Insurance UK

  • September 22, 2023

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

    The past week in London has seen the liquidators of a defunct gold dealership sue NatWest after it failed to detect a massive money laundering scheme, a Ukrainian airline and an aircraft lessor launch a claim against insurers, and the University of Sheffield sue AstraZeneca after a long-running deal to develop a cancer treatment. Here, Law360 looks at these and other new claims in the U.K.

  • September 22, 2023

    Law Firm's Cash Frozen In £2.8M PPI Business Row

    A judge agreed Friday to place restrictions on money held by a U.K. law firm while a £2.8 million ($3.4 million) dispute continues over a payment protection insurance venture, set up to deal with a new wave of claims.

  • September 22, 2023

    UK Gov't Could Face Legal Action Over Net-Zero Rollback

    A legal campaign group Friday threatened the U.K. government with further legal action if it can't demonstrate how it will meet its legally binding targets to reduce and nullify carbon emissions, following Prime Minister Rishi Sunak's recent "backsliding" on several climate policies.

  • September 22, 2023

    Hogan Lovells Steers Telco On £340M Pension Deal

    Insurer Legal & General Assurance Society Ltd. said Friday it has struck a £340 million ($417 million) pension deal with a U.K. telecoms company in a transaction steered by Hogan Lovells International LLP and Clifford Chance LLP.

  • September 22, 2023

    FCA Lacks Teeth To Enforce New Crypto Rules Abroad

    The City watchdog has warned that it will take action against unregulated overseas financial companies that promote crypto-assets to U.K. consumers without complying with new rules, but lawyers say it lacks the enforcement tools to stop illegal activity.

  • September 22, 2023

    R&Q Insurance In Talks With Onex To Sell Accredited Unit

    Investment company R&Q Insurance Holdings Ltd. said Friday that it is in talks with Onex Corp., a private equity firm, over the sale of its program management division.

  • September 21, 2023

    Aviva, Zurich Say Omissions Doom Dental Clinic Fire Claim

    Aviva and Zurich have said they can refuse to cover up to £9 million ($11 million) in losses stemming from a fire that engulfed a British dental practice, as the company failed to disclose that its owner had been director of a number of insolvent businesses.

  • September 21, 2023

    FCA Warns Insurance Bosses Over Financial Crime Controls

    The Financial Conduct Authority has warned insurance bosses in the London market to beef up their controls against internal corruption and financial crime after sanctions were imposed on Russia.

  • September 21, 2023

    FCA Issues Final Warning On Crypto Promotions Rules

    Britain's financial watchdog issued a final warning on Thursday for crypto-asset firms to comply with its new rules on promotional advertising starting Oct. 8 or risk fines and up to two years in prison.

  • September 21, 2023

    Insurance Workers Say Race, Gender Inhibit Their Careers

    More than half of women and non-white insurance workers believe that their gender or ethnicity has hindered their career progress, a study of equality, diversity and inclusion in the workplace has revealed.

  • September 21, 2023

    Insurer To Sell 50% Stake In JV To Rival For $101M

    Insurer and pensions provider Storebrand said Thursday that it has agreed to sell its 50% stake in a health insurance joint venture to a subsidiary of German rival Ergo Group AG for 1.1 billion Norwegian kroner ($101 million).

  • September 21, 2023

    BoE To Name Failing Insurers In 'Enhanced' Stress Tests

    The Bank of England has said it plans to publicly name for the first time insurers that fall short in financial stress tests in a move to keep closer tabs on the sector as capital regulations are loosened.

  • September 20, 2023

    Ex-Allianz Exec Says $6B Fraud Charges Too Thin On Detail

    The former lead portfolio manager of Allianz Global Investors U.S. on Tuesday asked a New York federal judge to force prosecutors to turn over more details about their $6 billion fraud case alleging that the former executive lied to certain institutional investors about the riskiness of some Allianz funds, and trim down the indictment.

  • September 20, 2023

    'Dieselgate' Legal Funder Hits Back at Insurer's £9M Claim

    A litigation funder has hit back at an insurer's claim that it owes a £9 million ($11.1 million) premium after backing motorists in a group action against Volkswagen over "Dieselgate" emissions, arguing the insurer renounced the policy when it ran into financial difficulties.

  • September 20, 2023

    Lloyd's, UN Fund Partner For Climate Insurance Project

    Lloyd's of London said Wednesday that a task force it convened has now partnered with a United Nations fund to develop access to insurance for countries most vulnerable to the climate crisis.

  • September 20, 2023

    UK Investment Managers Urge Europe To Encourage Investors

    The U.K. trade body for investment managers has called on European Union lawmakers to encourage consumers to invest more in its markets.

  • September 20, 2023

    Allianz Denies COVID-19 Can Trigger Payout In Group Action

    Allianz has denied that it is liable to 40 companies demanding cover for losses allegedly incurred during the COVID-19 pandemic, arguing that a case of COVID-19 does not amount to an incident that would trigger a payout under their insurance policies.

  • September 20, 2023

    Norwegian Storage Group Agrees To TIAA's $345M Buyout Bid

    Self Storage Group said Wednesday that it has agreed to a 3.7 billion Norwegian kroner ($345 million) cash offer from a subsidiary of the U.S. Teachers Insurance and Annuity Association, a financial services firm.

  • September 20, 2023

    Eversheds Steers M&G On Pension Deal Market Entry

    Insurer M&G PLC said Wednesday that it has entered the bulk annuity market with two pension deals totaling £617 million ($765 million), introducing new underwriting capacity to a sector wrestling with record demand.

  • September 20, 2023

    Insurers Given 3 Months To Prove Fair Value For Clients

    The financial watchdog gave insurers a strict three-month deadline on Wednesday to prove that they offer fair deals to clients who have add-ons to their motor insurance that covers them when their vehicle is stolen or destroyed.

  • September 20, 2023

    Global Standard Setter Proposes Rules For Failing CCPs

    The Financial Stability Board has proposed a global standard that would give resolution authorities the resources to manage the restructuring of a failing organization that processes and guarantees securities trades.

  • September 20, 2023

    Auto-Enrollment Reform May Not Help To Close Pension Gap

    More than a decade after the introduction of automatic enrollment legislation first opened up retirement saving for a new generation, the U.K. government has finally expanded the regulations to plug a widening intergenerational pensions gap.

  • September 20, 2023

    Lawmakers Urge MoJ To Probe Backlog Of Injury Claims

    Lawmakers urged the Ministry of Justice on Wednesday to look into the backlog of insurance claims for "whiplash" injury suffered in motor accidents, as they said that only a quarter of cases have reached settlement since an online portal was launched to help tackle the mounting caseload.

  • September 20, 2023

    Neurosurgeon Sues Insurer Over £1M Negligence Loss

    A spinal surgeon has brought a claim against his former medical insurance provider, arguing that it should have helped him fight a £1 million ($1.2 million) negligence claim filed by an aggrieved patient.

  • September 19, 2023

    Squire Patton Hires Top Spanish Litigator For Madrid Team

    Squire Patton Boggs LLP has bulked up its European litigation offering with the addition of a team in Madrid led by an arbitration expert from Spanish firm Perez-Llorca, in a move to meet growing demand from clients.

Expert Analysis

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

  • Opinion

    Russia Ruling Should Lead UK To Review Sanctions Policy

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    The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.

  • Pension Plan Amendment Power Lessons From BBC Ruling

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    The High Court's recent ruling in BBC v. BBC Pension Trust upheld an unusually restrictive fetter on the pension scheme's amendment power, which highlights how fetters can vary in degrees of protection and the importance of carefully considering any restriction, says Maxwell Ballad at Freeths.

  • UK Securitization Reform Opts For Modest Approach, For Now

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    Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.

  • 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.

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