Insurance UK

  • July 23, 2024

    EU Urged To Give Finance Watchdogs More Powers

    A financial trade body on Tuesday called on European Union legislators to give regulators the power to modernize financial markets and make them more globally competitive.

  • July 23, 2024

    Consumer Group Calls For Crackdown On Insurance Practices

    The consumer group Which? called Tuesday for a crackdown by regulators after finding that half of insurance customers report a bad experience trying to claim on their policies.

  • July 23, 2024

    Employees Fight 'Harsh' Penalty In Bad Faith Resignation Test

    Three former employees of asset recovery companies urged Britain's top court on Tuesday to reconsider the "harsh" remedy against people who quit their jobs to pursue business opportunities said to belong to their employers, a case with potentially wide implications for "bad faith resignations."

  • July 30, 2024

    Bird & Bird Hires 2 Ex-Hogan Lovells Finance Pros In Milan

    Bird & Bird LLP has recruited two senior finance partners as part of a team of seven lawyers moving from Hogan Lovells in Milan, boosting growth in the firm's international finance and financial regulation practice.

  • July 23, 2024

    No Major Hit From CrowdStrike Outage, Insurer Beazley Says

    Beazley said Tuesday that it does not expect a major financial impact from the global IT outages that rocked transport and health infrastructure earlier in July, after analysts had warned that the insurer could take a hit of up to $205 million.  

  • July 23, 2024

    Bond Administrator Enters Liquidation After FCA Restrictions

    The Financial Conduct Authority has confirmed that a London-based bond administrator has entered into liquidation nearly a year after the financial watchdog imposed restrictions on the company over "serious concerns" about its systems and controls.

  • July 22, 2024

    Dispute Paused For Arbitration In $51M NOLA Airport Case

    A Louisiana federal judge has stayed litigation initiated by a group of insurance companies in a $51 million dispute stemming from alleged design defects in a $1 billion terminal project at the Louis Armstrong New Orleans International Airport, saying claims against the insured companies will be decided in arbitration.

  • July 22, 2024

    Gov't Slow To Fix Mothers' Pension Errors, LCP Says

    The government has been dragging its heels on fixing state pension errors affecting tens of thousands of pension-age mothers in the U.K., according to consultancy Lane Clark & Peacock LLP on Monday.

  • July 22, 2024

    Some Insurers May Exit Solicitors' PII Market, Survey Reveals

    British solicitors could face significant difficulties when they renew their professional indemnity insurance cover, a survey by Browne Jacobson LLP suggested on Monday, finding that almost 40% of insurers are considering exiting the PII market.

  • July 22, 2024

    EU Renews Russian Financial Sanctions For 6 Months

    The Council of the European Union said Monday that it has extended financial sanctions against Russia for an additional six months in response to the Kremlin's "unprovoked, unjustified and illegal" war against Ukraine.

  • July 22, 2024

    UK Eases Reporting Rules For Investment Stewardship

    Britain's accounting watchdog unveiled changes to the U.K.'s stewardship code for investment on Monday that it said would help reduce the reporting burden for investors.

  • July 22, 2024

    Gov't Plans 'Big Bang' Pensions Reform To Fuel UK Growth

    The government has launched the first stage of its review into pensions as it focuses on generating more investment from the £800 billion ($10.3 billion) defined contribution sector into the economy.

  • July 19, 2024

    Pension Scams Body Calls For Early Launch Of Online Portal

    The Pensions Scams Industry Group on Friday said that British pension schemes are ready to get started with the much-delayed dashboards project designed to connect savers with lost pension pots.

  • July 19, 2024

    Insurance Tax Hits Record £2.1B Amid Healthcare Demand

    Insurance Premium Tax receipts hit a record £2.1 billion ($2.7 billion) between April and June, official figures published Friday show, marking a 12.5% increase on the same period in the previous financial year amid growing demand for private healthcare.

  • July 19, 2024

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

    This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.

  • July 19, 2024

    UK Clears Nationwide's £2.9B Purchase Of Virgin Money

    The competition regulator of the U.K. said Friday that it has cleared Nationwide Building Society's acquisition of Virgin Money UK PLC for £2.9 billion ($3.7 billion), which the companies say would create a combined group with assets of approximately £366 billion.

  • July 19, 2024

    Cyber-Insurers Could Be On Hook From Global IT Outages

    The global IT outage that disrupted air travel, financial institutions and thousands of businesses on Friday could result in billions of dollars of losses and potentially major claims against insurance companies, analysts are warning.

  • July 18, 2024

    Drax Power, Chubb Want $170K For Cargo Vessel Collision

    British renewable energy company Drax Power Ltd. and insurer Chubb European Group SE have sued a Dutch shipping company for $170,000 after one of its ships allegedly caused "heavy damage" in a collision with a vessel carrying thousands of metric tons of wood pellets.

  • July 18, 2024

    UK PensionBee Group Launches In US Market

    PensionBee Group PLC on Thursday announced the take-off of its business in the U.S., with its sights set on administering up to $25 billion of retirement saving assets over the next decade in the leading global defined-contribution pension market.

  • July 18, 2024

    Pension Experts Urge 'Gateway Tests' For Public Consolidator

    More than half of pension professionals believe that any public sector consolidator must have tough "gateway tests" similar to those employed by commercial superfunds, if the project gets off the ground.

  • July 18, 2024

    Irish Auto Insurers 'Fleecing' Consumers, Political Party Says

    The auto insurance industry in Ireland is continuing to "rip off" consumers and pocket savings from recent government reforms designed to cut costs for car owners, political party Sinn Féin has said.

  • July 18, 2024

    Treat Politically Exposed People Better, FCA Tells Firms

    The Financial Conduct Authority told all financial services companies on Thursday to do more to ensure that high-profile individuals and their families are not treated unfairly after it found widespread deficiencies in a review of the sector.

  • July 17, 2024

    Amlin Ducks Liability Over $47M Award On 'Pay First' Clause

    A London court has ruled that MS Amlin Marine NV does not have to pay out to a company it insured, as that business has not yet paid a $47 million arbitration award it owes in damages over a vessel that grounded in the Solomon Islands.

  • July 17, 2024

    Labour Revives Arbitration Bill To Reform £2.5B Industry

    The U.K. will introduce a new Arbitration Bill reviving legislation shelved in the runup to the election as part of plans to support the country's position as an international center for dispute resolution, the government said in the King's Speech on Wednesday.

  • July 17, 2024

    UK Gov't Moves Ahead With Accounting Reform Bill

    The new Labour Government said on Wednesday that it will push ahead with draft legislation to toughen up regulation of auditors to help to reduce the risk of corporate failures.

Expert Analysis

  • An ICO Reminder On Managing Subject Access Requests

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    Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.

  • Opinion

    Increasing Law Firm Polarization Will Degrade Rule Of Law

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    As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.

  • The FTX Fallout So Far And What May Come Next

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    While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.

  • Hard Insurance Market Will Influence Legal Industry, Economy

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    As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.

  • Digital Nomads: Key Considerations For Global Businesses

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    As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.

  • New License Eases Sanctioned Clients' Legal Fee Payments

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    The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.

  • Preparation Is Key To Businesses Minimizing Cyber Breaches

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    A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.

  • UK Policyholders Can Expect Better COVID Claims Handling

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    The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.

  • A Recovery Option For Lenders With Planes Stuck In Russia

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    For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

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