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Insurance UK

  • February 26, 2019

    UK Reinsurer Issues World's 1st Terrorism Catastrophe Bond

    The world’s first catastrophe bond to cover the risk of terrorism has been issued in Britain, a reinsurer announced Tuesday, in a major test of regulations designed to help London crack the lucrative trade in insurance-linked securities.

  • February 26, 2019

    EU Proposals On Capital Demands Unnecessary, Insurers Say

    Insurers have said that proposals by the European Union to impose tougher requirements on the sector on capital reserves and reporting to regulators  are not necessary as they will duplicate the bloc’s existing capital regime.

  • February 26, 2019

    UK Gov't Will Allow Vote For Delay To Avoid Hard Brexit

    Theresa May said Tuesday she will accept delaying Brexit to prevent a no-deal departure from the European Union, marking a policy shift that would avert a regulatory vacuum if the prime minister fails to push her withdrawal agreement through Parliament by March 12.

  • February 26, 2019

    EU Could Turn Solvency II Against Britain, Insurers Warn

    European Union policymakers could “weaponize” the Solvency II capital regime to damage Britain’s insurance industry if the U.K. loses its influence in Brussels after Brexit, the director general of the Association of British Insurers has warned.

  • February 25, 2019

    Insurers Say $1M Harvey Coverage Row Can't Be Remanded

    A group of insurers and underwriters has urged a Texas federal court not to send a more than $1 million dispute over commercial property damage caused by Hurricane Harvey back to state court, arguing Monday that the court can't remand based on allegations the underlying arbitration agreement is unfair.

  • February 25, 2019

    FCA Watches For MiFID II Breaches On Research Pricing

    The Financial Conduct Authority is examining whether brokers are offering cut-price research to asset managers to allow them to bypass restrictions in the MiFID II directive on paying sweeteners, the regulator’s chief executive said on Monday.

  • February 25, 2019

    AXA Employee Sentenced For Selling Customer Data

    An employee of French insurance giant AXA SA and a former member of staff have been sentenced for their role in exploiting and selling hundreds of pieces of customer data, City of London Police said Monday.

  • February 25, 2019

    Zurich Says Care Home Co. Broke Law In £6M Insurance Row

    Zurich Insurance PLC has denied owing more than £6 million ($7.9 million) after a landslide damaged a clifftop care home in Jersey, and alleged that the operator of the residential building broke the law by failing to register with a local regulator.

  • February 25, 2019

    Developer Must Repay Zurich Insurance For Home Repairs

    A property developer must pay back Zurich Insurance PLC for picking up the tab on home repairs at a new-build project in England after a judge in London ruled on Monday that the bill had been submitted on time. 

  • February 25, 2019

    UK, US Regulators Build Brexit 'Bridge' For Derivatives

    British and U.S. market regulators said on Monday they will put emergency policies in place to help ensure that trading in derivatives contracts will not be disrupted in the event of a no-deal Brexit.

  • February 22, 2019

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

    The last week has seen a fashion designer and Icelandic bank take on HMRC, a fund manager sue a payments processor rattled by allegations of fraud and a host of shipping insurance providers and food companies file suit against cargo giant Maersk. Here, Law360 looks at those and other new claims in the U.K.

  • February 22, 2019

    FCA Flexes Antitrust Muscle With Unusual 1st Case

    The Financial Conduct Authority issued its first-ever fines under its four-year-old competition enforcement powers Thursday with a decision against three asset managers that extends the potential circumstances under which the sharing of information could raise serious antitrust issues — showing the watchdog is ready to test the reach of its powers.

  • February 22, 2019

    AXA's Beer Cargo Claim Against Maersk Put On Hold

    A London judge has paused a lawsuit brought by insurer AXA and a logistics company accusing Maersk Line AS of contract breaches associated with damages to approximately 5,000 packages of beer being shipped from Spain to Chile.

  • February 22, 2019

    Tokio Marine Insurance Faces £3.7M Claim Over Pub Fire

    An English pub and hotel owner has filed a multimillion-pound lawsuit against a roofing company and its insurer, Tokio Marine Kiln, seeking to claw back losses it allegedly suffered after repairmen from the company caused a fire at the property.

  • February 22, 2019

    Barclays ‘Misused’ Secrets For Takeover Bid, Reinsurer Says

    French reinsurer Scor SE has accused Barclays PLC of obtaining and using "highly confidential" information about its financial health while advising mutual insurer Covea on an attempted €8.2 billion ($9.4 billion) takeover last year that fell through and resulted in a flurry of litigation.

  • February 22, 2019

    UK To Maintain EU Ban On Risky Trading Products After Brexit

    A European ban on the sale of speculative derivatives products will be penned into British law when the U.K. leaves the bloc in March to protect domestic consumers from annual losses of almost £470 million ($612 million), the Financial Conduct Authority said Friday.

  • February 21, 2019

    FCA Sues Financial Consultant Over Unauthorized Advice

    A financial adviser has been sued by Britain's Financial Conduct Authority for allegedly providing unauthorized pension advice on investments in a bioethanol investment scheme that left savers approximately £1.2 million ($1.6 million) out of pocket when it collapsed.

  • February 21, 2019

    Investor Body To Shame Cos. With Pension, Diversity Issues

    An investment trade group vowed Thursday to name and shame companies that are failing to diversify their boardrooms or are paying directors disproportionately high pensions compared with other employees, in a bid to encourage businesses to abide by corporate governance rules.

  • February 21, 2019

    Don't Blame Motorist If Driverless Car Crashes, Insurers Say

    Motorists behind the wheel of driverless cars should not be held liable if they crash while the technology is in control of their vehicle, the insurance industry warned on Thursday, claiming that it would be unfair to expect drivers to intervene if the system fails.

  • February 21, 2019

    Broker Says Extra Work Entitles It To Fees In Loan Deal

    An intermediary suing a subsidiary of financial services group Close Brothers Group PLC at a London court has claimed it is entitled to payments from a premium finance broker agreement because it carried out extra work arranging loan advances from the lender to its clients.

Expert Analysis

  • Breaking Down The UK's Revised Corporate Governance Code

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    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

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    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

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    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

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    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • Brexit: Bracing For A No-Deal Scenario

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    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

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    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

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    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

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    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

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    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.

  • UK Seeks To Balance Asset Protection And Protectionism

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    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.