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Insurance UK
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January 27, 2025
Royal London Hits Back In £27M Company Sale Row
Mutual insurance and investment firm Royal London has denied that it breached any warranties during the sale of a company to M&G and that it does not owe at least £27 million ($33.7 million) claimed by the asset manager.
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January 27, 2025
Trader Faces US Extradition Over $10M Securities Fraud
A trader wanted for running a "pump and dump" scheme that generated more than $10 million in unlawful stock sales will face extradition to the U.S. at a London court hearing in June, it was confirmed on Monday.
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January 27, 2025
UK Pension Deals Market Set To Hit £70B In 2025, WTW says
The pension deal market in the U.K. is likely to hit £70 billion ($88 billion) in 2025, broker WTW said Monday, as funding levels continue to improve, and more insurance companies enter the market.
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January 27, 2025
FCA Warns Wholesale Brokers Of Money Laundering Risk
The City watchdog has urged wholesale brokers to work harder to manage risks associated with money laundering because they might be used to execute trades that facilitate financial crime.
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January 24, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Axa Insurance and Admiral face a claim from a former lawyer recently exposed for personal injury fraud, the owner of Reading Football Club sue a prospective buyer and mobile network Lycamobile tackle action by Spanish network Yogio. Here, Law360 looks at these and other new claims in the U.K.
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January 24, 2025
Ex-AXA Staffer Can Retry 10-Year-Old Bias Claim
An appellate judge has ruled that the employment tribunal must take a second look at a former AXA unit employee's disability discrimination claim after the lower tribunal found a nine-year delay made a fair hearing impossible.
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January 24, 2025
Eversheds Guides £53M Pension Deal For Building Co.
Buildings insulations maker Rockwool secured its pension scheme through a £53 million ($66 million) full scheme buy-in transaction with Royal London Group guided by Eversheds Sutherland, an insurance broker said Friday.
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January 24, 2025
EU Parliament Can't Get €800K Flooding Insurance Payout
The Parliament of the European Union has failed to force its insurers to cough up almost €800,000 ($841,000) to cover for its flooded administrative office, after the bloc's highest court rejected its appeal over whether the damage fell under a flood exclusion in its policy.
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January 24, 2025
Broker SRG Expands Into Europe With German Partner
Insurance broker Specialist Risk Group said Friday that it has reached a new long-term partnership deal with Ecclesia Group that will allow it to expand in mainland Europe, and take on the German company as one of its shareholders.
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January 24, 2025
Gov't Stats Reveal 13% Of Pensioners Living In Poverty
The government has said that approximately 13% of pensioners are living in poverty, publishing figures that shine further light on the issue of retirement deprivation that is now under parliamentary scrutiny.
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January 23, 2025
Aspen Sued For £4.2M Over Wood Pellet Equipment Damage
A company claiming to be one of the largest wood pellet manufacturers in the U.K. has sued Aspen Insurance UK Ltd. for over £4.2 million ($5.2 million) for allegedly failing to cover losses the company says it sustained after damage to its production equipment.
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January 23, 2025
Actuaries Body Wants Separate Inheritance Tax For Pensions
The government must consider a separate inheritance tax regime for pension assets, a trade body said, warning that proposed reforms were unworkable as currently drafted.
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January 23, 2025
FCA Finds Gaps In Brokers' Money Laundering Defenses
The Financial Conduct Authority on Thursday urged brokers to tighten anti-money laundering controls, after a review it ran found gaps in their defenses against the flow of tainted cash through Britain's capital markets.
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January 23, 2025
Watchdog Restricts Scottish Broker Over Premium Concerns
The Financial Conduct Authority has restricted a Scotland-based insurance broker from carrying out regulated activities over "concerns" the business has sold policies but failed to pass on payments to insurers.
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January 23, 2025
Archaeology Trust Sues Blake Morgan Over Pensions Advice
An archaeological trust has accused Blake Morgan LLP of providing negligent advice on the closure of its pensions plan, telling a London court that a failure to validly shut the savings scheme led to £2.5 million ($3.1 million) in extra payouts.
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January 23, 2025
Gov't Floats Tweak To Pension Tax As £49M Returned
The government confirmed Thursday that it will close a controversial loophole that has resulted in retirees being overtaxed to the tune of £1.3 billion ($1.6 billion) over the past decade.
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January 23, 2025
5 Questions For Katten Partner Nathaniel Lalone
The Digital Operational Resilience Act has set tough new rules for financial businesses in the European Union to prevent disruptions in digital services from external providers. Here, Nathaniel Lalone, of Katten Muchin Rosenman LLP, tells Law360 about how the act could have an impact on some financial entities in Britain.
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January 22, 2025
Tyson Foods' Insurer Can Sue Over Fire Payout In England
Tyson Foods' captive insurer can pursue litigation against a reinsurer in England for payouts following a fire at one of the food giant's Alabama plants, after a London court found the companies had chosen the English jurisdiction to take priority over arbitration in New York.
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January 22, 2025
Steakhouse Settles With QIC Europe Over COVID-19 Payout
A steakhouse restaurant chain has reached a settlement with its insurer in a multimillion-pound dispute over its business interruption policies in connection with the national lockdowns imposed during the COVID-19 pandemic.
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January 22, 2025
UK Gov't To Tap Into Bank Accounts Of Benefits Fraudsters
Benefits cheats who fail to reimburse taxpayers could have cash owed taken directly from their bank accounts, as part of the U.K. government's plan to launch the "biggest fraud crackdown in a generation."
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January 22, 2025
UK Gov't Maintains Pensions Enrollment Earning Trigger
The government has said it will retain the current earnings threshold at which workers are automatically enrolled into pension plans, despite an intention to reform the rules.
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January 22, 2025
UK Insurance Premium Tax Haul Up 10%, Hits Record £6.7B
The U.K. government raised a record £6.7 billion ($8.3 billion) in insurance premium tax in the first nine months of the financial year ending March, up 10% from the corresponding period a year earlier, according to HMRC figures released Wednesday.
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January 21, 2025
La. Judge Lifts Arbitration Order In $7M Ida Damage Case
A Louisiana federal judge lifted a stay and vacated an order to arbitrate a $7 million Hurricane Ida damage claim against domestic surplus insurers, ruling that a recent decision from Louisiana's top court represents an "'intervening change in the controlling law.'"
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January 21, 2025
Royal London Data Boss Loses Early Battle Over Redundancy
A data privacy lead can't revive a bid to reinstate his job until trial because he failed to provide an employment tribunal with any new evidence showing that the Royal London Mutual Insurance Society made him redundant by punishing him.
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January 21, 2025
Climate-Related Financial Reporting 'Inconsistent,' FRC Says
Britain's audit watchdog on Tuesday said the quality of the first round of mandatory climate-related finance disclosures by large British businesses was "inconsistent," but is set to mature as companies adapt to the requirement.
Expert Analysis
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The Outlook For Autonomous Vehicles In The UK And US
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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Brexit's Impact On London As A Top Int'l Arbitration Seat
Despite concerns that London may be considered a less attractive place to do business post-Brexit, there are many reasons to believe that the city will retain its position as a globally favored arbitral seat, say Adrian Jones and James Wagner at FaegreBD.
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Post-Brexit UK Likely To Conform With EU On Human Rights
In a recent speech, U.K. Foreign Secretary Dominic Raab stated his intent to expand sanctions for human rights violations by extending the so-called Magnitsky amendment, strongly indicating that Britain's exit from the EU would be unlikely to disrupt coordinated efforts to address international transgressions against human rights, says Stephen Baker at Baker & Partners.
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The Evolution Of GDPR Enforcement Across The EU
With the last few months bringing significant fines to major businesses that have breached the European Union's General Data Protection Regulation, it is clear that regulators are moving away from the light-touch approach they employed during the transition to the new rules, says James Simpson of Blaser Mills.
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.