Insurance UK

  • February 16, 2024

    Stephenson Harwood Hires Regulatory Pro In Corporate Boost

    Stephenson Harwood LLP has appointed regulatory lawyer Christophe Boucherie as a partner in its London office, a move it believes will strengthen its corporate practice.

  • February 16, 2024

    UK Pension Annuity Sales Hit £5.2B In 2023, ABI Says

    The total value of pension annuities for consumers jumped by almost 50% to £5.2 billion ($6.6 billion) in 2023, a trade body said Friday, a rise fueled in part by rising interest rates.

  • February 16, 2024

    Claims Managers Are Clouding Regulatory Status, FCA Warns

    Claims management companies are failing to distinguish between regulated and unregulated activity, which can mislead consumers into thinking that it all enjoys the same protection, according to a review by the Financial Conduct Authority.

  • February 15, 2024

    Gallagher Denies Liability In $7.3M Cargo Reinsurance Claims

    Insurance broker Gallagher has denied owing insurers $7.3 million for allegedly failing to pay money owed under a reinsurance contract covering decades-old cargo losses, saying it has already paid out the sums required.

  • February 15, 2024

    City Lobby Calls For Tax Cuts, Investment Reform In Budget

    The U.K. government should cut taxes on banking, make it easier for firms to list as public companies and create a new investment office to boost competitiveness, according to a leading financial lobby.

  • February 15, 2024

    Claimant Body Denies Injury 'Epidemic' Before Court Appeal

    Insurers have widely exaggerated the rise in the number of so-called mixed tariff injuries, a trade body for the claimant sector said on Thursday, as the U.K.'s highest court prepares for hearings next week on how to compensate people who have been affected.

  • February 15, 2024

    FCA Quizzes Top Firms On Advice Services Fees

    The Financial Conduct Authority said Thursday it has written to 20 of the largest financial adviser firms to gauge how those businesses charge clients after giving advice amid its broader focus on ensuring customers are treated fairly.

  • February 15, 2024

    Osborne Clarke Steers £114M Standard Life Pension Deal

    Standard Life said Thursday that it has completed a £114 million ($143 million) buy-in transaction guided by Osborne Clarke LLP to acquire the pensions of around 1,800 members of the Vector Pension Scheme.

  • February 15, 2024

    UK Gov't Asks Financial Regulators To Review AI Policing

    The government said on Thursday that it has told financial markets regulators to publish an update by April 30 on how they will police artificial intelligence.

  • February 15, 2024

    Fintech Expert Appointed To FCA Board For 3-Year Term

    HM Treasury said Thursday it had appointed Bryan Zhang, an expert in financial technology and open banking, to the Financial Conduct Authority's non-executive board for an initial term of three years.

  • February 15, 2024

    Addleshaw Goddard Adds BoE Deputy GC To Finance Team

    Addleshaw Goddard said on Thursday that it has hired the Bank of England's deputy general counsel as a partner to bolster its financial services regulation team in London.

  • February 14, 2024

    BDO Sues Insurance Broker Over Unpaid M&A Advisory Fee

    Accounting firm BDO LLP has sued KGJ Insurance Services and three of its directors over claims they failed to pay out for the advisory services BDO provided the insurance broker as it looked for a new buyer.

  • February 14, 2024

    UK Access Rules Too Burdensome, Say European Funds

    An association for Europe's investment managers has asked the Financial Conduct Authority to make its planned regime giving European funds "equivalent" access to U.K. markets less burdensome, given similar requirements do not exist for U.K. funds.

  • February 14, 2024

    Insurers On Hook After Top Court Rules On Credit Hire Claims

    The cost of motor claims for insurers could rise after Britain's highest court ruled on Wednesday that they have to pay additional damages to replacement car hire companies after a road traffic accident, although experts say there could still be a silver lining. 

  • February 14, 2024

    FCA Flagged 10,000 Misleading Financial Ads In 2023

    Britain's finance watchdog has ramped up its fight against misleading financial advertisements, reporting on Wednesday that it intervened to have more than 10,000 promotions posted online without proper authorization pulled or amended in 2023.

  • February 14, 2024

    Broker WTW Works With Maths Lab On Catastrophe Modeling

    Insurance broker WTW unveiled a new collaboration on Wednesday between its research network and the London Mathematical Laboratory to improve how it predicts natural disasters such as earthquakes or hurricanes and deals with the consequences.

  • February 14, 2024

    Insurers Must Pay Out On Third-Party Hire Car Losses

    Insurers must cover rental income lost by car hire firms when their vehicles are involved in accidents, the U.K.'s highest court ruled on Wednesday in a case that is likely to add major costs for the insurance industry.

  • February 13, 2024

    Insurance Broker Escapes £2.6M Claim From Foundry Client

    A London judge has dismissed an investment advisory firm's bid to collect £2.6 million ($3.2 million) from its insurance broker for problems that allegedly nullified the foundry's coverage for an industrial site.

  • February 13, 2024

    EU Eases Rule Enforcement On Best Price For Clients

    The European Union financial markets regulator said on Tuesday that it expects all national watchdogs "not to prioritize" taking supervisory action against investment companies that fail to comply with certain rules to report how they achieved the best terms for clients.

  • February 13, 2024

    UK Pension Surplus Dips Slightly To £425B

    The total surplus of U.K. pension schemes dipped by £2.8 billion ($3.5 billion) over the past month, the sector's lifeboat scheme revealed Tuesday, but experts say the changes are unlikely to dim appetite for insurance de-risking transactions.

  • February 13, 2024

    New Panel Set Up To Promote UK Fund Investments

    A panel of pensions, venture capital and private equity experts has been established to boost returns for savers and support economic growth by encouraging funds to invest in fast-growing businesses, the British Private Equity and Venture Capital Association said on Tuesday.

  • February 13, 2024

    Post-Election UK Pension Changes Could Be In The Fine Print

    Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

  • February 13, 2024

    One In Four Retirees 'Not Checking State Pension Forecast'

    Pensioners-to-be should check their state pension pots to avoid a "nasty surprise," a retirement specialist said on Tuesday as it published a survey showing that many opt not to look at their forecast before retiring.

  • February 12, 2024

    Proskauer Hires Sidley Austin's Funds Head In London

    Proskauer Rose LLP has brought aboard a new partner with years of experience at the helm of Sidley Austin LLP's investment funds practice, to co-lead its global credit funds and sovereign wealth funds initiatives.

  • February 12, 2024

    Marine Insurer Skuld Cancels Red Sea 'War Risks'

    A Norwegian marine insurance provider issued a cancelation notice for certain war risks on Monday after some of its reinsurers ended their cover for policyholders amid attacks on commercial ships in the Red Sea.

Expert Analysis

  • Opinion

    Legal Operations Teams Are Gaining Popularity In EU

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    As the European and global economies continue to change, any legal department that does not want to get outflanked by faster, more agile competitors should consider the value that legal operations teams have to offer, says Hans Albers, president of the Association of Corporate Counsel Europe.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • Why The Flood Of GDPR Litigation Has Been Delayed

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    Eight months into the General Data Protection Regulation regime, we have not yet seen the expected deluge of U.K. class actions, but be warned — the floodgates will not remain closed, says Bryony Hurst of Bird & Bird LLP.

  • Opinion

    Law Schools Should Be More Like Medical Centers

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    Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.

  • Opinion

    Courts Are Getting It Right On Litigation Funding Discovery

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    Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.

  • Worldwide Freezing Orders Can Backfire Without Proper Care

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    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

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    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

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    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Last-Minute Brexit Preparations For EU Financial Firms

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    As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.

  • What To Expect From Serious Fraud Office In 2019

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    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • UK Privacy Rules That Can Catch You Off Guard

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    The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.

  • Autonomous Vehicles And UK Product Liability Law: Part 2

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    With autonomous vehicles expected to hit the streets of the United Kingdom soon, manufacturers, insurers and their legal counsel face the challenge of determining how the U.K.'s product liability laws will be applied to questions of negligence, evidence and contracts raised by self-driving vehicles, says Michaela Herron of Bristows LLP.

  • Autonomous Vehicles And UK Product Liability Law: Part 1

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    Autonomous vehicles present a number of challenges to the United Kingdom's product liability legal framework, especially with regard to the vehicles' heavy reliance on software, consumers' expectations of safety and the need for compliance with varying local traffic rules, says Michaela Herron of Bristows LLP.

  • A Victory For Legal Privilege In Cross-Border Investigations

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    The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.

  • UK And EU Crawl Toward Virtual Currency Regulation

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    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

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