Insurance UK

  • April 02, 2024

    La. Property Owners, Insurers To Arbitrate Hurricane Claims

    A Hurricane Ida damage coverage dispute between seven New Orleans-area property owners and their insurers will be stayed pending arbitration, a Louisiana federal judge ruled, agreeing with the insurers that the policy's arbitration agreement is enforceable under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

  • April 02, 2024

    Yacht Owners Sue Generali Unit For €2M Over Repair Costs

    A British Virgin Islands-based company has sued a French Generali subsidiary for more than €2 million ($2.2 million) in a London court for allegedly dodging a policy for a yacht that began to take on water in the Myrtoan Sea in 2021.

  • April 02, 2024

    Exec Unable To Work Due To Eyesight Sues Insurer For £1M

    A sales director at software giant Quest is seeking over £1.14 million ($1.43 million) from insurer Generali Italia after it refused to pay out when a degenerative eye condition left him unable to work.

  • April 02, 2024

    UK's Biggest Pension Plan Benefits Restored After Strikes

    Members of the U.K.'s largest private pension scheme have had their benefits restored in full, a union has said, marking the end of a two-year row over a controversial 35% cut for members.

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 02, 2024

    Accountant Fined And Banned For Triple Loan Fraud

    The former director of a management consultancy has been banned from running a company for 12 years and agreed to pay back £75,000 ($94,000) after having claimed five times the amount his firm was entitled to under a government-backed COVID-19 loan program, the U.K. Insolvency Service said Tuesday.

  • April 02, 2024

    UK Makes 2027 Commitment To 1-Day Securities Settlement

    HM Treasury has said that Britain will start a one-day cycle for securities trade settlement by December 2027, bringing the country into harmony with other markets to reduce the risk that those involved will fail to meet their obligations.

  • April 02, 2024

    Insurers Say Pension Models Could Undercut Auto-Enrollment

    Government plans to introduce new pension pot models risk undermining the success of automatic enrollment and could have a negative impact on retirement saver outcomes, the Association of British Insurers has warned.

  • April 02, 2024

    Airplane In $20M Russia Dispute Is Not Lost, Insurers Say

    Three insurers have hit back against a $19.7 million claim over a passenger jet stranded in Russia following the invasion of Ukraine, arguing that the Irish aviation company which owned it had suffered no actual loss.

  • April 02, 2024

    EU Insurers Face Stress Tests For Rising Geopolitical Risk

    The European insurance and pensions watchdog launched its stress test for 2024 on Tuesday, an exercise that will assess the ability of insurers within the bloc to cope with the hypothetical consequences of prolonged geopolitical tension and its knock-on effects.

  • April 02, 2024

    CMS Guides Pensions Insurer On £870M De Beers Deal

    Pension Insurance Corp. PLC said Tuesday that it has covered £870 million ($1.1 billion) of pension liabilities for diamond company De Beers in the U.K. as part of a long-term strategy.

  • March 28, 2024

    Insurers Must Face £13B Russia-Stranded Planes Suits In UK

    Major insurers including Allianz, AXA and Liberty Mutual will have to face £13 billion ($16.4 billion) worth of claims over planes stranded in Russia after the invasion of Ukraine as a London judge on Thursday ruled against attempts to move the claims to Moscow.

  • March 28, 2024

    Pension Watchdog Returns £3.5M To Troubled Scheme

    The U.K.'s pension watchdog has recovered £3.5 million ($4.4 million) from an engineering business for its beleaguered staff benefits plan.

  • March 28, 2024

    EU Watchdogs To Relax On OTC Derivative Clearing Breaches

    The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.

  • March 28, 2024

    NCA Logs 5% Decline In Suspicious Activity Reports Last Year

    The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.

  • March 28, 2024

    UK Watchdog Clears Aviva's £460M Takeover Of AIG Life

    The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.

  • March 28, 2024

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

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    New Pension General Code Comes Into Force

    A tough new governance regime for pension trustees has been introduced, in what experts say is a significant step in driving up standards for the sector.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • Novolex Case Brings Lessons On R&W Insurance

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    A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.

  • 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.

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