Insurance UK

  • October 15, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen another Italian region in a lawsuit over derivatives contracts, the U.K.'s high-speed railway project facing a fresh legal challenge, and a British chain of discount retail stores suing Shoosmiths. Here, Law360 looks at those and other new claims in the U.K.

  • October 15, 2021

    Banks Still Reporting Significant Libor Exposures, EBA Warns

    Banks still have €50 trillion ($58 trillion) in derivatives exposures tied to Libor and face high transition risks as the scandal-plagued benchmark rate goes out of service in two months, the European Union's banking watchdog warned.

  • October 15, 2021

    Aon Sued For 'Concealing' Pension Plan Errors At Defunct Co.

    Trustees for a former paper wholesaler's pension plan have sued Aon in London for allegedly botching attempts to scale back the company's retirement plan, saying the errors were "concealed" and have resulted in unplanned payouts. 

  • October 15, 2021

    FCA Fines, Bans Pensions Adviser Over Reckless Guidance

    The City watchdog said on Friday that it has handed a former financial adviser a £116,000 ($160,000) fine and given him a lifetime ban from working in the industry for providing reckless and unsuitable pension-switching recommendations to vulnerable consumers.

  • October 15, 2021

    FCA Chair Charles Randell To Step Down In 2022

    The chairman of the Payment Systems Regulator and the Financial Conduct Authority has resigned, the government said on Friday, as the City watchdog continues with a major internal transformation. 

  • October 15, 2021

    Insurers Take Gov't To Court To Undo EU Accident Ruling

    An insurance industry body said it is launching a judicial review over the failure by the British government to overturn a controversial legal precedent that requires it to pay out to individuals injured in motor accidents on private land.

  • October 15, 2021

    Most FCA Complaints About Online Ads, Watchdog Finds

    The City watchdog said on Friday that 69% of the complaints it received about financial promotions in the past quarter were about online advertisements or those that appeared on social media, as authorities push for more power to tackle scams. 

  • October 14, 2021

    Greenberg Traurig Nabs London Disputes Team From Mishcon

    Law firm Greenberg Traurig has poached seven senior lawyers from rival Mishcon de Reya to join its disputes team in London as part of its bid to expand its litigation practice.

  • October 14, 2021

    Latest Wave Of PPI Claims Has Come Too Late, RBS Says

    The Royal Bank of Scotland urged the Court of Appeal on Thursday to stop consumers from launching a new wave of payment protection insurance claims, saying the historic credit agreements paid off more than a decade ago cannot be recovered.

  • October 14, 2021

    One In Three UK Judges Hit With Penalty Pensions Tax Rate

    A retirement savings threshold that penalizes higher earners hit more than 1,000 U.K. judges in the wallet last year, a 239% jump on the 303 who were affected in the 2016 tax year, according to data published on Thursday.

  • October 14, 2021

    Firms Urged To Join Flood Insurance Directory After Review

    Trade groups called on insurers companies and brokers on Thursday to register for an upcoming directory of providers of insurance against flooding, after a government-commissioned review warned of a shortfall in cover.

  • October 14, 2021

    FCA Vows Early Intervention Over Pension Transfer Harm

    The Financial Conduct Authority has said it will intervene if it sees retirement savers suffering harm from pension transfers, as the watchdog seeks to keep a closer watch on the market for financial advice after the British Steel Pensions Scheme scandal.

  • October 14, 2021

    SFO Shelves Probes Into Watchstone Group, Tata Steel

    The Serious Fraud Office has closed three investigations in the past two days, including long-running probes into insurance and technology provider Watchstone and a company owned by Indian Indian-British steel magnate Sanjeev Gupta's GFG Alliance.

  • October 13, 2021

    FCA Urges Insurers To Make Sure Customers Get Right Cover

    The City watchdog has called on insurers and reinsurers to check the value of their products, amid concerns consumers may not be getting a fair deal from companies.

  • October 13, 2021

    Insurers Want More Changes To Asbestos Compensation Rule

    Aviva and Swiss Re asked a London appeal court on Wednesday to expand the reach of a ruling that the government's 100% recovery of personal injury benefits for asbestos victims from insurers violates British human rights law.

  • October 13, 2021

    Gibraltar Trustees Escape Investors' Pension Losses Case

    Dozens of investors lost their chance to sue a pension scheme trustee for recommending "inappropriate" investments after an English judge ruled on Wednesday that the lawsuit should have been brought in Gibraltar.

  • October 13, 2021

    AXA Escapes Claim For £3M Over Exec Tied To 1MDB Scandal

    A judge has rejected a London property developer's attempt to force AXA to cover water damage, ruling that the policy was void because the builder should have disclosed that its director was a former Goldman Sachs executive involved in the 1MDB scandal.

  • October 13, 2021

    Pensions Watchdog Seeks Public Response On Climate Rules

    The Pensions Regulator said on Wednesday that it will set up a series of panels to seek responses on whether it is succeeding in reducing risk for savers, following the introduction of new reporting requirements on climate change for the sector. 

  • October 13, 2021

    Norton Rose, Weil Guide Howden Buy Of Aston Lark

    Broker Howden Group said on Wednesday that it has bought growing U.K. rival Aston Lark, in a deal that will create a £6 billion ($8.2 billion) retail broking business.

  • October 12, 2021

    UK Gov't Appeals Insurers' Win Over Asbestos Benefits

    The government urged an appeals court Tuesday to toss a ruling allowing insurers to cap the money they must reimburse HM Treasury for benefits paid to asbestos victims, arguing that it was not the court's place to reform the regime.

  • October 12, 2021

    Builders Fight Negligence Claims In Insurer's £70M Suit

    A building design firm argued to an appellate court Tuesday that professional negligence claims based on an extrapolated sample of concerns should be struck from a £70 million ($95 million) property development case, saying otherwise the court will open the "floodgates to spurious claims."

  • October 12, 2021

    Building Contractor Sues Its Insurer Over Flood Repairs

    A building contractor has sued its insurer, seeking to force it to cover the damage caused by a pipe that burst during construction works it carried out on a block of flats in a London suburb.

  • October 12, 2021

    CMS Guides £760M Pension Deal For Pharma Giant Sanofi

    French pharmaceutical giant Sanofi SA said on Tuesday that it has insured £760 million ($1 billion) worth of U.K. staff pension liabilities with Legal & General Assurance Society Ltd.

  • October 12, 2021

    Trade Body Warns Of 'Grave Concerns' Over Pension Age Hike

    An insurance trade body has said it has "grave concerns" over the government's plan to move to a new minimum pension age, and has called for a simpler approach.

  • October 11, 2021

    Broker Fights To Invalidate Legal & General Umbrella TMs

    An insurance broker has hit back at Legal & General's trademark infringement lawsuit, urging the court to nix the insurance giant's registrations because of its alleged efforts to "evergreen" its umbrella logo protections.

Expert Analysis

  • What 9th Circ. Arbitration Case May Mean For Insurance

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    If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

  • How UK Data Breach Ruling May Rein In Insurance Claims

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    The recent U.K. High Court ruling in Warren v. DSG Retail, which held that claimants can only pursue personal data claims provided for in data protection legislation, narrows the basis upon which claims can be made following a data breach, and could make lower-cost recovery of after-the-event insurance premiums a thing of the past, say attorneys at Jenner & Block.

  • 2nd Circ. Arbitral Award Ruling Signals Restrictive Approach

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    The Second Circuit's recent ruling in Gater Assets v. Moldovagaz, reversing a default judgment arbitration award on jurisdictional grounds, fortifies U.S. court protections for foreign states and state-owned entities, and forecasts the court's conservative approach to when nonparties can be bound by arbitration agreements, say attorneys at Cleary.

  • Lloyds EU Operations Highlight Challenges For UK Insurers

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    Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • 3 Risk Management Lessons From Pandemic Insurance Wars

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    As appellate decisions in COVID-19 business interruption insurance claims continue to clarify the state of the law, there are some things that policyholders' lawyers and risk managers can do in the meantime to help prepare for future unforeseen events affecting coverage, says Peter Halprin at Pasich.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • Evaluating Insurance Options In Light Of Suez Canal Blockage

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    The recent blockage of the Suez Canal by the cargo ship Ever Given illustrates that manufacturers, carriers and recipients of internationally shipped goods should consider all the insurance offerings available to cover losses resulting from shipping delays, say David Klein and Ryan Vanderford at Pillsbury.

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