Insurance UK

  • September 24, 2019

    BREAKING: Top UK Court Rules Shutting Parliament Before Brexit Was Unlawful

    British Prime Minister Boris Johnson’s decision to suspend Parliament shortly before Brexit was unlawful, the U.K. Supreme Court ruled on Tuesday in a judgment allowing lawmakers to resume debate in the final weeks before the country is set to leave the European Union.

  • September 23, 2019

    Investors Rip 'Fictitious' Accounting By Defunct Insurer's CEO

    Investors in Gable Insurance AG have continued pressing their claims in the High Court in a £1.9 million ($2.3 million) lawsuit that the defunct Liechtenstein company's former chief executive concealed a major fraud to lure investments while he funneled money to a company he owned.

  • September 23, 2019

    UK Top Court Sets Parliament Suspension Ruling For Tuesday

    The U.K. Supreme Court will rule Tuesday on whether Prime Minister Boris Johnson unlawfully suspended Parliament for five weeks earlier this month, according to a statement issued by the court Monday.

  • September 23, 2019

    Insurtech Firm Launches Policies For Ride-Hailing Drivers

    A Munich Re-backed insurance technology firm said Monday it will introduce flexible policies for drivers for ride-hailing services with as little as seven days’ coverage as the private-hire insurance market tries to adapt to the surge in popularity of companies such as Uber and Lyft.

  • September 23, 2019

    Banks, Insurers Commit To Global Climate Action

    Banks from 46 countries with more than $47 trillion in assets have adopted new United Nations-backed principles on “responsible banking” to fight climate change and increase focus on sustainable finance.

  • September 20, 2019

    FCA Appoints Exec Director of Risk and Compliance Oversight

    Britain’s finance watchdog on Friday named a longtime financial services expert with experience in banking and insurance to be its new executive director of risk and compliance oversight.

  • September 20, 2019

    Ex-Shareholders Say Wirecard Ignored Stock Sale Fraud

    Two investors have sued Wirecard AG for €33 million ($36.3 million), expanding their London legal fight claiming they were intimidated into selling their stock in a financial services company just before it was sold to the German payments provider for a windfall. 

  • September 20, 2019

    Ship Owner Says Insurer Ok'd Plans To Haul Stranded Ship

    An Indian insurer signed off on plans to haul a barge stranded at sea in foul weather and shouldn't shirk its obligation to pay the $1.6 million cost, the vessel's Dubai owner told a London court.

  • September 20, 2019

    L&G To Offer Annuities To Prudential Customers

    Insurer Legal & General said Friday it will offer individual annuities to some Prudential customers as insurers seek to exit the annuities business after increased capital requirements were imposed in Europe.

  • September 20, 2019

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

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

  • September 20, 2019

    Consider Recording Client Meetings, FCA Tells Advisers

    The Financial Conduct Authority has urged financial advisers to record interactions with their clients to help ensure that “better quality” recommendations are being made and “provide the most robust evidence” if a consumer brings a complaint.

  • September 19, 2019

    Davis Polk-Led Charles Taylor To Go Private In £261M Deal

    Charles Taylor, a U.K.-based insurance services provider guided by Davis Polk, agreed to a £261 million ($325.4 million) private acquisition by a firm formed on behalf of funds advised by Lovell Minnick Partners, the companies said Thursday.

  • September 19, 2019

    AXA Buys Insurance Policy Run-Off Portfolio In Malaysia

    AXA Liabilities Managers completed the acquisition Thursday of a portfolio of insurance policies, excluding life insurance, from Munich Re's Malaysian subsidiary on the approval of Malaysia's High Court.

  • September 19, 2019

    EU Research Pricing Rules Work Well For Investors, FCA Says

    European Union trading rules that came into force in 2018 have made research costs more transparent and saved money for investors, the Financial Conduct Authority said Thursday, although it urged asset managers to refine the way they value the information they buy.

  • September 19, 2019

    Damp Lamps A Danger, AIG Says In Shipping Row

    Insurer AIG has defended the decision to scrap an entire load of water-damaged lamps in its lawsuit against Swiss shipping giant MSC, telling a London court that selling lamps that had been exposed to water could be dangerous even if they worked initially.

  • September 19, 2019

    FSCS Takes On Failed Pension Co. For Lapses

    The U.K.’s deposit protection fund said Thursday it would handle consumer claims against a pension administrator that fell into administration because it could not afford to compensate customers for not ensuring that their investments were suitable for them.

  • September 18, 2019

    'Political' Shutdown Not A Matter For Judges, UK Court Told

    Prime Minister Boris Johnson’s decision to suspend Parliament is a political issue that cannot be decided by the courts, a lawyer for Britain’s premier said Wednesday, telling the U.K. Supreme Court it would be “constitutionally inappropriate” to intervene.

  • September 18, 2019

    Insurer Seeks To Shift Blame In £9M Claims Handling Suit

    Insurance broker Staveley Head Ltd. has implicated its subcontractor in an £8.8 million ($11 million) dispute with two insurers, arguing that the claims management company should be on the hook for any damages in the case.

  • September 18, 2019

    Lloyds Bank Seeks Court OK To Fix Costly Pension Plan Error

    Lloyds Bank PLC is seeking a quick win in London court on litigation it filed seeking permission to add a sentence to an employee pension plan agreement that it says was inadvertently left out and could ultimately cost the bank more than £25 million.

  • September 18, 2019

    Lloyd's Boss Vows Culture Changes Amid Harassment Claims

    Lloyd's of London will take further steps to tackle workplace sexual misconduct after an independent survey found evidence of harassment against female employees, the chief executive of the 330-year old insurance market said Wednesday.

  • September 18, 2019

    EU Says No-Deal Brexit Risk 'Very Real' As Time Runs Out

    A U.K. departure from the European Union on Oct. 31 without a deal or transition period is now "very real" in the absence of any new British proposals that would get ratified in Parliament, the European Commission president warned Wednesday.

  • September 18, 2019

    Law Firm Says Leaks Didn't Lower £637M Watchstone Price

    Law firm Slater and Gordon slammed allegations it used a "secret back channel" to gain leverage over Watchstone Group PLC during negotiations to buy the insurance group's legal services subsidiary, telling a London judge that it was no secret the company had cash flow problems. 

  • September 18, 2019

    Insurance Regulator Calls For EU-Wide Cyberrisk Rules

    Europe's insurance watchdog called for new rules on how insurers should identify and report cyberthreats to protect themselves and policyholders against the increasing threat of online attacks.

  • September 17, 2019

    Flaws In 2007 UK Legal Reform Spark Call For More Changes

    Shortcomings stemming from the regulatory structure of legal services created 12 years ago in the United Kingdom, including confusion about who is regulated and an inconsistency between consumer expectations and the breadth of protection, should spur additional reforms, according to an interim report published Tuesday by University College London.

  • September 17, 2019

    Lloyd's Fights Underwriter’s £5.8M Breach Of Contract Suit

    Lloyd’s of London denied misleading one of its members into believing he could temporarily change his underwriting classification, a move the longtime underwriter said is expected to cost him more than £5.8 million ($7.2 million).

Expert Analysis

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • 2 Perspectives On Navigating The Litigation Funding Process

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    Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Competing Legal Factors Vex Insurance Arbitration Disputes

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    The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.

  • Cannabis Investors Should Beware Money Laundering Risk

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    Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • UK Firms Should Be Prepared For Government Raids

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    Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • 3 Insurance Issues Raised By The Notre Dame Cathedral Fire

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    The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

  • Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant

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    The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.

  • UK Antitrust Watchdog Proposals Would Bolster Enforcement

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    The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.

  • Guest Feature

    Preet Bharara On The Human Factor In The Justice System

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    A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.

  • Considering A More Cost-Effective Future For The SFO

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    In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.

  • Lessons From Carphone Warehouse's Partial FCA Settlement

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    In the first case decided under the U.K. Financial Conduct Authority's new partial settlement process, Carphone Warehouse demonstrates not only the possible value of cooperating with authorities but also the cost of failing to right previous wrongs, says Syedur Rahman of Rahman Ravelli Solicitors.