Insurance UK

  • June 12, 2024

    Reinsurers Escape $41M Claim Over Taliban Warehouse Loss

    A logistics company that lost its warehouse to the Taliban cannot claim $41 million from reinsurers because under the "clear wording" of its policy it was not covered for loss caused by seizure, a London court ruled Wednesday.

  • June 12, 2024

    Fix Pension Transfer Rules As 'Matter Of Urgency,' Gov't Told

    The Department for Work and Pensions must take immediate and urgent action to address a string of "unnecessary points of friction" around pension transfer flagging rules, wealth management company Quilter PLC said Wednesday.

  • June 12, 2024

    Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal

    Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.

  • June 12, 2024

    Rule Changes Proposed To Revive EU Securitizations

    A European body for financial institutions has warned that regulation is suffocating the securitization market as it proposed a five-point plan to revive it as part of the Capital Markets Union to get investments flowing across member states.

  • June 12, 2024

    Insurer L&G Plans £200M Share Buyback To Boost Returns

    Legal & General Group PLC on Wednesday said it will launch a £200 million ($255 million) share repurchase program as it unveiled plans to boost returns for investors and focus on core areas of its business.

  • June 12, 2024

    Marsh Unit Buys $66B UK Pensions Provider Cardano

    A unit of U.S. professional services giant Marsh McLennan has bought $66 billion U.K. pensions provider Cardano, in a deal guided by Norton Rose Fulbright LLP.

  • June 11, 2024

    Travers Smith Recruits Funds Partner From Blackstone

    Travers Smith LLP said Tuesday that it had hired a retailization specialist from Blackstone Inc.'s credit and insurance arm as a partner, fortifying its ability to advise fund managers on products previously only available to financial institutions.

  • June 11, 2024

    Tory Tax Cut Plans Raise Questions On Funding Gaps

    The prime minister unveiled plans for £17.2 billion ($21.8 billion) in tax cuts at the launch of the Conservative Party's election manifesto on Tuesday, but a headline cut of two percentage points in the payroll tax was put off for three years — and funding plans left some experts unconvinced.

  • June 11, 2024

    FCA Eyes Consumer Impact Of New Legal Cooperation Rules

    The Financial Conduct Authority has set out how it is working with the Financial Ombudsman Service and other bodies under a new duty of legal cooperation required by the Consumer Duty and changing payments regulations.

  • June 11, 2024

    EU Insurers Face Fair Value Scrutiny, Moody's Warns

    Life insurers across the European Union are under mounting pressure from the bloc's regulators to demonstrate that their products provide customers with fair value, according to a rating agency's new report published Tuesday.

  • June 11, 2024

    Industry Groups Want Post-Election Pensions Review

    The next government must urgently carry out a review of pension savings adequacy soon after taking power in order to stave off a looming retirement crisis, a coalition of industry bodies and experts warned.

  • June 11, 2024

    Sunak Pledges Further Tax Cuts In Election Manifesto

    Rishi Sunak said on Tuesday that his Conservative Party would establish a tax system that "rewards work" by slashing a range of levies if it wins the general election, including another cut in the national payroll tax by 2027.

  • June 10, 2024

    BDO Denies Failing To Help In £18.5M Insurance Broker Sale

    Accounting firm BDO LLP has rejected an insurance broker's claims that it is not entitled to payment for merger and acquisition advice because it failed to propose or introduce the buyer that eventually purchased the broker for £18.5 million ($23.6 million).

  • June 10, 2024

    Next Gov't To Face Tough Pension Decisions, IFS Warns

    The next government will need to make some urgent decisions on pension reforms to ensure future retirees are protected, an influential think-tank has warned ahead of the July 4 general election.

  • June 10, 2024

    European Financial Body Calls On UK To Clarify AML Reforms

    A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.

  • June 10, 2024

    Lib Dems Vow To Raise Capital Gains Tax For UK's Wealthiest

    The U.K.'s third-largest political party vowed on Monday to raise taxes on the country's wealthiest individuals if it wins the next election, in a bid to raise £5 billion ($6.4 billion) for the National Health Service.

  • June 10, 2024

    DWF Guides Brown & Brown Buy Of NI Broker Rollins

    Insurance giant Brown & Brown Europe Ltd. said Monday it has bought Oscar Rollins & Co. Ltd., a broker based in Northern Ireland, in a deal steered by its in-house legal team and DWF Law.

  • June 10, 2024

    10% Of Early Pension Dippers Regret Withdrawals

    Approximately one in 10 retirees aged 55 and older who withdrew money from their pension before retirement said they regretted doing so, a retirement savings company said on Monday.

  • June 10, 2024

    What Tax Experts Hope To See In Labour's Manifesto

    Labour's policy manifesto, expected to be unveiled on Thursday, will be studied by tax lawyers for more detail on the fiscal planning being carried out by the clear favorite to win the general election, including a final word on lifetime pension savings.

  • June 07, 2024

    Former Allianz Unit Exec Admits Role In $6B Fund Fraud

    A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.

  • June 07, 2024

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

    The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.

  • June 07, 2024

    Trio Make First Appearance In FCA's £8M Pension Fraud Case

    Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.

  • June 07, 2024

    Financial Adviser Gets 8 Years For Legal Funding Fraud

    A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.

  • June 07, 2024

    'Squeezed Middle' Pension Schemes Urged To Be Flexible

    Defined benefit pension schemes with assets between £10 million ($12.7 million) and £250 million are the new "squeezed middle" in the retirement savings market, Hymans Robertson has said, encouraging those plans to remain flexible amid the challenges they face.

  • June 07, 2024

    30% Of UK Workers Unsure How To Access Pensions

    An estimated 30% of British workers are unsure about their retirement options and worry about how to access their savings, according to a study published by TPT Retirement Solutions Ltd.

Expert Analysis

  • How Law Firms Can Handle Challenges Of Mass Claims

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    With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Insurance Ruling Stresses High Hurdle To Fix Policy Wording

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    In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • What Cos. Should Know About The EU Greenwashing Rules

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    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.

  • The Art Of Corporate Apologies: Crafting An Effective Strategy

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    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.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    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.

  • What To Know About The Russia-Stranded Plane Ruling

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    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.

  • 3 Notable Pensions Reforms In Spring Budget

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    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.

  • UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

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    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.

  • Bias Ruling Offers Guidance On Disqualifying Arbitrators

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    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.

  • Insurance Policy Takeaways From UK Lockdown Loss Ruling

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    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.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    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.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    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.

  • Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

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    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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