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Insurance UK
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April 15, 2024
Home Insurers Paid Record £573M In Weather-Linked Claims
Devastating storms that swept through the U.K. in 2023 drove up weather-related insurance claims by more than a third, hitting a record of almost £573 million ($715 million), the trade body for the sector said on Monday.
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April 15, 2024
BNP Paribas Buys 9% Stake In Insurer Ageas For €730M
French banking giant BNP Paribas said Monday that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for approximately €730 million ($777 million) from Chinese conglomerate Fosun Group.
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April 15, 2024
WTW Plans £450M Private Equity Long-Term Asset Fund
Insurance firm WTW said on Monday it plans to launch a new long-term asset fund with £450 million ($560 million) to focus on private equity investments.
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April 15, 2024
Pension Protection Fund Has 'Crucial' Future Role, LCP Says
The Pension Protection Fund could play a crucial role in the "endgame" for defined benefit pension schemes as a state-backed consolidator of smaller retirement plans, a consultancy has said.
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April 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.
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April 12, 2024
Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'
Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.
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April 12, 2024
Insurers, FCA To Face Grilling Over Rising Car Premiums
British insurers and regulators are due to be quizzed by senior MPs on April 17 on the reasons behind spiraling increases in motor insurance premiums.
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April 12, 2024
Pension Body Warns Of 'Burdensome' New Reporting Rules
A U.K. pension industry body has called for new reporting regulations on the sector to be toned down, warning that the additional red tape could deter smaller schemes from taking steps to improve their investment strategies.
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April 12, 2024
SocGen To Sell Moroccan Units To Investment Firm For €745M
Societe Generale SA said on Friday that it has agreed to sell its Moroccan banking and insurance businesses to private investor Saham Group SA for €745 million ($794 million) as part of its long-term ambition to streamline the company.
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April 11, 2024
Squire Patton Advises Broadstone Buy Of Credit Risk Co.
Broadstone said on Thursday it had acquired credit risk company Vestigo Partners Ltd., in a deal steered by Squire Patton Boggs and Harrison Clark Rickerbys.
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April 11, 2024
Biggest Insurers Failing On Climate Plans, Says UK Charity
Lloyd's of London is among the worst insurance players in the world in terms of providing cover to fossil fuel polluters, climate activists said Thursday.
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April 11, 2024
Pension Schemes Moving Toward Net Zero, Watchdog Says
Britain's pensions watchdog said in a review published Thursday that retirement savings schemes have moved closer to achieving net-zero emissions standards in their portfolios by updating investment strategies and boosting allocations to low-carbon funds.
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April 11, 2024
£500K Injury Fraudster Sentenced After TV Appearance
A woman who sought to claim almost £500,000 ($627,000) for injuries that she said left her unable to walk unaided has been sentenced for fraud after being spotted on a daytime reality TV talk show.
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April 11, 2024
Squire Patton Steers £130M Mitsubishi Pension Deal
Insurer Just Group said Thursday it has signed off on a £130 million ($163 million) buy-in transaction for a scheme sponsored by Mitsubishi Chemical UK Ltd. in a deal guided by Squire Patton Boggs LLP.
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April 10, 2024
Insurer Aviva Expands Bulk Purchase Pilot For Small Pensions
Insurance giant Aviva said Wednesday it has launched a streamlined bulk purchase annuity service to support smaller pension schemes with assets of less than £100 million ($126 million) to de-risk their plans.
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April 10, 2024
Pensions Watchdog Spurs Trustees On Climate Transition
The Pensions Regulator on Wednesday urged trustees to consider official guidance for transitioning their investment portfolios to net-zero emissions standards.
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April 10, 2024
Insurers Say Regs Tweaks Make Accountant Cover Affordable
Insurers welcomed on Wednesday revised regulations on accountants over the terms of their professional indemnity cover, saying the changes will keep costs down for firms.
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April 10, 2024
Compensation For Poor Pensions Advice At Record Low
Compensation for retirement savers who were wrongly advised to transfer out of their defined benefit pension has hit a record low, a consultancy said on Wednesday.
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April 10, 2024
FCA Eyes Revisions To Payments For Investment Research
The Financial Conduct Authority on Wednesday said it plans to revise how asset managers pay for investment research, seeking to simplify and expand access across the sector.
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April 10, 2024
Lifeboat Fund Opens Probe Into British Steel Pension Adviser
The compensation program for financial services said it has opened an investigation into an advice firm in connection with the British Steel Pension Scheme scandal.
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April 09, 2024
Pension Scheme End-Game Options Rising, Consultancy Says
A rise in funding means U.K pension schemes have more end-game options, consultancy Broadstone said Tuesday, as the aggregate surplus of thousands of defined benefit schemes increased to £455.5 billion ($578.4 billion) by the end of March.
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April 09, 2024
Insurance Director Denies Inducing Employees' Defection
The director of an insurance startup incubator has denied allegations that he induced a managing general underwriter's employees to violate their duties when they left to found a new business, saying he believed the establishment of the new company was lawful.
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April 09, 2024
UK's Aviva Completes £453M Acquisition Of AIG's UK Biz
U.K.-based insurance giant Aviva Life Ltd. said on Tuesday it had completed the purchase of an American International Group Inc. subsidiary for £453 million ($575 million), in a deal guided by Skadden Arps Slate Meagher & Flom LLP.
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April 09, 2024
Gov't Urged To Drop Plans For UK Pension Consolidator
The government should abandon plans to transform the Pension Protection Fund into a state-backed consolidator of smaller retirement plans, a consultancy has warned.
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April 09, 2024
Gov't Urged To Ban Cash Incentives For Pension Switching
The government should ban pension providers from offering cash incentives for savers to switch plans because the practice encourages people to ignore the "fine print" and move over to a worse option, new research by a provider of retirement savings plans suggests.
Expert Analysis
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Evaluating Ethical And Legal Risk In Ransomware Payments
Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.