Insurance UK

  • February 28, 2025

    Gov't Urged To Overhaul Pension Transfer Rules

    The U.K. government must urgently overhaul its traffic light system for pension transfers, a trade body said, warning that the rules as drafted are too vague and cause major delays.

  • February 28, 2025

    FCA Clears CVC's £5.4B Hargreaves Lansdown Takeover

    CVC Capital Partners said Friday that the finance watchdog has given the green light to its £5.4 billion ($6.8 billion) takeover of wealth manager Hargreaves Lansdown, wrapping up all the regulatory conditions needed to close the deal.

  • February 28, 2025

    60% Of Insurance Broking M&A Driven By Private Equity

    Private equity companies took part in almost two-thirds of transactions that involved European insurance intermediaries in 2024, a consultancy has said.

  • February 27, 2025

    UK Asset Managers Told To Expect Multi-Firm Reviews

    The Financial Conduct Authority has told asset managers in a "dear CEO" letter that it will start multi-firm reviews focused on the Consumer Duty and conflicts of interest in specialist areas.

  • February 27, 2025

    FCA Abolishes Requirement For Consumer Duty Champions

    The Financial Conduct Authority said Thursday it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.

  • February 27, 2025

    Insurer Calls On Gov't To Increase Road Repair Spending

    The U.K. government must increase funding for local authorities to improve road networks blighted by potholes, public sector insurer Zurich Municipal has said, noting a 19% increase in insurance claims caused by damaged roads last year.

  • February 27, 2025

    Swiss Re Expects 'Less Than $700M' Hit From LA Wildfires

    European insurance giant Swiss Re said Thursday that it expects losses of less than $700 million from the mass wildfires that swept the Los Angeles area in January.

  • February 27, 2025

    Hiscox Kicks Off $175M Share Buyback, Posts Record Profit

    Insurer Hiscox Ltd. launched on Thursday the first part of a share buyback program worth up to $175 million, after posting a record annual pre-tax profit of $685 million.

  • February 26, 2025

    Pension Watchdog Could Face Strain From Superfund Surge

    The U.K.'s retirement savings watchdog should consider a fast-track route to approving superfund transactions, a consultancy said Wednesday, warning that "regulatory bandwidth" could prove a barrier to a growth in demand.

  • February 26, 2025

    Pensions Industry Warns Of 'Unique' Pressures For Gen Z

    Policymakers should legislate to include gig workers and the self-employed in retirement savings systems to improve the "unique" financial pressures faced by those born from the mid-to-late 1990s to the early 2010s, a pensions research organization said Wednesday.

  • February 26, 2025

    2 Firms Steer NormanMax Acquisition Of UK Flood Insurer

    U.K. flood insurer FloodFlash Ltd. has agreed to be acquired by NormanMax Insurance Holdings Inc., a U.S.-based firm that specializes in catastrophic risk, pending regulatory approval from the Financial Conduct Authority.

  • February 26, 2025

    Insurers Could Take Hit From FCA Premium Finance Action

    Insurers could take a hit of up to 15% on their profitability if the Financial Conduct Authority introduces an outright ban on so-called premium finance arrangements, analysts said Wednesday.

  • February 26, 2025

    FCA Urged To Ban Pension Transfer Incentives

    Britain's finance watchdog should ban pension transfer incentives and require providers to display comparable information about schemes, a pensions provider said Wednesday, amid a string of other proposals it said would improve transparency and saver outcomes.

  • February 25, 2025

    Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps

    A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.

  • February 25, 2025

    M&G Pens £111M Pension Deal For UK-Based Asset Manager

    M&G PLC on Tuesday said it has taken on £111 million ($140.5 million) in retirement savings liabilities from an unnamed, U.K.-based asset manager's pension scheme, in a deal guided by CMS Cameron McKenna Nabarro Olswang LLP, Herbert Smith Freehills LLP and Hogan Lovells.

  • February 25, 2025

    Pension Insurer PIC Invests £50M In UK Port Group

    Specialist U.K. insurer PIC has invested an extra £50 million ($63 million) in port group Peel — the second deal concluded between the two following a funding round that provided £33 million in 2023.

  • February 25, 2025

    Gov't Urged To Bolster Safeguards For Pension Lifeboat Fund

    The U.K. government's plan to allow businesses to tap into well-funded pension schemes may need to include new safeguards to protect the sector's lifeboat scheme, a trade body warned Tuesday.

  • February 25, 2025

    Pension 'Mortality Index' Tweaks Proposed For Pandemic

    A trade body floated changes on Tuesday to an actuarial model for life expectancy that underpins the U.K.'s £3 trillion ($3.8 trillion) pensions industry, a move to better reflect the impact of the COVID-19 pandemic.

  • February 25, 2025

    Audit Watchdog Tightens UK Accounting Guidance

    The audit watchdog published on Tuesday its finalized guidance to help companies asses whether it is a "going concern," which it said will broaden the scope of its advice to reflect reporting changes and high-profile corporate collapses.

  • February 24, 2025

    UK Reinsurer Can't Challenge Tyson's Fire Coverage Ruling

    A British reinsurer cannot challenge a decision barring it from pursuing arbitration in New York against the captive insurer for Tyson Foods in a coverage dispute stemming from a fire at an Alabama plant owned by the food giant, a London court ruled.

  • February 24, 2025

    UK Gov't Faces Legal Threat Over State Pension Redress

    Campaigners fighting for women to be compensated over historic state failures to inform them that their pension age had changed on Monday threatened the government with legal action over its decision not to set up a redress scheme.

  • February 24, 2025

    FCA Advice Review Findings Staves Off Mass Redress Fears

    The Financial Conduct Authority said Monday in the vast majority of cases, financial advisers have carried out suitability reviews for their clients, in a finding which experts say makes fears of a "worst-case scenario" redress program less likely to materialize.

  • February 24, 2025

    DWF Guides £4.5M Pension Deal For Christian Charity

    A youth charity has offloaded £4.5 million ($5.7 million) of its pension scheme liabilities to Just Group, the insurer said Monday, in a deal steered by DWF Law LLP.

  • February 24, 2025

    TLT-Led Pension Adviser To Buy Rival Polaris For Up To £58M

    Pensions adviser XPS said Monday it has agreed to acquire its U.K. rival Polaris Actuaries and Consultants Ltd. in a transaction worth up to £58.4 million ($73.3 million) in cash, as the group looks to provide a "full range of services" to the sector.

  • February 24, 2025

    Lloyd's Syndicate Settles In $90M COVID Losses Claim

    A Lloyd's of London syndicate has agreed to a settlement with another syndicate in a $90 million row between insurers and underwriters over losses it allegedly suffered when the COVID-19 pandemic led to trade and entertainment venues being shuttered across the world.

Expert Analysis

  • Collective Redress In The EU: Past, Present And Future

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    Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • 3 Brexit Scenarios And Their Implications For US-UK Trade

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    Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.

  • Frustrating Events: Are Your Contracts Brexit-Proof?

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    In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • What 2019 Has In Store For UK Data Protection

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    Many of the big data protection compliance themes of 2018 will continue on this year, including even General Data Protection Regulation preparation, but the possibility of a no-deal Brexit may complicate matters, says Stewart Room of PwC LLP.

  • Opinion

    Brexit International Arbitration Clause Is Misunderstood

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    Much of the criticism aimed at the international arbitration clause in the recent Brexit withdrawal agreement unfairly identifies a perceived lack of transparency and appears to be based on a lack of understanding about the process, says Margarita Michael of O'Melveny & Myers LLP.

  • The Lawyer's Daily

    How To Requalify As A Lawyer In Canada

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    Becoming a lawyer in Canada is a challenging experience for foreign qualified lawyers. In addition to the bar exam, hurdles include obtaining certification from the National Committee on Accreditation, and complications from moving to Canada halfway through the process, says Kyle Abrey, in-house counsel at the Royal Bank of Canada.

  • Legal Technology Is Likely To Flourish In The UK

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    The U.K. may soon surpass the U.S. in legal technology, thanks to regulatory reform, law firm investment and an entrepreneurial environment, says Bridget Deiters of InCloudCounsel.

  • 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.

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