Of £12B Workplace Pension Fund

    Pensions provider Aegon on Thursday announced a raft of measures to overhaul its £12 billion ($15.2 billion) workplace retirement fund, as it plots to reduce its carbon emissions and invest more in unlisted assets.

  • June 20, 2024

    Financial Watchdog Launches First-Ever ESG Probe Into Biz

    The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.

  • June 20, 2024

    Law Firm Disputes Pension Deal Capacity Concerns

    Most small retirement savings plans have little trouble carrying out an insurance transaction, a law firm has found, despite fears of a capacity crunch in the pensions deals market.

  • June 19, 2024

    Trade Body Sets Up Committee For M&A Insurance Market

    A trade body for underwriters said Wednesday that it has launched a committee on specialist insurance to cover risk associated with mergers and acquisitions, amid a surge in such policies being written from London.

  • June 19, 2024

    EU Gov'ts Agree Position On Simpler Data-Sharing Rules

    European Union governments agreed where they stand on new rules on Wednesday to help most financial regulators in the bloc to share data, with more efficient reporting by watchdogs and companies.

  • June 19, 2024

    Plane Not 'Lost' In $15M Stranded Jet Row, Chubb Says

    Chubb European Group SE has said it is not liable for $14.7 million claimed by the Irish wing of a U.S. aircraft leasing company to cover the claimed loss of a plane stranded in Russia because the insurer says it is not actually lost.

  • June 19, 2024

    Fieldfisher Steers £165M Mineral Biz Pension Deal

    Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.

  • June 19, 2024

    Zurich Buys 70% Stake In Indian Insurer For $670M

    Swiss insurance giant Zurich said Wednesday that it has bought a 70% stake in Kotak Mahindra General Insurance for $488 million, the largest foreign investment in India's general insurance market since 2021.

  • June 18, 2024

    Insurers Appeal COVID ExCeL Biz Insurance Test Case Ruling

    Insurers launched an appeal on Tuesday to overturn a landmark test case ruling that would provide cover for COVID-19 lockdowns for thousands of companies with "at-the-premises" business interruption wording in their policies.

  • June 18, 2024

    Insurers Deny Stranded Planes Are 'Lost' In $45M Claim

    A range of insurers have said they are not liable for $44.9 million claimed by an Irish aircraft operating company to cover the loss of planes stranded in Russia because they argue the airline business has not suffered any loss.

  • June 18, 2024

    Lifeboat Scheme Names PwC As Partner For Claims Service

    The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.

  • June 18, 2024

    EU Finance Watchdogs Call For Improved Sustainability Rules

    The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.

  • June 17, 2024

    Smaller Insurers Predicted To Benefit From Solvency Changes

    Changes to the U.K.'s capital requirement regime that raises the threshold at which firms must comply could offer smaller insurers that are no longer bound to the regulations more opportunities for growth, Broadstone said Monday.

  • June 17, 2024

    Addleshaw Goddard Steers Refinancing For Injury Law Firm

    Personal injury firm Fletchers Solicitors said Monday it has struck a refinancing deal with Legal & General-backed asset manager Pemberton, in an agreement steered by Addleshaw Goddard LLP.

  • June 17, 2024

    Finnish Insurer Sampo Makes $4.7B Offer For Topdanmark

    Finnish insurance group Sampo PLC said Monday that it will buy the remaining shares in Topdanmark that it does not own in a deal that values the Danish insurer at $4.7 billion.

  • June 17, 2024

    Political Parties Urged To Accelerate Financial Inclusion

    An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.

  • June 14, 2024

    'Riverdance' Star Can't Step Around $30M Estate Arbitration

    Dancer Michael Flatley must arbitrate his €30 million ($32 million) claim against Hiscox over allegations of defective work on his estate in County Cork, an Irish court ruled Friday, saying there is nothing unfair about enforcing the policy's arbitration clause.

  • June 14, 2024

    Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud

    Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.

  • June 14, 2024

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

    This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.

Expert Analysis

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.

  • Recent Trends In European ESG-Related Shareholder Activism

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    New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.

  • How Insurance Policies Can Cover Generative AI Risks

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    As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

  • 4 Compliance Considerations Under FCA Consumer Duty

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    Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

  • Opinion

    Russia Ruling Should Lead UK To Review Sanctions Policy

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    The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.

  • Pension Plan Amendment Power Lessons From BBC Ruling

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    The High Court's recent ruling in BBC v. BBC Pension Trust upheld an unusually restrictive fetter on the pension scheme's amendment power, which highlights how fetters can vary in degrees of protection and the importance of carefully considering any restriction, says Maxwell Ballad at Freeths.

  • UK Securitization Reform Opts For Modest Approach, For Now

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    Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.

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