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Insurance UK
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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.
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April 08, 2024
Texas School District Not Immune In Arbitration Row
A Texas school district isn't immune from a lawsuit by its insurers seeking to appoint an umpire in a $10 million hurricane damage dispute, a New York federal court ruled Monday, finding the district doesn't meet the standards set under the 11th Amendment.
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April 08, 2024
£54M Claimed From Failed Financial Services Last Year
The U.K.'s lifeboat scheme said Monday it has recovered £54 million ($68 million) in the financial year ended March 31 from the estates of failed financial services companies.
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April 08, 2024
UK Eyes Reforms To Ease Corporate Apologies To Victims
The government opened a new consultation on Monday into potential reforms that would make it easier for companies to apologize to alleged victims of wrongdoing, including in cases where organizations might be vicariously liable for the actions of an employee or a member.
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April 08, 2024
Lloyd's Syndicates Fight Not To Cover US Nightclub Bias Suits
Two insurance underwriting syndicates hit back at a London claim from an international hospitality group that wants to be indemnified for two putative class actions alleging sex discrimination against men and nonbinary people at a California nightclub.
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April 08, 2024
Gowling, Osborne Clarke Steer £60M Tech Co. Pension Deal
Insurer Just Group said Monday it has completed a £60 million ($75.7 million) buy-in of a pension scheme sponsored by technology companies Epson (UK) Ltd. and Epson Europe BV, in a deal guided by Gowling WLG and Osborne Clarke.
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April 08, 2024
Pension Schemes Considering Alternatives For End Goal
Pension plans need to carefully weigh a range of options for their end game strategies, a professional services firm said, as retirement savings scheme funding continues to hover around near record levels.
Expert Analysis
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Greenwashing Suits May Implicate D&O Policies
As consumers, regulators, and state and local governments seek to use litigation to hold companies responsible for alleged greenwashing, businesses facing such claims have a number of approaches available for seeking insurance coverage under directors and officers policies, say attorneys at Haynes Boone.
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2nd Circ. Reinsurance Ruling Misconstrues English Law
The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.
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4 Emerging Risks For US Insurance Markets
Both insureds and insurers in the U.S. must be aware of significant inbound exposures — including the issues arising from opioids, climate change and artificial intelligence — that could lead to continued volatility in insurance markets, say Aidan McCormack and Wes Reichart at DLA Piper.
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How The New UK Digital Markets Bill Will Affect CMA's Powers
The highly anticipated U.K. Digital Markets, Competition and Consumers Bill sets out far-reaching changes in terms of merger control and conduct requirements, but some are skeptical of the Competition and Markets Authority’s enhanced powers and potential for divergence in treatment between firms, say Ben Chivers, Stephen Whitfield and Nigel Seay at Travers Smith.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
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UK Plan For AI Rules Raises Compliance Questions For Cos.
The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.
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The FCA's Timely Plan To Reform Asset Management Regime
The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.
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Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
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Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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5 Crypto Considerations For UK Policymakers
A recent consultation paper from the U.K.'s HM Treasury about digital asset regulation has been touted as a cause for celebration, and while the wheels have been put into motion, there is still a lot of work to do when it comes to correctly regulating the U.K.'s cryptocurrency industry, says Oliver Linch at Bittrex Global.
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Crypto-Asset Consultation Sets Out Direction Of Travel For UK
HM Treasury's phased approach in its recently published consultation on extending the U.K.'s future financial services regulatory regime for crypto-assets, although in many ways differing from parallel developments in the EU, is likely to be conducive to thoughtful policymaking, say attorneys at Cleary.
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EU Act Offers Financial Sector A Cybersecurity Framework
Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.
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Warranty & Indemnity Insurance Considerations For M&A
With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.