Insurance UK

  • March 06, 2024

    Gov't Cools Its Tone On Pension 'Pot For Life' Plans

    A U.K. government update on Wednesday on policy plans for pension pots for life for retirement savers appeared to signal a more cautious tone after pushback from the sector, financial experts have said.

  • March 06, 2024

    Lloyd's Says Women Hold 35% Of Top Insurance Market Jobs

    Lloyd's of London has said the proportion of women in leadership roles at the specialist insurance marketplace has now increased by three percentage points to 35%, fulfilling the short-term target it set in 2020.

  • March 06, 2024

    Ex-Managing Partner OKs £33K Costs In Failed Bias Claim

    A former managing partner of a law firm has agreed to pay £32,500 ($41,400) costs to his former company after a tribunal blocked his discrimination claims and ruled that he hid information while off work with cancer to boost his income.

  • March 06, 2024

    Pensions Watchdog Outlines New Funding Strategy Reporting

    The pensions watchdog has laid out new requirements for trustees when they report on their funding plans, as analysts warned of the growing regulatory burden on the sector.

  • March 05, 2024

    Hiscox Rolls Out 1st Tranche Of $150M Buyback Program

    Insurer Hiscox Ltd. on Tuesday started the first part of its share repurchase scheme worth up to a total $150 million, as it posted a record pretax profit.

  • March 05, 2024

    Spending Watchdog Warns BoE As Compliance Breaches Rise

    The U.K. public spending watchdog has urged the Bank of England to examine its controls after it found a significant increase in breaches of staff policies at the central bank.

  • March 05, 2024

    More Insurers Sued For $44M Over Plane Stranded In Russia

    An Irish aircraft operating company has added 24 reinsurers to its lawsuit that aims to claw back $44 million to cover the loss of a plane leased to a Russian airline and held there after the country's invasion of Ukraine.

  • March 05, 2024

    FCA Warns Firms To Remedy Failings In AML Controls

    The Financial Conduct Authority has fired off a warning to the chief executives of 1,000 firms it regulates for money laundering purposes, telling them on Tuesday to tackle failings in their controls.

  • March 05, 2024

    FCA Begins Crackdown On Poor-Value Insurance Products

    The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.  

  • March 05, 2024

    FCA Orders Total Pause On Asset Protection Insurance Sales

    The Financial Conduct Authority said Tuesday it has struck a deal with the remaining providers of guaranteed asset protection insurance to pause all sales as it examines whether the additional safeguard for policyholders offers value for money.

  • March 04, 2024

    5th Circ. Says Hurricane Coverage Battle Must Be Arbitrated

    A Louisiana property owner and its eight domestic insurers must arbitrate the owner's claims that they mishandled and delayed paying its Hurricane Laura property damage claim in bad faith, the Fifth Circuit ruled Monday, reversing a district court's decision that found an arbitration provision at issue unenforceable.

  • March 04, 2024

    McLaren Ups Claim Against Spanish Racing Driver To $31M

    McLaren Racing Ltd. has hiked its claim against Álex Palou, alleging that it lost an estimated $31 million when the Spanish driver walked away from their Formula 1 deal and signed with a competitor.

  • March 04, 2024

    Most UK Pension Schemes Offering Below-Inflation Increases

    Most defined benefit pension schemes are offering their members increases below inflation levels, prompting calls for discretionary payment boosts in light of funding improvements, pensions consultancy Broadstone said on Monday.

  • March 04, 2024

    FCA Warns Asset Managers To Follow Sustainability Rules

    The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.

  • March 04, 2024

    5 Questions For Peter Carter On Insider Dealing Prosecutions

    The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.

  • March 04, 2024

    Gov't To Require Pensions To Disclose UK Investments

    The U.K. government said it will require pension schemes to disclose how much they invest in U.K. businesses, as part of a wider effort to tap into the sector for economic growth.

  • March 04, 2024

    RPC Advises Aviva's Return To Lloyd's With £242M Deal

    British insurer Aviva PLC said Monday that it plans to return to the Lloyd's of London market after two decades through its £242 million ($307 million) acquisition of Probitas, an insurance group.

  • March 01, 2024

    Business Owners Fail To Prove COVID Impact, Insurer Says

    A pub landlord and seven other business owners have failed to prove that a case of COVID-19 occurred at each of their premises and caused its closure, therefore justifying insurance cover, Liberty Mutual Insurance Europe SE has said.

  • March 01, 2024

    Broker Marsh Expands Ukraine War Insurance Facility

    Insurance broker Marsh McLennan said on Friday that it is extending its Ukraine war risk insurance to cover ships carrying all non-military cargo, including containerized shipping, in support of the country's wider maritime industry.

  • March 01, 2024

    Greenwashing Risk Warning As EU Plans Benchmark Change

    European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.

  • March 01, 2024

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

    This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.

  • March 01, 2024

    FCA Says Grenfell Reinsurance Scheme Will Cut Premiums

    A new reinsurance scheme will reduce the cost of insurance for leaseholders in flats, the Financial Conduct Authority has said, as it seeks to bring down premiums that have risen steeply since the Grenfell Tower fire seven years ago.

  • March 01, 2024

    EU Watchdog Probes Low Natural Disaster Insurance Take-Up

    Europe's insurance regulator has found that reluctance among consumers to invest in natural catastrophe insurance is influenced by concerns about costs, a lack of clarity about policy terms and negative past experiences.

  • February 29, 2024

    Police Federation Liable For 9,500 Pension Payouts

    The Police Federation of England and Wales is on the hook to compensate thousands of its members after a group won its legal battle over a pension scheme that gave young officers worse benefits than older colleagues, a tribunal has ruled.

  • February 29, 2024

    FCA Plan To Name Suspect Firms Early Alarms Finance Sector

    Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.

Expert Analysis

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • How The Rise In Ransomware Is Affecting Business Insurance

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    Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.

  • Emerging Economic Effects From Russia-Ukraine War

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    While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.

  • How Will UK Use New Penalties For Debt-Dodging Directors?

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    Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.

  • Automated AML Compliance Tools Are No Silver Bullet

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    As financial institutions increasingly use automated tools for anti-money laundering compliance, attorneys at Covington discuss the risks of overreliance on such tools, regulatory expectations, potential liability and insurance coverage implications, as well as lessons from recent enforcement actions.

  • Issues To Watch In Potential English Arbitration Act Reform

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    Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.

  • UK's Vicarious Liability Juggernaut Shows Signs Of Slowing

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    In the last five years, U.K. court decisions have generally broadened the scope of vicarious liability, holding organizations responsible for individuals' crimes, but more recent decisions suggest that courts are finally taking steps to limit such liability, say Stephanie Wilson and Philip Tracey at Plexus Legal.

  • What 9th Circ. Arbitration Case May Mean For Insurance

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    If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

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