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Insurance UK
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March 28, 2024
UK Signs Accounting Standards Deal With Australia
Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.
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March 27, 2024
5th Circ. Reissues Arb. Decision In Hurricane Damage Case
The Fifth Circuit has reissued its opinion allowing a group of domestic insurers to force arbitration of a dispute over coverage for hurricane damage under an international arbitration clause after the insurers argued that the unanimous decision applied circuit precedent in a new context.
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March 27, 2024
Lawyer Group Ends Challenge Over Fixed Recoverable Costs
A legal trade body has ended court proceedings against the U.K. government after it agreed to make changes to a new regime to extend fixed recoverable costs in personal injury cases.
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March 27, 2024
VAT Applies To UK Insurer's Prior Service Pact, Court Rules
Value-added taxes apply to performance fees invoiced to a U.K.-based insurance company by an investment management firm as part of service agreements, a London court said, because those payments occurred outside the duration of the arrangement.
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March 27, 2024
BoE Finds Increasing Fear Of Financial Risk From AI
The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.
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March 27, 2024
BoE Says Action On LDI Has Boosted Financial Stability
The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.
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March 27, 2024
Shoosmiths, CMS, HSF Guide £510M Pension Deal For Next
High street clothing retailer Next PLC has offloaded £510 million ($643 million) of its retirement scheme liabilities to Pension Insurance Corp. PLC, in a deal steered by law firms Herbert Smith Freehills LLP, Shoosmiths LLP and CMS Cameron McKenna Nabarro Olswang LLP.
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March 27, 2024
Insurers Undervalue Junked And Stolen Vehicles, FCA Says
British insurers have been undervaluing written-off and stolen vehicles when settling customers' claims, according to a review by the country's financial watchdog published Wednesday.
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March 26, 2024
Gov't Issues Deadlines For Pensions 'Dashboard' Linkage
Large pension schemes in the U.K. must connect their plans to the government's long-awaited Pensions Dashboard Program by the end of April 2025, according to new guidance.
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March 26, 2024
UK Marine Insurer Investigating Baltimore Bridge Crash
Britannia, a British marine insurer, confirmed Tuesday that it is working with authorities in Baltimore after a container ship destroyed the city's landmark Francis Scott Key Bridge in a collision that experts say is likely to cost the insurance sector billions of dollars in claims.
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March 26, 2024
Insurance Execs Deny BDO Found Buyer For £18.5M Sale
Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.
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March 26, 2024
EU Watchdog Sets Out Rules For Green Bond Issue Reviewers
The European Union's financial markets regulator on Tuesday proposed rules for external reviewers of green bond issues across the bloc, to help stop greenwashing and conflicts of interest.
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March 26, 2024
Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums
Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
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March 26, 2024
Over Regulation Restricted Defined Benefit Pensions, MPs Say
The government should change the focus of the U.K.'s pension watchdog, lawmakers said Tuesday, warning that years of excessive caution on regulation has nearly wiped out the country's remaining defined benefit retirement plans.
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March 26, 2024
FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful
Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms.
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March 26, 2024
UK Clears £1.2B Atlanta-Markerstudy Insurance Broker Merger
Britain's antitrust authority said Tuesday it has cleared the planned merger between Atlanta Group and Markerstudy, a deal that values Ardonagh's home and car insurance business at £1.2 billion ($1.5 billion), after finding that the deal will not harm competition in domestic markets.
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March 26, 2024
Insurers Lose Whiplash Test Case At Top UK Court
Insurers will probably have to pay more to accident victims suffering whiplash and another injury, after the U.K.'s top court ruled Tuesday that any reductions for overlapping injuries should not leave claimants worse off than before reforms were introduced.
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March 25, 2024
FCA Warns Fund Managers Over Third-Party Supervision
The Financial Conduct Authority said on Monday it has found failings in how some hedge fund managers rely on third parties to help manage the fund, possibly undermining efforts to prevent financial crime.
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March 25, 2024
Ship Owners Win $37M Naval Detention Insurance Fight
The owners of a cargo ship seized by the Indonesian navy can recover $37 million from insurers, a judge ruled Monday, saying the shipmaster should not have expected to be detained for accidentally anchoring in the country's waters.
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March 25, 2024
UK Firms To Get More Influence On Pension Fund Investing
British companies will probably enjoy greater sway over the investment decisions taken by their pension plans under new rules being considered by The Pensions Regulator, a consultancy said on Monday.
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March 25, 2024
Law Firm Closures Hit Lowest Since 2019 As Premiums Dip
Closures of law firms have fallen to the lowest level since October 2019 as more businesses negotiate their professional indemnity insurance premiums amid a general fall in insurance costs, research published on Monday suggested.
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March 25, 2024
PE Firms Fuel 30% Rise In 2023 European Insurance M&A
The number of deals involving European insurance businesses rose by 30% last year, fueled by an increased role of private equity financing in the sector, a consultancy said Monday.
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March 25, 2024
Ageas Drops £3.2B Direct Line Offer After Pushback
Belgian-French insurer Ageas has pulled its £3.2 billion ($4 billion) proposed bid for Direct Line after the British rival continued to snub its offers.
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March 22, 2024
Money Laundering Ringleader Jailed For £560K Bank Con
A fraudster who set up sham carpet and furniture businesses as part of a money laundering scheme that lost banks £560,000 ($705,000) has been jailed for six years and four months, the U.K.'s Insolvency Service said Friday.
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March 22, 2024
Glencore Cannot Deny Knowing It Was Corrupt, Investors Say
Glencore cannot claim it "reasonably believed" it was telling the truth when it failed to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, institutional investors suing the mining and trading group have said.
Expert Analysis
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What 9th Circ. Arbitration Case May Mean For Insurance
If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.
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UK Focus On Int'l Data Transfers Shows Appetite For Reform
Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.
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Policyholder Outlook Following UK Biz Interruption Test Case
In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.
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What The Future Holds For UK Auditing Reform
The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.
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How UK Data Breach Ruling May Rein In Insurance Claims
The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.
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2nd Circ. Arbitral Award Ruling Signals Restrictive Approach
The Second Circuit's recent ruling in Gater Assets v. Moldovagaz, reversing a default judgment arbitration award on jurisdictional grounds, fortifies U.S. court protections for foreign states and state-owned entities, and forecasts the court's conservative approach to when nonparties can be bound by arbitration agreements, say attorneys at Cleary.
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Lloyds EU Operations Highlight Challenges For UK Insurers
Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.
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The Risky Reality Of GDPR Noncompliance
With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.
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An Underused Group Litigation Tool Could Help UK Claimants
Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.
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Risk Management Lessons From Recent Finance Co. Failures
Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.
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3 Risk Management Lessons From Pandemic Insurance Wars
As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.
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What New UK Money Laundering Law Means For Fintech
New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.
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UK Bill Must Navigate Crosscurrents Of Internet Regulation
The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.
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2 UK Pension Cases Guide On 3rd-Party Due Diligence
The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.
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Evaluating Insurance Options In Light Of Suez Canal Blockage
The recent blockage of the Suez Canal by the cargo ship Ever Given illustrates that manufacturers, carriers and recipients of internationally shipped goods should consider all the insurance offerings available to cover losses resulting from shipping delays, say David Klein and Ryan Vanderford at Pillsbury.