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Insurance UK
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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February 29, 2024
MPs Quiz Watchdog On Chaos At Local Gov't Pension Fund
A group of senior MPs has asked the pensions watchdog about the steps it has taken to tackle disruption at a local government retirement fund where thousands of savers have faced delays in receiving their benefits.
Expert Analysis
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
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.
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Post-Pandemic Litigation To Expect In England And Wales
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.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
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.
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A UK Business View Of COVID-19's Economic Fallout
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.
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Remote Depositions Bring Ethics Considerations For Lawyers
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.
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Time For Presumptive Virtual Mediation In The UK
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.
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UK 'Property' Classification Boosts Confidence In Bitcoin
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.
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3 EU And UK Data Protection Tips During COVID-19
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.
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Novolex Case Brings Lessons On R&W Insurance
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.
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How Proposed EU Class Action Directive Could Affect Insurers
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.
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COVID-19 Insurance Considerations For UK Cos.
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.
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UK Group Data Breach Claims Pose Big Financial Risks
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.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
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.