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Insurance UK

  • February 6, 2019

    Hefty Mortgages Eating Into Pension Savings, FCA Says

    Workers are neglecting their pensions as they focus on paying off expensive mortgages later in life, the head of the Financial Conduct Authority told lawmakers on Wednesday, underscoring the cost of the U.K.'s housing crisis.

  • February 6, 2019

    FCA Reveals UK Investors Lost Over £197M To Scams In 2018

    Fraudsters tricked investors out of over £197 million ($255 million) in total through investment scams last year, the Financial Conduct Authority said on Wednesday, reporting that criminals are using increasingly sophisticated websites and social media channels to target their victims.

  • February 5, 2019

    No-Deal Brexit Means No FCA Info Sharing, EU Warns

    The European Union's securities regulator warned Tuesday that a no-deal Brexit will cause information sharing with the U.K.'s watchdog to come to an abrupt halt and could disrupt calculations meant to keep loosely regulated trading practices transparent. 

  • February 5, 2019

    EU Lawmakers Reach Deal To Simplify Derivatives Rules

    European lawmakers and member states reached an agreement on Tuesday to reduce costs for derivatives traders and exempt the smallest financial counterparties from having to go through clearing, the European Commission announced.

  • February 5, 2019

    UK Gov't To Plow Pension Investments Into Wider Economy

    The U.K. government could encourage defined benefit pension schemes overseeing a total of £60 billion ($78 billion) to invest in small companies, housing and green energy under proposals outlined by the Department for Work and Pensions on Tuesday.

  • February 5, 2019

    Watchdog Says It Lacks Powers To Prevent Bad Audits

    The head of the U.K.'s independent auditing watchdog said Tuesday it lacked the powers and the budget to effectively defend against the auditing failures behind a recent string of major corporate bankruptcies, including the collapse of the Carillion PLC contracting group under a massive pension deficit.

  • February 5, 2019

    Royal London Gets Nod For £1B Brexit Transfer Scheme

    A London judge Tuesday morning approved plans for Royal London Mutual Insurance Society, the U.K.'s largest mutual insurer, to transfer its £1 billion ($1.30 billion) European business to Ireland over concerns about the uncertainties surrounding a no-deal Brexit.

  • February 5, 2019

    Scor Warns Investor Against Slander After €8.2B Merger Fails

    The hostility surrounding a failed €8.2 billion ($9.4 billion) merger involving Scor SE deepened on Tuesday, with the French reinsurer rejecting assertions that it acted aggressively and warning a critical investor not to commit slander.

  • February 4, 2019

    Insurers, La. Cos. Settle $10M Row Over Tornado Coverage

    A slew of insurers have reached a deal to settle a $10 million coverage dispute over the destruction of a New Orleans warehouse in a 2017 tornado and have received a Louisiana federal judge's blessing to shelve the suit, according to court documents filed Monday.

  • February 4, 2019

    Ashurst Hires Partner For Europe Investment Funds Offering

    Ashurst LLP said Monday that it had added a partner to its international investment funds group in Luxembourg.

  • February 4, 2019

    A Million Pension 'Dippers' Hit With Harsh Tax, Firm Reveals

    More than a million savers who have dipped into their pension pots using controversial British rules have been caught by tough tax restrictions, according to findings by a British company specializing in retirement products.

  • February 4, 2019

    Investor 'Astonished' At Scor's Aggression Over Failed Merger

    Investment company CIAM has criticized Scor SE for threatening a barrage of lawsuits after a planned €8.2 billion ($9.4 billion) merger with a rival turned sour, accusing the French insurer of an “incredibly aggressive legal strategy.”

  • February 4, 2019

    Asset Managers Must Justify Fund Benchmarks, FCA Says

    The Financial Conduct Authority told asset managers and pensions advisers on Monday that they must explain to investors their reasons for choosing certain benchmarks when assessing a fund’s performance, in guidance aimed at helping consumers understand how their money is managed.

  • February 1, 2019

    Waste Co.'s Fire Insurance Trial Paused To Calculate Award

    A London judge has stayed a legal dispute over the amount an insurance company must pay in compensation to a recycling company over damage caused by a fire at the firm's plant in order to allow the two sides to try and agree on a figure outside of court.

  • February 1, 2019

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

    The last week has seen Vodafone take on Visa and Mastercard over how much they charge for credit and debit transactions, French Commercial reinsurer Scor SE hit Barclays with a fraud claim after the collapse of an €8.2 billion ($9.4 billion) merger, and two Lloyds syndicates duke it out over decades-old debts. Here, Law360 looks at those and other new claims in the U.K.

  • February 1, 2019

    Clyde & Co Nabs Ince & Co Attys, Opens Hamburg Office

    Global law firm Clyde & Co has grabbed four former Ince & Co. marine litigation partners and their teams, as the company also announced on Friday it is continuing to expand in Europe with the opening of an office in Hamburg.

  • February 1, 2019

    UK Insurer Faces Audit By Watchdog Over Data Violations

    Britain’s data watchdog said on Friday it will investigate an insurance firm owned by prominent Brexit campaigner Arron Banks over how it protects its customers' data as it confirmed that it has fined the company for sending illegal marketing messages.

  • February 1, 2019

    Big UK Pension Scheme Gets Back On Track, Regulator Says

    Britain's pensions regulator said Friday that one of the country’s largest pension schemes has invested contributions from more than 350,000 members and set up monitoring systems after the watchdog accused it of “serious and persistent administrative failings."

  • February 1, 2019

    FCA Signs Brexit Regulation Agreement With EU Watchdogs

    The Financial Conduct Authority said on Friday it has reached agreements with European Union supervisors to ensure they can exchange information, as it seeks to help prevent financial services firms from skirting regulatory change if Britain fails to secure a Brexit transition period.

  • January 31, 2019

    NFLer Didn't Miss Enough Plays For Policy Payout: Lloyd's

    Lloyd's of London has fired back against a suit by New England Patriots defensive end Deatrich Wise Jr. claiming he's owed $600,000 after missing hundreds of plays due to injuries, with the insurer telling a Texas state court because Wise never missed any full games, he's not eligible for coverage.

Expert Analysis

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

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    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Equity Partnership Isn’t What It Used To Be

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    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.

  • Breaching Policy Warranties Can Partially Void UK Coverage

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    The U.K. Commercial Court's recent decision in BlueBon v. Ageas highlights the need for policyholders to comply with all warranties, but also indicates that failure to comply may not necessarily invalidate an entire policy, says Richard Mattick of Covington & Burling LLP.

  • With The GDPR, The Dawn Of The New Normal Approaches

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    With the General Data Protection Regulation on the horizon, companies' GDPR governance should be set up to work seamlessly. Those with GDPR responsibilities should ensure that individuals' rights are accounted for and that employees do not become weak links in data security, says Maarten Stassen of Crowell & Moring LLP.

  • Issues To Watch For When Brexit-Proofing Your Contracts

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    While a great deal of uncertainty remains around Brexit, there will be challenges for all contractual parties in the U.K. and the EU as they approach existing and future contractual obligations, say Dipti Hunter and Kirsty O'Connor of PricewaterhouseCoopers LLP.

  • Identifying Cybersecurity Best Practices For Financial Firms

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    As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

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    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • UK Policyholders Must Beware Pre-Brexit Policy Transfers

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    Recent disclosures by U.K. insurance regulators have highlighted the possibility of an imminent flood of applications by U.K. insurers to English courts to transfer their policies to their EU-based affiliates. Policyholders affected by these transfers will need to scrutinize them closely, says Richard Mattick of Covington & Burling LLP.

  • Consider The Impact Of Carillion's Decline And Fall

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    In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.

  • Why Machine Learning Should Matter To Lawyers

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    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.