Insurance UK

  • 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.

  • February 15, 2024

    UK Gov't Asks Financial Regulators To Review AI Policing

    The government said on Thursday that it has told financial markets regulators to publish an update by April 30 on how they will police artificial intelligence.

  • February 15, 2024

    Fintech Expert Appointed To FCA Board For 3-Year Term

    HM Treasury said Thursday it had appointed Bryan Zhang, an expert in financial technology and open banking, to the Financial Conduct Authority's non-executive board for an initial term of three years.

  • February 15, 2024

    Addleshaw Goddard Adds BoE Deputy GC To Finance Team

    Addleshaw Goddard said on Thursday that it has hired the Bank of England's deputy general counsel as a partner to bolster its financial services regulation team in London.

  • February 14, 2024

    BDO Sues Insurance Broker Over Unpaid M&A Advisory Fee

    Accounting firm BDO LLP has sued KGJ Insurance Services and three of its directors over claims they failed to pay out for the advisory services BDO provided the insurance broker as it looked for a new buyer.

  • February 14, 2024

    UK Access Rules Too Burdensome, Say European Funds

    An association for Europe's investment managers has asked the Financial Conduct Authority to make its planned regime giving European funds "equivalent" access to U.K. markets less burdensome, given similar requirements do not exist for U.K. funds.

  • February 14, 2024

    Insurers On Hook After Top Court Rules On Credit Hire Claims

    The cost of motor claims for insurers could rise after Britain's highest court ruled on Wednesday that they have to pay additional damages to replacement car hire companies after a road traffic accident, although experts say there could still be a silver lining. 

  • February 14, 2024

    FCA Flagged 10,000 Misleading Financial Ads In 2023

    Britain's finance watchdog has ramped up its fight against misleading financial advertisements, reporting on Wednesday that it intervened to have more than 10,000 promotions posted online without proper authorization pulled or amended in 2023.

  • February 14, 2024

    Broker WTW Works With Maths Lab On Catastrophe Modeling

    Insurance broker WTW unveiled a new collaboration on Wednesday between its research network and the London Mathematical Laboratory to improve how it predicts natural disasters such as earthquakes or hurricanes and deals with the consequences.

  • February 14, 2024

    Insurers Must Pay Out On Third-Party Hire Car Losses

    Insurers must cover rental income lost by car hire firms when their vehicles are involved in accidents, the U.K.'s highest court ruled on Wednesday in a case that is likely to add major costs for the insurance industry.

  • February 13, 2024

    Insurance Broker Escapes £2.6M Claim From Foundry Client

    A London judge has dismissed an investment advisory firm's bid to collect £2.6 million ($3.2 million) from its insurance broker for problems that allegedly nullified the foundry's coverage for an industrial site.

  • February 13, 2024

    EU Eases Rule Enforcement On Best Price For Clients

    The European Union financial markets regulator said on Tuesday that it expects all national watchdogs "not to prioritize" taking supervisory action against investment companies that fail to comply with certain rules to report how they achieved the best terms for clients.

  • February 13, 2024

    UK Pension Surplus Dips Slightly To £425B

    The total surplus of U.K. pension schemes dipped by £2.8 billion ($3.5 billion) over the past month, the sector's lifeboat scheme revealed Tuesday, but experts say the changes are unlikely to dim appetite for insurance de-risking transactions.

  • February 13, 2024

    New Panel Set Up To Promote UK Fund Investments

    A panel of pensions, venture capital and private equity experts has been established to boost returns for savers and support economic growth by encouraging funds to invest in fast-growing businesses, the British Private Equity and Venture Capital Association said on Tuesday.

  • February 13, 2024

    Post-Election UK Pension Changes Could Be In The Fine Print

    Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

  • February 13, 2024

    One In Four Retirees 'Not Checking State Pension Forecast'

    Pensioners-to-be should check their state pension pots to avoid a "nasty surprise," a retirement specialist said on Tuesday as it published a survey showing that many opt not to look at their forecast before retiring.

  • February 12, 2024

    Proskauer Hires Sidley Austin's Funds Head In London

    Proskauer Rose LLP has brought aboard a new partner with years of experience at the helm of Sidley Austin LLP's investment funds practice, to co-lead its global credit funds and sovereign wealth funds initiatives.

  • February 12, 2024

    Marine Insurer Skuld Cancels Red Sea 'War Risks'

    A Norwegian marine insurance provider issued a cancelation notice for certain war risks on Monday after some of its reinsurers ended their cover for policyholders amid attacks on commercial ships in the Red Sea.

  • February 12, 2024

    UK Gov't Pushed To Reform Audit As Delays Cause Delistings

    A governance trade body has urged the government to proceed with abandoned audit reform proposals, claiming the delays have led to companies delisting from the London Stock Exchange.

  • February 12, 2024

    FCA Tells Firms To Bear Brunt Of Policing Financial Crime

    The City watchdog has said that companies must tackle financial crime by giving it better data that could lead to assertive supervision and enforcement action. But lawyers have told Law360 that this would put an even greater cost burden on companies.

  • February 12, 2024

    Pension Reform Key For UK Savings Shortfall, Report Says

    Allowing workers to access some of their pension pots before retirement as well as increasing savings contributions could support scores of Britons who do not have enough saved for immediate challenges or for later life, a think tank said Monday.

Expert Analysis

  • Shifting From Technical To Clear Insurance Contract Wordings

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

  • FCA Consumer Duty May Pose Enforcement Challenges

    Author Photo

    The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.

  • How The OECD Global Tax Proposal Could Affect M&A

    Author Photo

    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • What Trustees Must Know About Virgin Media Pension Case

    Author Photo

    The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.

  • Trustees Should Take Caution After UK Pension Tap Plan

    Author Photo

    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Factors Driving Increased Litigation Against European Cos.

    Author Photo

    European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

    Author Photo

    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Insurance UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!