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Insurance UK
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August 06, 2024
Pension Body Urges Sector Tech Overhaul After CrowdStrike
The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.
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August 06, 2024
Eversheds Steers Sale Of Kodak Unit By Pensions Lifeboat
The U.K. Pension Protection Fund has sold a business unit of photography giant Kodak to U.S. private equity firm Kingswood Capital Management in a deal steered by Eversheds Sutherland and Kirkland & Ellis LLP.
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August 06, 2024
Alternative Investor Great Point Enters Into Liquidation
Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.
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August 06, 2024
Brown & Brown Buys Trade Credit Insurance Specialist
Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.
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August 05, 2024
Most Pension Plans Unclear On Members' Retirement Income
Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.
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August 05, 2024
EU Regulator Floats Capital Tweaks For Smaller Insurers
Europe's insurance watchdog has proposed new rules on regulatory breaks for smaller insurers amid a wider shakeup of rules on capital adequacy for the market.
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August 05, 2024
FRC Tightens Accounting Guidance, Extends It To Listed Firms
Britain's accounting watchdog on Monday proposed tighter guidance for directors to assess whether a company is a "going concern" and broadened its application to the largest listed companies, after some high-profile corporate failures.
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August 05, 2024
Gov't Warned Over Tapping Pensions For Economic Growth
The Labour government must remember that the "primary role" of pensions is to support retirees in later life amid growing efforts to use the trillion-pound sector to drive economic growth, Royal London has warned.
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August 05, 2024
Brake Put On Motor Insurance Prices For First Time In 2 Years
The average cost of comprehensive motor insurance eased for the first time in two years in the second quarter of this year, and dropped 2% to £622 ($793) from £635 in the first quarter, according to data published Monday by U.K. insurers.
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August 05, 2024
Royal London Plans Broader Entry Into Pension Deals Market
Insurance giant Royal London said it plans to enter the wider bulk annuity market in 2024 after insuring two of its own staff pension plans.
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 02, 2024
FCA To Allow Flexible Use Of Unclaimed Investment Assets
The Financial Conduct Authority said Friday it has changed its rules to enable companies such as banks and insurers to release dormant investment assets and client money into a scheme to find their owners or support U.K. growth through good causes.
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August 02, 2024
HCR Law-Led Howden Hits Right Note With Allianz Music Buy
Howden Group Holdings Ltd. has agreed to buy the musical insurance book of Allianz UK as the U.K. broker looks to broaden its global business.
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August 02, 2024
Broker Sails Away With Marine Insurer From Zurich UK
A subsidiary of Ardonagh Group Ltd. has bought boat insurance specialist Navigators & General from Zurich UK, as it looks to broaden its horizons in the maritime insurance sector.
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August 02, 2024
CMS Guides Legal & General On £1.1B Essity Pension Deal
Legal & General has covered £1.1 billion ($1.4 billion) of pension liabilities for the U.K. business of Essity, a maker of hygiene and health products, in a move to secure the benefits of 5,900 retirees and 3,600 deferred members of the workplace savings plan.
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August 02, 2024
BNP Paribas To Buy Axa's Investment Manager For €5.1B
BNP Paribas SA has said it will buy an investment management subsidiary from French insurer Axa SA for €5.1 billion ($5.5 billion) to create a combined platform with €1.5 trillion of assets under management.
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August 01, 2024
City Firms To Invest Up To £20B Of Pension Funds In UK Biz
Phoenix Group and Schroders have announced plans to invest as much as £20 billion ($25.7 billion) of pension money into private markets over the next decade in line with wider industry commitments to direct retirement savings capital toward the British economy.
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August 01, 2024
EU Watchdog Warns Of Risk From Global Crypto-Asset Firms
Europe's financial markets watchdog has warned national regulators to address the risk that global crypto groups may seek authorization in the European Union to obtain clients unlawfully and expose them to non-EU-regulated services.
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August 01, 2024
Natural Catastrophe Losses In 2024 Hit $62B, Munich Re Says
Total global insured losses caused by natural catastrophes reached $62 billion in the first half of 2024, Munich Re has reported, a figure that significantly surpasses the 10-year average of $37 billion for half-year data.
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August 01, 2024
Early Pension Dips Raise Long-Term Concerns, Insurer Says
Pensions insurer Just Group has said official government statistics showing that seven in 10 people taking flexible payments from their pensions are younger than 65, raising questions about the sustainability of retirement savings in later life.
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August 01, 2024
Accounting Standards Setter Eyes Better Climate Reporting
A global accounting standards setter has proposed "new illustrative examples" to improve how companies report climate change-related uncertainty and other factors in their financial statements.
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August 07, 2024
RPC Recruits New Insurance Partner From Womble Bond
Reynolds Porter Chamberlain LLP has hired Christian Charlesworth as an insurance partner from Womble Bond Dickinson (UK) LLP to join its office in the southwestern English city of Bristol.
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July 31, 2024
SFO Eyes Potential £237M Legal Bill For ENRC Misconduct
The Serious Fraud Office has registered a potential £237.7 million ($305 million) payment to ENRC for damages over findings that its officers encouraged a former partner at Dechert LLP to divulge confidential information about alleged corruption at the Kazakh miner.
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July 31, 2024
Crashes Top $15B Aviation Insurance Claims, Allianz Says
Plane crashes and collisions accounted for almost two thirds of the aviation insurance claims valued at $15 billion in the last five years, according to a report by German insurer Allianz SE published Wednesday.
Expert Analysis
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FCA Pension Scheme Case Highlights Issues Ripe For Reform
The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.
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What An Organization Can Do To Protect Its Supply Chains
In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.
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German Draft Bill Reflects Trend Toward New Antitrust Tools
A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.
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How Counsel Can Effectively Lead Data Breach Investigations
More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.
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What EU Oil Spill Insurance Ruling Means For UK Arbitration
A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.
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UK Claim Limitation Ruling Is A Tentative Win For Insurers
A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.
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Why Risk-Based Employee Conduct Policies Are Advisable
In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.
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A Trusted Cybersecurity Framework Is Imperative For Lawyers
The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.
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The New EU Data Act Proposal Raises Several Questions
In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.
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Preparing For FCA's New Appointed Representative Rules
The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.
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Opinion
A Better Gov't Response To Pensions Misselling Is Needed
To finally clamp down on the pensions misselling we have seen emerge of late, such as the recent scandal involving a Qualifying Recognized Overseas Pension Scheme, a robust regulatory regime is needed to put an end to inadequate enforcement and unwise legislative innovation in U.K. pensions law, says Ben Rees at Keller Postman.
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A Review Of The New UK Financial Services And Markets Bill
In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.
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How Greenwashing Litigation Is Affecting Financial Services
A rising demand for sustainable investment is likely to lead to an increase in claims of greenwashing, where a company's marketing falsely portrays its output as producing positive environmental outcomes, which carries risks for investors and insurers, says Kirsty Finlayson at Browne Jacobson.
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FCA Consumer Duty Shows Shift In Retail Financial Services
The Financial Conduct Authority’s newly published guidance on consumer duty sets higher expectations of the standard of care that financial firms give retail customers, meaning boards and senior management should expect to be held accountable for embedding a culture in which consumers' needs come first, say Claire Carroll and Sumitra Subramanian at Eversheds Sutherland.
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Pandemic Rent Ruling Is A Blow To Commercial Tenants
The recent U.K. Court of Appeal decision in London Trocadero v. Picturehouse demonstrates that even exceptional COVID-19-related circumstances will not induce courts to interfere with a previously considered allocation of risk between parties or imply terms in a contract, says Gurpreet Sanghera at Simkins.