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Insurance UK

  • May 3, 2019

    Watchdogs Team To Stop Rogue 'Phoenix' Cos. From Rising

    The Financial Conduct Authority and other industry regulators announced on Friday that they are banding together to tackle failed rogue companies that rise from the ashes as a new business so they can skirt liabilities, which is known as “phoenixing.”

  • May 3, 2019

    Roofing Co. Tells Insurer It Did Not Spark £3.7M Pub Blaze

    A roofing company has denied claims by its insurer that it failed to prevent a blaze that tore through an English pub and caused £3.7 million ($4.8 million) of damage, according to documents filed at a London court.

  • May 2, 2019

    EU Enforcers Cite Growing Pains, Caution In GDPR Rollout

    European data protection chiefs shed some light Thursday on why they have been slow to issue fines under the General Data Protection Regulation, with the U.K. authority comparing the new regime to a "teething toddler" and Ireland's watchdog urging those seeking precedent-setting rulings to be patient.

  • May 2, 2019

    Lloyd's Insurer Sinks Coverage Fight Over La. Oil Spill

    A Lloyd's of London underwriting group doesn't have to cover oil and gas producer Apollo Energy's oil spill cleanup costs, a Louisiana federal judge ruled Wednesday, holding that Apollo waited too long to report its claim and dismissing the company's suit.

  • May 2, 2019

    Herbert Smith Nabs Disputes Boutique's Team In Madrid

    The entirety of Spanish boutique Arias SLP's team, including its founding partner, will soon join Herbert Smith Freehills LLP, bolstering the firm's Madrid litigation and arbitration group with their extensive disputes experience.

  • May 2, 2019

    Latham & Watkins Adds Insurance M&A Partner In London

    Latham & Watkins LLP announced that it has snagged a partner who specializes in insurance mergers, acquisitions and regulation from Linklaters LLP to join its London office.

  • May 2, 2019

    Major Broker Launches $1B Political Risk Insurance Program

    Willis Towers Watson has launched a “unique” $1 billion insurance program to protect investors from political risk, against a backdrop of rising protectionism and populist movements around the world, according to a managing director at the U.K.-headquartered brokerage giant.

  • May 2, 2019

    UK Insurer Admiral To Buy Spanish Digital Broker

    Admiral Group PLC announced Tuesday that it has partnered up with insurer MAPFRE SA and private equity firm Oakley Capital to purchase Spanish digital insurance broker Acierto.com.

  • May 2, 2019

    Investors Pull £12B From Equity Funds After Brexit Vote

    Investors have pulled £816 million ($1.1 billion) from U.K. equity funds this year, taking the amount they have withdrawn since the Brexit referendum in June 2016 to £12 billion, according to new data released on Thursday.

  • May 1, 2019

    Pemberton Raises €1B Strategic Credit Opportunity Fund

    Asset management firm Pemberton Capital Advisors said Wednesday that it has raised €1 billion ($1.1 billion) that it will use as part of its strategy to provide companies with acquisition or expansion financing.

  • May 1, 2019

    Lloyd's To Shake Up Digital Offering With 2 New Exchanges

    Lloyd’s of London said Wednesday that it plans to set up two new automated exchanges as part of a range of proposals aimed at responding to rapid technological advancement and changing demand from its insurance customers.

  • May 1, 2019

    AIG Must Cover DOJ Defense Contract Settlement, Court Told

    A company that builds temporary structures for events has sued the U.K. arm of American International Group Inc. in Wisconsin federal court to recoup money it agreed to pay the U.S. government to drop a civil fraud probe over allegedly unlawful military contracts, saying the insurer has wrongly denied coverage.

  • May 1, 2019

    Atty Blasts 'Unscrupulous' Insurer At Grounded Yacht Trial

    An Uruguayan insurer trying to dodge a $380,000 claim over losses allegedly sustained when a pleasure yacht ran aground on a sea reef and was looted by thieves was called unscrupulous by the attorney representing the yacht’s owner at start of the London trial Wednesday.

  • May 1, 2019

    FCA Launches Review Of Financial Advice Market

    Britain’s markets watchdog said Wednesday it was reviewing whether rules governing financial advice are working for consumers amid concerns that customers may be handing over cash to advisers for unnecessary services.

  • May 1, 2019

    Care Home Rejects Insurer’s Claim It Broke Law In £6M Suit

    A nursing home on a British coastal cliff suing Zurich Insurance PLC for more than £6 million ($7.8 million) for damage it says was caused by a post-storm landslide told a London court on Monday that the insurer wrongly claimed it was operating illegally.

  • April 30, 2019

    Paralyzed Woman Can Bring £9M Spanish Pool Suit In London

    A British woman paralyzed following an accident at a Mallorca resort can sue the hotel alongside a Generali insurance unit for £9 million ($11.71 million) in England even though both companies are in Spain, a London judge ruled Tuesday.

  • April 30, 2019

    Savers Withdraw Record £8.18B Under Pension Freedoms

    Retirement savers have purged their pension pots of a record £8.18 billion ($10.65 billion) since April 2018, government figures published Tuesday revealed, which is nearly double the amount withdrawn during the first year of controversial pension freedoms rules.

  • April 30, 2019

    Financial Planner Must Pay Redress Over Pension Advice

    A London court has ordered a financial planning company to pay compensation to a former client over advice it gave him about his pension arrangements, as it enforced a decision by the Financial Ombudsman Service from 2017.

  • April 30, 2019

    Driverless Cars Must Be Safe From Cyberattack, Insurers Say

    Driverless vehicles must have sufficiently tough security to protect them against cyberattack before they can be considered safe enough to steer themselves without a motorist at the wheel, Britain’s insurers said on Tuesday.

  • April 30, 2019

    BoE Prioritizes Fintech Push But Mindful Of Risk, Official Says

    The Bank of England stands ready to adopt new emerging technology, a senior figure said Tuesday, while acknowledging the bank would have to keep a close eye on the fast-growing sector to ensure financial activity does not move into unregulated areas.

Expert Analysis

  • A Victory For Legal Privilege In Cross-Border Investigations

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    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.

  • UK And EU Crawl Toward Virtual Currency Regulation

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    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.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

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    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.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

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    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

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    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

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    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • GDPR Compliance Questions For Blockchain Firms

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    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

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    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

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    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.

  • How Europe's AML Regime Is Tackling Virtual Currencies

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    The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.