Insurance UK

  • January 15, 2024

    UK Pension Compensation Rises As Gilt Yields Fall

    Compensation due to those wrongly advised to transfer out of their defined benefit pension has risen for the first time in two years, actuarial consultancy OAC said on Monday, as yields on government bonds fell over the latter stages of 2023.

  • January 12, 2024

    Insurers Win Appeal Over Transfer Of Contract Rights

    A London appeals court ruled on Friday that a Japanese insurance company can bring a claim over the delayed delivery of aircraft under a contract it was not originally party to, finding that rights reassignments "by operation of law" are not the same as those made "by any party."

  • January 12, 2024

    MPs To Quiz Gov't, Regulator Chiefs In City Sexism Probe

    Government ministers and senior regulators will face questions from lawmakers as part of a larger parliamentary probe into whether enough is being done to root out sexism and misogyny in the financial services sector.

  • January 12, 2024

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

    This past week in London has seen Lawrence Kurt Solicitors involved in a professional negligence claim from housing association Midlands Living, soft-drinks producer Britvic file intellectual property proceedings against Blue Ice Machines, and proceedings against three individuals filed by Iran's state-owned oil and gas company. Here, Law360 looks at these and other new claims in the U.K.

  • January 12, 2024

    Broker Gallagher Buys UK Education Mutual Biz

    U.S. insurance giant Arthur J. Gallagher & Co. has said it has bought MC Mutual Management Services Ltd. as it looks to build on its public sector brokerage portfolio.

  • January 12, 2024

    PRA Eyes Cyber, Claims Inflation As Insurance Risks In 2024

    Insurers must ensure that they are adapting to underwriting for cyberattacks and claims inflation, among other risks in the sector the Prudential Regulation Authority has said it will put under the spotlight in 2024.

  • January 12, 2024

    Brodies Guides On War Risk Insurance For Ukrainian Exports

    Scottish law firm Brodies LLP has said it has advised Ukraine's Export Credit Agency on a novel war risk insurance process, providing cover to shipowners and vessel charterers and allowing the country to ship goods across the Black Sea as the war with Russia continues.

  • January 11, 2024

    Dyson Loses €176M EU Damages Claim Over Energy Labelling

    The European Union's highest court threw out on Thursday an attempt by Dyson to get €176.1 million ($193 million) in compensation for an EU Commission vacuum cleaner energy efficiency regulation it had successfully fought, saying its breach of the bloc's law was not serious enough.

  • January 11, 2024

    Treasury Plans Way To Make Sector Fund Small Bank Rescues

    HM Treasury proposed Thursday to introduce a mechanism that would allow the Bank of England to force the banking sector to pay to rescue small financial firms that collapse.

  • January 11, 2024

    Clarity On State Pension Needed Before Election, Aegon Says

    Politicians from all parties in the U.K. must clarify their plans for the state pension and other retirement savings commitments ahead of the general election due later this year, Aegon's pensions director said Thursday, amid official figures highlighting Britain's aging population.

  • January 11, 2024

    Watchdogs Consider Lowering Levy Cap For Lifeboat Fund

    Britain's financial watchdogs are weighing whether the Financial Services Compensation Scheme can charge regulated firms up to £108.1 million ($138 million) a year for its operating costs, a £1.7 million reduction from the maximum amount the lifeboat fund may levy for the financial year ending in March.

  • January 11, 2024

    EU Financial Watchdogs Investigating AI Pre-Trade Controls

    The European Union's financial watchdog said Thursday that it has launched a bloc-wide probe with national regulators into how investment companies that use algorithmic trading are preventing erroneous trades after the flash crash of May 2022.

  • January 11, 2024

    Pension Watchdog Says Data Rules Might Need Changing

    The Pensions Regulator said that legislative change may be needed to prevent pension schemes from falling foul of privacy laws in communications with their members.

  • January 11, 2024

    Lloyd's Syndicate Sues For At Least $90M Over COVID Losses

    A Lloyd's of London syndicate has sued several underwriters and insurance companies for at least $90 million to recover losses it claimed it incurred when the COVID-19 pandemic shuttered venues across the U.S. and U.K.

  • January 11, 2024

    CMS Hires Clifford Chance Disputes Pro In Dubai

    CMS has appointed James Abbott, a Clifford Chance lawyer, as partner at its Dubai office, a move it believes will strengthen its practice in the Middle East.

  • January 10, 2024

    Pensions Watchdog Staff Resume Strike Action Over Pay

    Workers at the U.K. pensions watchdog started 12 days of strikes on Wednesday after negotiations failed to produce a settlement over pay demands, their union said.

  • January 10, 2024

    New Governance Standards For Pension Plans Published

    The Pensions Regulator published Wednesday long-awaited regulations designed to drive up governance standards for trustees of pension schemes.

  • January 10, 2024

    FCA Warns Adviser After 'Reckless' Pensions Advice

    The Financial Conduct Authority has issued a pensions adviser with a warning for allegedly encouraging clients to transfer assets into unsuitable retirement savings arrangements.  

  • January 10, 2024

    Dubai Brokerage Beats Manager's Claim For Worker Status

    The Manchester Employment Tribunal has tossed an operations manager's claim that he held worker status at a financial services firm, ruling that he was self-employed because the company had no control over him or his work.

  • January 10, 2024

    Insurer Buys 2 European Liability Portfolios

    Specialist insurance company Compre Group on Wednesday said that it has acquired two portfolios of European casualty and motor liabilities in two separate deals, reinsuring approximately €200 million ($219 million) of reserves across France, Germany, Italy and the Netherlands.

  • January 10, 2024

    New Pensions Funding Code Will Allow 'Productive Finance'

    The U.K. pensions minister told a parliamentary committee on Wednesday that new funding regulations will allow defined benefit pension schemes to consider higher-risk finance in their long-term investment strategies.

  • January 10, 2024

    UK Pensioners Missing Out On State Benefits, Survey Finds

    Nearly eight in 10 pensioners who own their homes are failing to claim their full entitlement to means-tested state benefits, a financial services retirement specialist has said, as it urged retirees to check their eligibility.

  • January 09, 2024

    Lloyd's Loan Fight Over Ex-MLB Pitcher Sent To Arbitration

    A California federal judge ruled Tuesday that a $3.16 million dispute between loan service provider RockFence Baseball LLC and Lloyd's of London underwriters must go to arbitration over certain questions related to the coverage of a former Minnesota Twins pitcher.

  • January 09, 2024

    Glencore Denies Hiding Bribery Scheme From Investors

    Glencore PLC has denied owing investors compensation for failing to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, telling a London court that none of its board of directors was aware of any misconduct at the time.

  • January 09, 2024

    Signature Signs Up Arbitration Pro From Dechert In Paris

    Signature Litigation LLP has bolstered its growing arbitration practice in Paris with a veteran partner from Dechert LLP whose expertise ranges from energy to telecommunications.

Expert Analysis

  • 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.

  • How UK Data Breach Ruling May Rein In Insurance Claims

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    The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.

  • 2nd Circ. Arbitral Award Ruling Signals Restrictive Approach

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    The Second Circuit's recent ruling in Gater Assets v. Moldovagaz, reversing a default judgment arbitration award on jurisdictional grounds, fortifies U.S. court protections for foreign states and state-owned entities, and forecasts the court's conservative approach to when nonparties can be bound by arbitration agreements, say attorneys at Cleary.

  • Lloyds EU Operations Highlight Challenges For UK Insurers

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    Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

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