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Insurance UK

  • April 24, 2019

    Puerto Rico Insurer Argues Against Arbitration In $150M Suit

    A $150 million reinsurance fight over Puerto Rico's damage from hurricanes Maria and Irma cannot be arbitrated without breaking the island's laws, the Puerto Rican insurer Integrand told a federal court Tuesday.

  • April 24, 2019

    Key UK Pension Reforms Delayed By Brexit-Distracted Gov't

    Key U.K. pensions reforms risk long delays as the government is consumed by the protracted Brexit process, with new powers for The Pensions Regulator and plans to centralize workers’ savings data being forced to the legislative back burner.

  • April 24, 2019

    Insurers Must Adapt To Automation Risks, Lloyd's Says

    The rapid acceleration of automation means that societies could become reliant on robots and artificial intelligence for everything from surgery to picking fruit, and insurers need to change their business models accordingly, according to new reports released Wednesday by Lloyd's of London. 

  • April 24, 2019

    Britain Begins Search For Next BoE Head

    U.K. Chancellor Philip Hammond has started searching for the next governor to take the helm of the Bank of England, as current chief Mark Carney is set to leave next year, the government announced Wednesday.

  • April 24, 2019

    Property Owners Sue Insurer, Builders Over 'Flawed' Work

    The owners of a multimillion-pound home in London's commuter belt have sued contractors and insurer CNA over the allegedly botched construction of a timber-framed pool house and gym designed by an architect, according to court documents. 

  • April 23, 2019

    2 Insurance Brokers Aim To Duck Volcano Damage Class Suit

    Two Hawaii insurance brokers urged a federal court Monday to free them from a proposed class action alleging they left homeowners unprotected during a 2018 volcanic eruption by steering the residents to buy Lloyd’s of London policies that excluded lava damage coverage.

  • April 23, 2019

    McCarthy Denning Adds 3 Banking And Finance Lawyers

    London-based McCarthy Denning announced on Tuesday that it has bolstered its banking practice with three experienced financial services lawyers.

  • April 23, 2019

    Greek Bank Denies Botching Insurance Payout In Tanker Row

    A Greek lender suing the owners of a damaged oil tanker for failing to repay $8.1 million in loans and interest has told a London court that it acted fairly when it settled an insurance claim on their behalf for just a fraction of the potential payout.

  • April 23, 2019

    FCA To Seek To Lower Compliance Burdens After Brexit

    The Financial Conduct Authority will seek to reduce compliance burdens for U.K. firms and move away from a strictly “rules-based approach” to interpreting European legislation after Britain exits the European Union, the regulator’s chief executive signaled Tuesday.

  • April 23, 2019

    UK Regulator Warns Pension Plans Over Statement Lapses

    Britain's pensions regulator warned trustees overseeing workers' retirement schemes on Tuesday that they must write airtight annual statements or face penalties after two fines were recently upheld in court.

  • April 23, 2019

    Reinsurer Hannover Re Joins Rivals In Move Away From Coal

    German reinsurance giant Hannover Re SE has said it will scale back the coverage it provides to new coal-fired power plants or coal mines, joining a growing industry move away from fossil fuels.

  • April 23, 2019

    Cyberattack Reports Surge To 61% in 2018, Insurer Reveals

    There was a “sharp increase” in the number and the cost of cyberattacks in 2018, insurer Hiscox said on Tuesday, as it warned that more than three in five companies reported security breaches.

  • April 22, 2019

    NRA Says NY Regulator Is Impeding Its Lloyd's Subpoenas

    The National Rifle Association has asked for a New York federal court's help subpoenaing material from Lloyd's of London underwriters for the organization's lawsuit alleging New York authorities have tried to snuff it out, saying the state's financial services regulator is interfering with discovery by resisting service of those subpoenas.  

  • April 22, 2019

    Hogan Lovells Snags Drinker Biddle M&A Atty In Philly

    A prominent dealmaker in the insurance business and former leader at Drinker Biddle & Reath LLC has plans to expand his global reach after joining Hogan Lovells in Philadelphia this month, he said.

  • April 19, 2019

    Lloyd's Syndicates To Pay $22M To End Antitrust Claims

    Several Lloyd's of London syndicates have agreed to pay $22 million to settle class claims they were conspiring with insurance brokers to conceal exorbitant commissions and the anti-competitive nature of their market, according to a filing Friday in New Jersey federal court.

  • April 19, 2019

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

    The last week has seen private equity giant Terra Firma sue its former CEO, the FSCS take on shuttered investment manager Bentley-Leek, and an Italian insurer lodge a commercial fraud claim against a financial services firm that lost its U.K. authorization. Here, Law360 looks at those and other new claims in the U.K.

  • April 18, 2019

    $8M Hurricane Harvey Insurance Claim Sent To Arbitration

    Insurers knee-deep in a dispute over an $8.4 million Hurricane Harvey-related property damage claim can take the matter into arbitration, a Texas federal judge has ruled, following a magistrate judge's recommendation earlier this month.

  • April 18, 2019

    Gov't Releases Guide To End Pension Gender Discrimination

    The U.K. government published a road map on Thursday aimed at helping pensions trustees prevent unequal retirement payouts to women following a landmark decision against Lloyds Banking Group PLC last year.

  • April 18, 2019

    EU Gives Green Light To Blocwide Laws On Covered Bonds

    The European Parliament approved new rules on Thursday that will create a framework across the European Union for financial instruments backed by a pool of assets, which it said will give consumers easier access to mortgages and other loans.

  • April 18, 2019

    FCA Says Complaints Dip As Insurance Claims Deadline Nears

    Complaints from unhappy financial services customers have fallen for the first time in three years, the City watchdog said Thursday, as the number of Britons hurrying to claim they were missold controversial payment protection insurance before the August deadline finally begins to slow.

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.