Insurance UK

  • October 18, 2024

    Trade Body Calls For FCA To Clarify UK Rules On PEPs

    A trade body for financial institutions called Friday for the Financial Conduct Authority to clarify in proposed amendments to guidance when firms should treat U.K. politically exposed persons and linked entities as lower risk.

  • October 18, 2024

    Gowling Steers Engineering Biz On £70M Aviva Pension Deal

    Gowling WLG has guided the trustee of the pension plan of Rotork, a U.K. manufacturer of industrial valves, on a £70 million ($91.3 million) buy-in transaction with Aviva, meaning the company's scheme is now fully insured.

  • October 18, 2024

    FCA's 'Pension Value' Rules Criticized for Over-Simplification

    The Financial Conduct Authority's proposed regime for assessing the value of pension plans through standardized measures risks overlooking the "unique characteristics" of retirement savings plans in Britian, a financial consultancy warned on Friday.

  • October 17, 2024

    Equip FCA And BoE For Green Transition Finance, Study Says

    The U.K.'s financial watchdogs need to be equipped to help with green transition financing, a government-sponsored study said Thursday.

  • October 17, 2024

    Insurer Launches UK's 1st Cybercrime Recovery Service

    Digital risk insurer Coalition has launched what it says is the U.K.'s first dedicated service for recovering cash stolen from cyberattacks — and has already recouped £1.4 million ($1.8 million) for a law firm.

  • October 17, 2024

    StanChart Libor Decision Splits Bank And Investor Interests

    The High Court's landmark decision allowing Standard Chartered to use an alternative to Libor has provided certainty to contracts that fail to provide for the abolition of the benchmark rate, but gives investors less flexibility than they might consider the wording provides.

  • October 17, 2024

    Pensions Watchdog To Extend Professional Trustee Oversight

    Britain's retirement savings watchdog has confirmed that it will extend its regulatory approach with professional trustee firms amid significant growth in the sector.

  • October 17, 2024

    FCA Launches AI Lab To Boost Fintech Innovation

    Britain's financial watchdog unveiled Thursday its new artificial intelligence lab, which aims to help firms develop and deploy AI solutions in the financial sector and better understand the technology's impact.

  • October 31, 2024

    Dentons Rehires Financial Reg Partner From Pinsent Masons

    Dentons has rehired Andrew Barber to join its regulatory and investigations team in the U.K. as financial regulatory partner, at a time of greater oversight from the Financial Conduct Authority.

  • October 17, 2024

    Aon Unit Buys Irish Insurance Advisory Firm IHI Group

    Global risk manager NFP said on Thursday it has bought IHI Group, a Dublin-based adviser for financial planning, healthcare and general insurance, as the Aon PLC subsidiary looks to bolster its health insurance brokerage service in Ireland.

  • October 16, 2024

    Companies House Outlines Phased Rollout Of New Powers

    Companies House announced Wednesday a two-year timetable for rolling out heightened powers granted under new economic crime legislation that it said will bring the biggest change to its register in over 175 years.

  • October 16, 2024

    Vanguard Group Nixes Investment Group's TM

    Vanguard Group convinced European officials to nix a trademark for "VanguardRe," after its Lebanese rival failed to provide any evidence that it had genuinely used the sign to market its insurance services in years.

  • October 16, 2024

    EU Watchdogs Warn Digital Act Changes Will Hinder Rollout

    The European Union's financial market regulators have said amendments proposed by the bloc's executive arm under the Digital Operational Resilience Act around registering information will cause "unnecessary complexity" and hinder the rollout of the legislation.

  • October 16, 2024

    Fresh Warnings Issued Over FCA Value-For-Money Rules

    The Financial Conduct Authority's proposed new assessment of pension schemes' value is so complex it risks failing savers, trade body the Pensions and Lifetime Savings Association has warned.

  • October 16, 2024

    Gov't Launches Taskforce To Combat Spiraling Insurance Cost

    The government said Wednesday that it would take on the surging car insurance rates faced by drivers, with a cross-party group of politicians, experts and regulators looking to get to the bottom of the problem.

  • October 16, 2024

    FCA Launches Probe Into Premium Finance Insurance Market

    Britain's finance watchdog said Wednesday that it will investigate premium finance practices over concerns that consumers who pay for cover in installments might not be getting fair deals.

  • October 15, 2024

    Shipping Repair Co. Chases AXA For £950K In Fire Damages

    A ship repair and maintenance company has hit AXA's U.K. business with a court claim, alleging the insurer failed to pay out over £950,000 ($1.24 million) for the company's losses from a fire at its head office.

  • October 15, 2024

    AXA Argues For Group Extension In Foreign Unit Tax Fight

    AXA told the Court of Appeal on Tuesday that a limitation ruling in a test case against HMRC over taxes collected under a violation of European Union law had a "binding effect" on follower claims in a group litigation order.

  • October 15, 2024

    Sustainability Assurance Market Lacks Choice, FRC Says

    Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.

  • October 15, 2024

    Trustees Urged To Do More Than Minimum On ESG

    Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.

  • October 15, 2024

    StanChart Wins UK Test Case Over Alternative To Libor Rate

    Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.

  • October 15, 2024

    Theater Biz Fights To Revive Allianz COVID-19 Cover Claim

    A theater operator asked an appellate court Tuesday to revive its COVID-19 business interruption cover claim against Allianz, arguing that a lower court was wrong to rule that its policy did not include losses stemming from government lockdowns.

  • October 15, 2024

    EU To Create Governance Structure For Faster Settlements

    The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.

  • October 14, 2024

    Lloyd's Insurers Reject £43M Claim Over Solar Station Flaws

    Seven Lloyd's of London underwriters have denied that they are liable for £43.3 million ($56.5 million) sought by two companies over losses that stem from deals to buy solar generating stations, saying the businesses were aware of the problems with the sites they acquired. 

  • October 14, 2024

    PE Biz BP Marsh Invests £2.5M In Startup Underwriter Volt

    BP Marsh & Partners PLC said Monday that it has made an investment worth up to £2.5 million ($3.3 million) in Volt UW HoldCo. Ltd., snapping up a 25.5% stake in the insurance startup that specializes in energy transition.

Expert Analysis

  • How Proposed EU Class Action Directive Could Affect Insurers

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    Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.

  • COVID-19 Insurance Considerations For UK Cos.

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    Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.

  • UK Group Data Breach Claims Pose Big Financial Risks

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    Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.

  • A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias

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    In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.

  • Rebuttal

    Legal Industry Should Pursue AI Prediction Progress

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    As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • What To Expect During The Brexit Transition Period

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    While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

  • Surefire Marketing Methods To Build Your Legal Practice

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    Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.

  • Mandatory Mediation May Lie Ahead For England And Wales

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    The U.K. Court of Appeals' decision in Lomax v. Lomax, among other recent developments, show significant judicial support for compulsory mediation of appropriate civil and commercial cases in England and Wales, say Margarita Michael and Grace Spurgeon of O'Melveny.

  • Key Risks And Developments For UK Law Firm Culture In 2020

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    In 2020, law firms throughout the U.K. will be increasingly reshaped by rapid changes in societal expectations and advances in technology, say Helen Rowlands and Niya Phiri of Clyde & Co.

  • Cos. Can Start Preparing Now For Immigration Beyond Brexit

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    Ahead of the U.K.'s likely departure from the European Union on Jan. 31, 2020, companies should use the one-year transition period to help workers understand any new registration requirements, evaluate budgetary concerns and expedite any employee relocations, say Julia Onslow-Cole and Charlotte Wills at Fragomen.

  • #MeToo Pressure On UK Businesses Is Set To Rise

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    Recent declarations by the Financial Conduct Authority and Prudential Regulation Authority indicate that sexual harassment in the U.K.'s financial services industry may lead to consequences under the newly expanded Senior Managers and Certification Regime, and other sectors are facing growing scrutiny as well, say attorneys at Covington.

  • Opinion

    UK's Insurer Investigations May Not Help Policyholders

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    The U.K. Ministry of Justice's recent investigations into insurers suspected of not passing on savings to consumers suggests insurers may see consequences for their hollow promises, but only if the government follows through to hold insurers accountable, says Tom Jones of Thompsons Solicitors.

  • The Outlook For Autonomous Vehicles In The UK And US

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    As both the U.K. and U.S. governments continue to develop regulatory frameworks for autonomous vehicles, manufacturers can take certain steps to avoid litigation and manage risk, say attorneys at FaegreBD.

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