Insurance UK

  • August 23, 2024

    Swiss Watchdog Recognizes Insurance Self-Regulation Plan

    The financial watchdog of Switzerland said Friday that it has officially recognized the insurance industry's self-regulation concerning the training and education of insurance intermediaries, but warned that it will intervene if necessary to protect consumers.

  • August 22, 2024

    Fidelis Denies Liability For $238M Over Stranded Planes

    Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.

  • August 22, 2024

    EU Decision Keeps Tax Relief For UK Investment Schemes

    The European Commission will allow U.K. government-backed programs that encourage private investment in small companies to continue offering favorable tax terms for investors, according to a decision published Thursday.

  • August 22, 2024

    'Beloved By Everyone': Attys Recall Clifford Chance's Morvillo

    Clifford Chance LLP partner Christopher Morvillo, who died this week after a luxury yacht he was on sank off the coast of Sicily, is being remembered not only as a lion of the legal community but also as an "extraordinary human being" and a "Renaissance man" who was devoted to his family.

  • August 22, 2024

    Over 3M UK Pensioners To Be Dragged Into Higher Tax Rates

    Government data shows 3.1 million U.K. pensioners will be dragged into paying higher taxes in the next four years due to the freeze on income thresholds, financial firm Quilter PLC said Thursday.

  • August 22, 2024

    UK Pension Deal Market Likely To Hit £40B In 2024

    The value of pension insurance transactions in 2024 is likely to drop to £40 billion ($52.4 billion), an insurer has said, bucking expectations of another record-breaking year for the market.

  • August 22, 2024

    Mike Lynch's Body Recovered From Yacht Wreck

    Mike Lynch, founder of technology company Autonomy, died when a yacht he was aboard sank off the Sicilian coast, his family confirmed Friday, after a trip the entrepreneur had reportedly chartered with his legal team to celebrate their victory in a U.S. fraud case.

  • August 22, 2024

    Insurance Conman Gets 20-Month Sentence For Bogus Claims

    A fraudster has been hit with a 20-month prison sentence after he pocketed almost £12,000 ($15,700) after he used multiple identities to file fake home insurance claims under multiple identities, a London police force said Thursday.

  • August 22, 2024

    Nearly 2,000 Failing To Claim UK State Pension 'Goldmine'

    Almost 2,000 people could be sitting on a pensions "goldmine" because they have failed to respond to letters from the Department for Work and Pensions about the potential underpayment of state pensions to their dead relatives, according to a former pensions minister.

  • August 21, 2024

    NJ Man Fighting Lloyd's Arbitration Bid After False Arrest

    A New Jersey man who received a $5 million settlement from the city of Trenton after being falsely arrested and imprisoned for 212 days has urged a federal court not to force him to arbitrate a subsequent dispute with Lloyd's of London underwriters over payment of the judgment.

  • August 21, 2024

    Top Commercial Disputes To Watch In 2nd Half Of 2024

    A claim against BHP from victims of Brazil's deadliest environmental disaster, a $10 billion insurance megatrial over planes stranded in Russia and a legal challenge to the response by the U.K. financial regulator to the mis-selling scandal are just some of the trials to look out for in the second half of 2024.

  • August 21, 2024

    Pension Bodies Call For Investment Consultants Regulation

    The government should urgently move forward with delayed plans to bring investment consultants under the supervision of the Financial Conduct Authority, pension bodies and climate groups warned.

  • August 21, 2024

    PE Firm's £432M Deal Wins UK Security Clearance

    Wealth management firm Mattioli Woods said Wednesday that the U.K. government has granted national security clearance to its acquisition for approximately £432 million ($564 million) by private equity firm Pollen Street, clearing the way after some delay for the completion of the deal.

  • August 21, 2024

    UK Fraud Fund Pays Out £9.8M To Norton Pension Members

    The pensions fraud compensation body said it has paid out £9.8 million ($12.8 million) to retirement savings plans sponsored by manufacturer Norton Motorcycles Holdings Ltd., after the company director was convicted of misappropriating funds.

  • August 21, 2024

    Broker SRG Eyes UK Rival Amid 2024 Shopping Spree

    Specialist Risk Group has said it hopes to make its fifth acquisition for 2024 after it offered to buy Anthony James Insurance Brokers Ltd., which it expects will boost its retail division across the U.K.

  • August 21, 2024

    Insurers Failing To Give Customers Good Value, FCA Warns

    The Financial Conduct Authority called on insurers and brokers on Wednesday to remedy failures to demonstrate that they offer fair value to customers with good outcomes.

  • August 20, 2024

    Insurers Deny Liability Over $790M Stranded Aircraft Claims

    Two insurers have argued they are not liable for paying out claims totaling more than $790 million over planes stranded in Russia, arguing the aircraft had not been "lost" to their lessors under the terms of the policies.

  • August 27, 2024

    Linklaters Taps White & Case For Finance Head In Sweden

    Linklaters LLP said Tuesday that it has recruited a leveraged finance expert from White & Case LLP to lead its banking practice in Sweden and to boost its support to clients including banks and private equity firms.

  • August 20, 2024

    Clifford Chance 'In Shock' Over Missing Partner

    Clifford Chance said Tuesday that it is "in shock and deeply saddened" that a partner is among six passengers missing from a yacht that was reportedly chartered to celebrate the legal victory of technology entrepreneur Mike Lynch.

  • August 20, 2024

    Marsh Launches $50M Insurance After Baltimore Bridge Crash

    Insurance broker Marsh said on Tuesday that it has launched a $50 million insurance product to guard against losses caused by blockages in shipping ports following the disruption caused by the collapse of the Francis Scott Key Bridge in Baltimore.

  • August 20, 2024

    FCA Move To Results-Based Regulation Could Hurt Firms

    The Financial Conduct Authority's planned move to an outcomes-based approach to regulation is raising concerns among lawyers that the resulting uncertainty could undermine companies in the sector and weaken the government's push for international competitiveness.

  • August 20, 2024

    Pinsent Masons-Led Broker AUB Acquires UK Movo Group

    AUB Group Ltd. has said that it has agreed to buy an 80% equity stake in U.K. insurer Movo Group, as the Australian broker bids to expand its operations in Britain.

  • August 20, 2024

    Gov't Launches Pension Credit Promo Before Fuel Benefit Cut

    The government launched a campaign on Tuesday to boost the number of people claiming pension credits, after it said that winter fuel allowances will be a means-tested benefit this year.

  • August 19, 2024

    Gov't Will Meet With Women State Pension Campaigners

    The U.K. pension minister will meet with women who are owed billions in compensation due to historic state pension failings, campaigners said.

  • August 19, 2024

    German Finance Watchdog Warns Of AI-Linked Discrimination

    Germany's financial watchdog has said it will take "decisive action" against the companies it supervises it they fail to stop illegal discrimination caused by artificial intelligence and machine learning.

Expert Analysis

  • FCA Consumer Duty May Pose Enforcement Challenges

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    The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.

  • How The OECD Global Tax Proposal Could Affect M&A

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    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • What Trustees Must Know About Virgin Media Pension Case

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    The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.

  • Trustees Should Take Caution After UK Pension Tap Plan

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    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Factors Driving Increased Litigation Against European Cos.

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    European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

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    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • What TPR's Guidance On DEI Means For Pensions Industry

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    The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.

  • Ensuring Construction Project Insurance Cover Is Adequate

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    There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.

  • Rebuttal

    2nd Circ. Reinsurance Ruling Correctly Applied English Law

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    Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.

  • Reserved Investor Fund Would Plug Gap In UK Finance Market

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    The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.

  • What Firms Need To Know About The FCA Consumer Duty

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    The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.

  • Greenwashing Suits May Implicate D&O Policies

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    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.

  • 2nd Circ. Reinsurance Ruling Misconstrues English Law

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    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.

  • 4 Emerging Risks For US Insurance Markets

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    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.

  • How The New UK Digital Markets Bill Will Affect CMA's Powers

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    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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