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Insurance UK
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February 07, 2024
Rise In Retiree Costs Is 'Wake-Up Call,' Ex-Minister Says
The rise in annual costs for U.K. retirees should be a "wake-up call" to the government and pensions industry, a former pensions minister said Wednesday as a trade body released new estimates for the cost of living in retirement.
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February 07, 2024
Gov't Must Rehire Axed Jobcentre Staffer, Pay Her £68K
A government department must reinstate an unfairly fired member of staff and pay her £68,000 ($86,000) in salary arrears after it ignored the effect of her medication on her actions when it carried out its botched misconduct investigation.
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February 06, 2024
Trade Bodies Want Delay On EU Sustainability Rule Changes
Trade bodies are putting pressure on the European Commission to coordinate how it plans to alter its sustainability disclosure regime, calling for a delay and a "period of stability" to ensure clarity and prevent regulatory overlap when it implements changes.
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February 06, 2024
Brown & Brown Acquires Insurance Broker Stewart & Partners
Insurance broker Brown & Brown (Europe) Ltd. said Tuesday it has bought 100% of the shares of Oxlea Investments Ltd., trading as Stewart & Partners, in a deal that will allow Brown & Brown to expand its range of products.
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February 06, 2024
Ex-Watchdog Boss Faults New Pension Funding Regulations
The U.K. government has missed an opportunity to better encourage pension schemes to invest in the economy in its revised funding regulations for the sector, a former policy boss at The Pensions Regulator warned.
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February 06, 2024
Insurers Call For Premium Tax Cuts, Flood Defense Spending
British insurers urged the government on Tuesday to reduce the premium tax rate and allocate more funds to flood defense in the spring Budget, moves they say will help ease the strain on consumers and businesses.
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February 06, 2024
EU Securities Watchdog To Get New ESG Rating Powers
The European Union's securities watchdog will gain new powers to regulate environmental, social and governance ratings providers under rules agreed by EU lawmakers.
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February 06, 2024
Burges Salmon Guides Insurance Co. In £72M Pension Deal
DAS Insurance has offloaded £72 million ($90 million) of its employee pension liabilities to Canada Life, in a deal steered by Burges Salmon LLP.
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February 05, 2024
Insurer Cuts Claim Against Cigna For Costs Of Missold PPI
PA (GI) Ltd. has cut its £36.7 million ($46.1 million) claim against Cigna to recover the costs of dealing with missold payment protection insurance for healthcare cover, following a London court order that it cannot recoup costs for life-related insurance policies.
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February 05, 2024
Pension Watchdog Warns Schemes After Capita Cyber Breach
The U.K.'s retirement savings watchdog has asked pension trustees to report cyber incidents to it on a voluntary basis, in the wake of a data breach at one of the U.K.'s largest scheme administrators.
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February 05, 2024
UK Could Have To Raise Pension Age To 71, Study Warns
The retirement age might have to rise to 71 in Britain by 2050 to maintain the number of workers per pensioner to sustain economic stability and the viability of pension systems, a specialist think tank said on Monday.
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February 05, 2024
Gov't Clarifies Pension Dashboard 'Deferral' Rules
The U.K. government has published guidance setting out under which circumstances pension schemes can delay connecting to new online retirement savings portals.
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February 05, 2024
Broker WTW Launches Insurance For Endangered Coral Reef
Insurance broker WTW said on Monday that it is launching a new policy designed to offer protection to the coral reef system in a group of islands in the South Pacific Ocean.
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February 05, 2024
Confidence In Pensions Outlook Dips In UK, Studies Show
Confidence in pensions and the overall outlook for retirement is declining in Britain, according to analysis published Monday, with concerns about allocated state payments in old age driving negative sentiment.
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February 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Dentons sued by a former high-profile partner in Saudi Arabia, Jaguar Land Rover rev its engine in the intellectual property court against automotive company HaynesPro, and the Russian National Reinsurance Company tackle a settlement with BOC Aviation over stranded aircraft. Here, Law360 looks at these and other new claims in the U.K.
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February 02, 2024
ED&F To Face £56M Trial Over Role In Danish Cum-Ex Fraud
Denmark's £56 million ($70.7 million) claim against ED&F over its alleged role in a fraudulent tax refund scheme can head to trial, a London judge ruled Friday despite finding that the Danish tax authority could have raised its new case against the broker earlier.
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February 02, 2024
Holiday Inn Owner, Insurers Settle Suit Over $11M Ida Award
A New Orleans Holiday Inn owner asked a Louisiana federal court to permanently dismiss its suit against three insurers over an $11.4 million arbitration award and related bad faith claims after the parties reached a settlement in January.
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February 02, 2024
'Unprecedented' Year Ahead For UK Pension Risk Transfers
The year ahead is poised to be one of "unprecedented change" for the U.K. pension risk transfer market, a consultancy has said, predicting more competition among insurers and increasing value of deals.
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February 02, 2024
EU Watchdog Warns Of High Level Of Pensions Risk Exposure
The European Union's pensions watchdog has warned that workplace pension schemes are exposed to high risks on market and asset returns, due to highly volatile bond markets.
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February 02, 2024
Pension Schemes Still Behind On Watchdog Code Prep
One quarter of defined benefit retirement saving schemes have not yet analyzed how they fall short of the requirements mapped out in the pension watchdog's new code of practice due to take effect next month, WTW said Friday.
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February 02, 2024
Quality Of Financial Reporting Still Mixed, Watchdog Says
The U.K.'s largest private companies still need to improve the quality of their financial reporting, especially for risk management, according to a review by Britain's accounting watchdog.
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February 02, 2024
HgCapital Trust To Invest £44M In German Insurance Broker
U.K. investment company HgCapital Trust PLC said Friday that it will invest £44.2 million ($56.4 million) in German insurance brokerage platform GGW Group to help it grow.
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February 01, 2024
Irwin Mitchell Not Liable For Helpline Advice To Future Client
A London appeals court on Thursday affirmed that law firm Irwin Mitchell LLP did not have a duty to advise a potential client that she needed to alert a tour operator following a life-threatening accident abroad, even though she lost the opportunity to potentially recover more than £1 million ($1.27 million).
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February 01, 2024
Accounting Watchdog Flags Barriers To Entry For Audit Firms
Britain's accounting regulator said Thursday that the audit market still has steep barriers to entry, holding back the level of competition and choice in the sector.
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February 01, 2024
Greenwashing Risk Hurting ESG Funds, EU Watchdog Says
Europe's financial markets watchdog has warned that greenwashing risks are hurting the growth of environmental, social and corporate governance funds, potentially damaging investor confidence.
Expert Analysis
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Why Proper Document Redaction May Be An Ethical Duty
Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.
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Why The Flood Of GDPR Litigation Has Been Delayed
Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.
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Opinion
Law Schools Should Be More Like Medical Centers
Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.
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Opinion
Courts Are Getting It Right On Litigation Funding Discovery
Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.
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Worldwide Freezing Orders Can Backfire Without Proper Care
Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.
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UK Litigation And Guidance Highlight Cybersecurity Risk
Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.
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2 BVI Cases Explore Scope Of Proper Purpose Test
Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.
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Last-Minute Brexit Preparations For EU Financial Firms
As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.
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What To Expect From Serious Fraud Office In 2019
The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.
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UK Privacy Rules That Can Catch You Off Guard
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 2
With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.
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Autonomous Vehicles And UK Product Liability Law: Part 1
Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.
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A Victory For Legal Privilege In Cross-Border Investigations
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.
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UK And EU Crawl Toward Virtual Currency Regulation
The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.
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Is Equifax Data Breach Penalty A Sign Of Fines To Come?
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.