Insurance UK

  • April 22, 2024

    Trader Behind £1.4B Fraud Thought Trades Were Valid

    A British trader accused of being the mastermind of a fraudulent trading scheme that cost Denmark's tax authority £1.4 billion ($1.7 billion) genuinely believed that the trades worked, his lawyer told a London court on Monday.

  • April 22, 2024

    Complaints Of Closed Bank Accounts To Ombudsman Surge

    Customer complaints to the Financial Ombudsman Service about closure of or refusal to open bank accounts have risen sharply in the last year, particularly from businesses, according to figures recently released by a select group of members of Parliament.

  • April 22, 2024

    Aviva Paid Over £413M In Group Protection Claims In 2023

    Aviva paid out more than £413.7 million ($509.6 million) in group protection claims to employees and their dependents in 2023, up from £373.9 million in 2022, according to a company report published Monday.

  • April 22, 2024

    FCA To Consider Big Tech Data-Sharing With Finance Firms

    The Financial Conduct Authority said on Monday it will examine how Big Tech's access to data could be valuable to firms in the finance sector if it reveals consumers' preferences, and will consider setting out incentives to encourage information-sharing.

  • April 22, 2024

    FCA Defends Response To British Steel Pension Scandal

    The Financial Conduct Authority on Monday said it took "appropriate regulatory action" amid complaints over its handling of the British Steel Pension Scheme transfer scandal and would not uphold any of the grievances it has received over its approach.

  • April 22, 2024

    Pension Lifeboat Says Gov't Plans Could Create £10B Finance

    The pensions compensation fund said that plans to give it a new role as a consolidator of smaller retirement schemes could result in an additional £10 billion being plowed into U.K. growth assets.

  • April 22, 2024

    FCA Urged To Halt Plan To Publicize Enforcement Probes

    The Financial Conduct Authority's plan to name the firms it probes and publish information about investigations at an earlier stage risks an unjustified departure from the "fundamental principle" of being innocent until proven guilty, a House of Lords committee warned in a letter published Monday.

  • April 19, 2024

    Insurers Push To Arbitrate Hurricane Damage Case

    An arbitrator should decide whether a Louisiana property owner's hurricane damage claims must be arbitrated, a group of surplus lines insurers argued in urging the Second Circuit to reject a New York district court's reliance on the circuit's precedent to find the arbitration clause at issue unenforceable.

  • April 19, 2024

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

    This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.

  • April 19, 2024

    Car Insurance Still 'Historically High' Despite Price Dip

    British motorists are still paying "historically high prices" for car insurance despite the cost of cover falling by 5% on average during the first quarter of 2024, broker WTW has said.

  • April 19, 2024

    Gov't Urged To Drop Plans For Small UK Pension Pots

    The government must abandon its controversial plans to tackle the proliferation of small pension pots and instead revisit a solution that was passed into law a decade ago, a consultancy said Friday.

  • April 19, 2024

    EU Firms Say Strict ESG Rules Risk Chasing Off Clients

    Large banks have warned the European Union's banking regulator that its proposed guidelines for managing sustainability risks are too demanding and could drive clients away to banks outside the bloc.

  • April 18, 2024

    Insurers Face Appeal Over Refusal To Cover Bribery Loss

    A holding company took its fight for an insurance payout to the Court of Appeal on Thursday, urging justices to force its insurers to cover its claim for losses it sustained when its acquisition of a construction contractor went south due to bribery and corruption allegations.

  • April 18, 2024

    City Pushes For UK Regulators To Be Globally Competitive

    A body representing U.K. financial services called Thursday for a new post-Brexit international framework to compare regulators' performance and their impact on competitiveness.

  • April 18, 2024

    'Long Journey Ahead' On Dashboard Readiness, LCP Says

    Pension scheme trustees must finalize plans to be ready for the launch of a long-awaited dashboard program designed to connect savers with lost pots, a consultancy has said, warning that many still have a "long way to go."

  • April 18, 2024

    Insurance Broker Jensten Builds £170M Acquisition War Chest

    Private equity-backed insurance broker Jensten Group said Thursday it has secured £170 million ($211 million) in funding for a series of planned acquisitions.

  • April 18, 2024

    Direct Line Allots £100M For Auto Customer Compensation

    Direct Line has set aside £100 million ($125 million) to compensate customers who might not have received a fair valuation for their written-off vehicles, amid a broader push by the Financial Conduct Authority to ensure better practice in the sector.

  • April 18, 2024

    Insurer Group Warns Of Creating State Pensions Consolidator

    The U.K. trade body for insurers said on Thursday that turning the Pension Protection Fund into a state-backed consolidator for smaller retirement plans would be a major and unjustified intervention.

  • April 18, 2024

    Pensions Ombudsman Probing 6 Multimillion Pound Scams

    The pensions arbitration body has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal. 

  • April 17, 2024

    Firefighter, Doctor Unions Lose Appeal Over Pensions Swap

    Trade unions representing firefighters and doctors lost an appeal Wednesday to help their members recover losses resulting from a change to pension plan rules after justices concluded that HM Treasury had the right to pass the cost on to scheme members.

  • April 17, 2024

    FCA Warns Of 'Waterbed Effect' In Action On Premium Finance

    The Financial Conduct Authority said on Wednesday it is concerned about a "waterbed effect" if it leans on insurers over premium finance, which could see prices rise for other policyholders elsewhere.

  • April 17, 2024

    Insurers Deny Liability In €403M Nord Stream Pipeline Claim

    Two insurers have argued that the damage caused to two Baltic Sea gas pipelines hit by explosions is not covered under their policies with the lines' operator, and they are therefore not liable for over €403 million ($429 million) claimed to cover repairs.

  • April 17, 2024

    UK Savers Report £2B Lost From Pensions Since 2019

    The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.

  • April 17, 2024

    Standards Setter Proposes Steps To Boost Non-Bank Liquidity

    A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.

  • April 17, 2024

    Construction Co. Settles £5M Bathroom Fault Insurance Claim

    A major construction company has settled its £5.1 million ($6.3 million) claim against four insurers that allegedly failed to cover the costs of repair damage caused by faulty bathroom floor designs.

Expert Analysis

  • 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.

  • Unpacking The Building Safety Act's Industry Overhaul

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    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.

  • A Rare Look At Judicial Interpretation Of LEG Exclusions

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    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.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    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.

  • Breaking Down The New UK Pension Funding Regs

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    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.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • Employers Can 'Waive' Goodbye To Unknown Future Claims

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    The Scottish Court of Session's recent decision in Bathgate v. Technip Singapore, holding that unknown future claims in a qualifying settlement agreement can be waived, offers employers the possibility of achieving a clean break when terminating employees and provides practitioners with much-needed guidance on how future cases might be dealt with in court, says Natasha Nichols at Farrer & Co.

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