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Insurance UK
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January 17, 2025
MPs To Quiz Women's Pension Campaigners Over Redress
Campaigners who fought for women to be compensated for historical state failures to tell them that their retirement age had changed will testify to lawmakers for the first time since the government decided against launching a redress scheme.
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January 16, 2025
Ardian Lands $30B For Historic Secondaries Investment Fund
Private equity shop Ardian has clinched its ninth secondaries fund after amassing $30 billion of investor commitments, making it the largest ever secondaries fund to close globally to date, according to a Thursday statement.
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January 16, 2025
Insurance Brokers Call For Reduced Regulatory Burden
A trade body for insurance brokers has called for a regulatory overhaul to reduce the burden on the sector and bolster international competitiveness.
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January 16, 2025
Local Gov't Pension Reform Puts £400B At Risk, Funds Warn
The government's plans to consolidate public sector pension schemes could set off a chain of unintended consequences that could jeopardize up to £400 billion ($488 billion) in assets, fund managers warned Thursday.
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January 16, 2025
Pivotal Growth Buys Northern Ireland Insurance Broker
Pivotal Growth Ltd. said on Thursday it has acquired insurance broker Business Protection Solutions Ltd., as the U.K. mortgage adviser eyes expansion into Northern Ireland and entry into a new specialist market.
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January 16, 2025
UK Property Insurance Claims Highest Since 2007
Property insurance claims in the U.K. are expected to reach £5.5 billion ($6.7 billion) for 2024, the highest level since 2007 when insured flood losses reached £3 billion, according to Deloitte Touche Tohmatsu Ltd.
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January 15, 2025
Gov't Consolidation Pension Plans 'Need Far More Detail'
Proposals from the government to consolidate defined contribution pensions schemes to drum up more investment in the U.K. "need far more detail" if they are to be effective, Broadstone has said.
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January 15, 2025
Motor Insurer Could Get £100M Boost From Rate Change
Admiral, the largest motor insurer in the U.K., could get a £100 million ($123 million) bounce because of a change to the formula for calculating life-changing injury claims, analysts said Wednesday.
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January 15, 2025
FCA Warns More Firms Are Avoiding Redress Obligations
The Financial Services Authority has warned that financial firms are increasingly trying to avoid compensating consumers for poor advice or products while they benefit from the assets of the business.
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January 15, 2025
Torsten Bell Appointed Britain's New Pensions Minister
The government has appointed Torsten Bell, the former boss of a think tank, as the new minister for pensions, replacing Emma Reynolds, who now becomes economic secretary to the Treasury following the resignation of Tulip Siddiq.
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January 15, 2025
Eversheds Helps Switch On Lighting Biz's £24M Pensions Deal
Pension Insurance Corp. PLC said on Wednesday that it has taken on retirement savings liabilities valued at £24 million ($29.3 million) from a plan sponsored by a British lighting business in a deal steered by Eversheds Sutherland and CMS.
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January 14, 2025
Charities Advised To Prep For New Pension Funding Regime
U.K. charities with a defined benefit pension scheme should proactively work on a strategy for their plan in line with the recently introduced funding regime for the sector to avoid potential calls for higher retirement savings contributions, Lane Clark & Peacock LLP has said.
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January 14, 2025
Pensions Watchdog Could Play Role In Gov't Growth Agenda
The Pensions Regulator could play a leading role in enabling the retirement savings sector to have a greater role in the recovery of the U.K. economy, a consultancy has said.
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January 14, 2025
Darag Buys Loss Portfolio Of Troubled Insurtech Wefox
Insurance company Darag Group said Tuesday it has purchased a run-off portfolio of business from distressed German insurtech giant Wefox Insurance AG.
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January 14, 2025
Financial Standard Setter Calls For Harmonized Climate Plans
A global standards setter called on Tuesday for greater standardization of climate transition plans among financial firms to help regulators assess the risk to stability in markets.
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January 14, 2025
UK Pension Consolidation Plans Spark Pushback From Sector
Government proposals to push for the consolidation of defined contribution pension schemes into master trusts risk stifling innovation and is the wrong area of choice to support its ambition to drive economic growth, experts have warned.
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January 13, 2025
Fla. Court OKs $6B Settlement Data Release In 3M's UK Case
A Florida federal court has authorized the release of certain information related to 3M's $6 billion multidistrict litigation settlement ending claims over allegedly faulty combat earplugs to a London arbitral tribunal, which was convened to determine if insurer AIG Europe Ltd. is refusing to pay its share of the deal.
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January 13, 2025
Gov't To Make Pension Fund Clearing Exemption Permanent
The U.K. government said it will push through regulation to ensure that an exemption on pension funds having to clear certain kinds of derivatives will not expire this year.
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January 13, 2025
BoE 2025 Pension Deal Focus Dubbed A 'Reassurance'
The Prudential Regulation Authority's continued focus on the bulk purchase annuity sector is a positive step in light of the rapid increase in pension deals over recent years, Lane Clark & Peacock LLP said.
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January 13, 2025
UK Unveils Blueprint To Become AI World Leader
The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
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January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks
The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
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January 20, 2025
Clyde & Co. Lands Plane Insurance Pro From Kennedys
An insurance specialist has returned to Clyde & Co., joining its aviation liability practice as a partner in London as the law firm looks to bolster its firepower and support its clients' complex and evolving needs.
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January 13, 2025
Gallagher Settles £15M Koko Venue Negligence Claim
The owner of London music venue Koko reached a settlement in its £15 million ($18 million) case against Arthur J. Gallagher on the first day of a trial in London on Monday, ending its claim that the insurer-broker failed to ensure it had cover for a fire.
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January 13, 2025
Pension Annuity Rates Soar On Bond Market Turmoil
The income on a newly-purchased pension annuity has surged because of a crisis in the bond market, offering a silver lining for those approaching retirement, a consultancy said Monday.
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January 13, 2025
Dutch Insurer Aegon Begins €150M Buyback Scheme
Aegon said on Monday that it has started buying back shares worth up to €150 million ($153 million) in a program designed to return cash to shareholders and fund payouts to reward the Dutch insurance giant's senior managers.
Expert Analysis
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UK Privacy Rules That Can Catch You Off Guard
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.
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Autonomous Vehicles And UK Product Liability Law: Part 2
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.
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Autonomous Vehicles And UK Product Liability Law: Part 1
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.
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A Victory For Legal Privilege In Cross-Border Investigations
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.
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UK And EU Crawl Toward Virtual Currency Regulation
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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Is Equifax Data Breach Penalty A Sign Of Fines To Come?
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.
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Ensure That Dispute Resolution Mechanisms Are Brexit-Proof
With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.
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5 Cyber Insurance Pitfalls To Avoid In The UK
Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.
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UK Unexplained Wealth Orders: More Bark Than Bite So Far
This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.
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GDPR Compliance Questions For Blockchain Firms
The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.
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Knowledge Management: An Unsung Hero Of Legal Innovation
As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.
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Uncertainty Concerning The UK's Proper Purpose Rule?
The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.
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How Europe's AML Regime Is Tackling Virtual Currencies
The use and provision of virtual currency services have remained largely unregulated in the European Union, but its newest anti-money laundering directive could be the first step to tougher regulation, say Chris Warren-Smith and Paul Mesquitta of Morgan Lewis & Bockius LLP.
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UK Ruling Signifies Greater Cross-Border Sharing Of Data
In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.
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Why Law Firms Should Monitor The Dark Web
Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.