Insurance UK

  • February 21, 2024

    Pension Climate Reporting Has 'Failed To Shift UK Investment'

    The government's climate reporting regime for pensions providers has failed to produce a meaningful shift in investment behavior away from fossil fuels, experts warned lawmakers on Wednesday.

  • February 21, 2024

    FCA Targeting Failings In Consumer Duty Compliance

    Some financial companies are lagging in their compliance with the Consumer Duty rules that came into effect in 2023, Britain's City watchdog said in a paper outlining areas requiring improvement.

  • February 21, 2024

    Burges Salmon Leads Insurer's £11M Spar Pension Deal

    Insurer Just Group said on Wednesday that it has completed an £11 million ($13.8 million) pension buy-in transaction with Spar (UK) Ltd., in a deal guided by Burges Salmon LLP.

  • February 20, 2024

    Fire Brigade Workers Fight To Overturn Pensions Loss

    The firefighters union urged an appeals court on Tuesday to overturn its failed bid to prove that HM Treasury unfairly distributed costs when compensating workers who had received unlawful pensions in the past, arguing that the policy caused sex, age and race discrimination.

  • February 20, 2024

    Addleshaw Goddard Hires ESG Expert From Clifford Chance

    Addleshaw Goddard LLP has recruited an environmental, social and governance specialist from Clifford Chance LLP as a partner in its London office, bolstering the law firm's ability to advise on sustainability issues.

  • February 20, 2024

    Insurers Fight To Overturn 'Mixed Injury' Compensation Ruling

    Britain's highest court wrestled on Tuesday with how motorists bringing so-called mixed injury claims should win compensation from insurers, in landmark test litigation that could affect thousands of other cases.

  • February 20, 2024

    EU Negotiators Adopt Rules To Widen Market Data Access

    The European Union adopted rules on Tuesday that give investors across the bloc equal access to updated share and bond prices, as well as trading data, in the final step before these changes enter legislation.

  • February 20, 2024

    Pension Transfers Could Cost Savers £70K In Retirement

    Pensioners-to-be in the U.K. could lose about £70,000 ($88,500) in retirement when transferring their pension pot due to a lack of understanding of key information such as financial charges, according to recent research.

  • February 20, 2024

    Pension Numbers Shrink As Funding Grows, Watchdog Says

    The number of defined benefit pension schemes in the U.K. has decreased by 2% since 2022, according to a report published Tuesday by The Pensions Regulator that shows that funding levels for retirement savings plans are continuing to improve.

  • February 19, 2024

    Insurers Detail Plans To Free £100B Amid Solvency Changes

    Developing more consistent long-term decarbonization plans will help accelerate infrastructure investment of £100 billion ($126 billion) after the U.K. overhauls the capital adequacy rules for insurers, a report said on Monday.

  • February 19, 2024

    AmTrust Hikes Counterclaim To £14M In Legal-Funding Fight

    Insurer AmTrust has boosted its counterclaim against Novitas to £14.4 million ($18.1 million), alleging it paid out to the legal loans company under after-the-event litigation policies that were unenforceable and did not comply with regulations.

  • February 19, 2024

    FCA Secures Bankruptcy Order Against Pension Promoters

    The Financial Conduct Authority has said it has secured bankruptcy orders against a pair of pensions promoters in a move to cover a £10.7 million ($13.5 million) restitution order for creditors.

  • February 19, 2024

    NatWest Begins £300M Share Buyback As Profits Soar

    NatWest Group PLC said on Monday that it has launched a share buyback program worth up to £300 million ($380 million) as the financial services group looks to reduce its shareholder equity after posting a surge in profits.

  • February 19, 2024

    Lloyd's Confirms Claire Schrader As General Counsel

    Lloyd's of London said on Monday that it has appointed Claire Schrader as general counsel on a permanent basis after she held the position temporarily when her predecessor stepped down in August.

  • February 16, 2024

    Insurers Reject WRBC Corp.'s $90M COVID-19 Losses Claim

    A group of underwriters and insurance companies have denied they owe at least $90 million claimed by a Lloyd's of London syndicate to cover COVID-19 losses, arguing they have met their obligations, having already paid out around $26.6 million.

  • February 16, 2024

    Law Firm Loses Over Solicitor's Pension On Maternity Leave

    A London-based commercial law firm discriminated against an associate solicitor because she was on maternity leave and forced her to resign by making baseless criticisms about her performance, a tribunal has ruled.

  • February 16, 2024

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

    This past week in London has seen a legal battle erupt between JPMorgan and the founder of a Greek payments company following a dispute over the valuation of their jointly owned fintech business, the children of late Russian oligarch Vladimir Scherbakov face a claim by Fieldfisher LLP, the Director of Education and Training at the Solicitors Regulation Authority tackle a claim by two solicitors, and train operator First MTR South Western Trains file a claim against a security company. Here, Law360 looks at these and other new claims in the U.K.

  • February 16, 2024

    Stephenson Harwood Hires Regulatory Pro In Corporate Boost

    Stephenson Harwood LLP has appointed regulatory lawyer Christophe Boucherie as a partner in its London office, a move it believes will strengthen its corporate practice.

  • February 16, 2024

    UK Pension Annuity Sales Hit £5.2B In 2023, ABI Says

    The total value of pension annuities for consumers jumped by almost 50% to £5.2 billion ($6.6 billion) in 2023, a trade body said Friday, a rise fueled in part by rising interest rates.

  • February 16, 2024

    Claims Managers Are Clouding Regulatory Status, FCA Warns

    Claims management companies are failing to distinguish between regulated and unregulated activity, which can mislead consumers into thinking that it all enjoys the same protection, according to a review by the Financial Conduct Authority.

  • February 15, 2024

    Gallagher Denies Liability In $7.3M Cargo Reinsurance Claims

    Insurance broker Gallagher has denied owing insurers $7.3 million for allegedly failing to pay money owed under a reinsurance contract covering decades-old cargo losses, saying it has already paid out the sums required.

  • February 15, 2024

    City Lobby Calls For Tax Cuts, Investment Reform In Budget

    The U.K. government should cut taxes on banking, make it easier for firms to list as public companies and create a new investment office to boost competitiveness, according to a leading financial lobby.

  • February 15, 2024

    Claimant Body Denies Injury 'Epidemic' Before Court Appeal

    Insurers have widely exaggerated the rise in the number of so-called mixed tariff injuries, a trade body for the claimant sector said on Thursday, as the U.K.'s highest court prepares for hearings next week on how to compensate people who have been affected.

  • February 15, 2024

    FCA Quizzes Top Firms On Advice Services Fees

    The Financial Conduct Authority said Thursday it has written to 20 of the largest financial adviser firms to gauge how those businesses charge clients after giving advice amid its broader focus on ensuring customers are treated fairly.

  • February 15, 2024

    Osborne Clarke Steers £114M Standard Life Pension Deal

    Standard Life said Thursday that it has completed a £114 million ($143 million) buy-in transaction guided by Osborne Clarke LLP to acquire the pensions of around 1,800 members of the Vector Pension Scheme.

Expert Analysis

  • UK Appellate Rulings Clarify Arbitral Choice Of Law

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    Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.

  • Post-Pandemic Litigation To Expect In England And Wales

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    Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of ‎contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A UK Business View Of COVID-19's Economic Fallout

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    Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.

  • Remote Depositions Bring Ethics Considerations For Lawyers

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    Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.

  • Time For Presumptive Virtual Mediation In The UK

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    While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.

  • 3 EU And UK Data Protection Tips During COVID-19

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    Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.

  • Novolex Case Brings Lessons On R&W Insurance

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    A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.

  • How Proposed EU Class Action Directive Could Affect Insurers

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    Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.

  • COVID-19 Insurance Considerations For UK Cos.

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    Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias

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    In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.

  • Rebuttal

    Legal Industry Should Pursue AI Prediction Progress

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    As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

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