Insurance UK

  • 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.

  • July 17, 2024

    EU Financial Watchdogs Set Up Cyber-Risk Info Exchange

    European Union financial watchdogs said Wednesday that they will establish a framework for authorities in the bloc and international bodies to share information on cyberthreats and incidents that pose a risk to financial stability.

  • July 17, 2024

    Gov't Plans Pensions Bill To Consolidate Retirement Savings

    The new Labour government said on Wednesday that it will introduce a new Pensions Schemes Bill that aims to consolidate the cluttered retirement savings sector.

  • July 17, 2024

    'Third-Way' Pension Plans 50% Better Than Normal Schemes

    The launch of new collection pension plans could be a "game changer" for Britons not saving enough for their retirement, a consultancy has said, finding that benefits could be 50% greater than they would otherwise receive from standard private sector schemes.

  • July 17, 2024

    Allianz Bids $1.6B For Singapore's Income Insurance

    Allianz SE said on Wednesday it has made an all-cash offer to buy a majority stake in Singapore-based insurer Income Insurance Ltd. for 2.2 billion Singapore dollars ($1.64 billion), as the German financial services company seeks to expand its presence in Asia.

  • July 16, 2024

    Gov't Launches Review Of Personal Injury Compensation Rate

    The Labour government has announced a review of the personal injury discount rate in a move that could have a knock-on effect for insurance premiums for motorists.

  • July 16, 2024

    Donre Advisory Enters Liquidation After FCA Scrutiny

    The Financial Conduct Authority said Tuesday that Donre Advisory Ltd. has entered liquidation two months after it stopped the inadequately resourced investment adviser from conducting business.

Expert Analysis

  • What To Know About The Russia-Stranded Plane Ruling

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    The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.

  • 3 Notable Pensions Reforms In Spring Budget

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    The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.

  • UK Arbitration Ruling Offers Tips On Quelling Bias Concerns

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    An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.

  • Bias Ruling Offers Guidance On Disqualifying Arbitrators

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    An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.

  • Insurance Policy Takeaways From UK Lockdown Loss Ruling

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    An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • Top Court Hire Car Ruling Affects 3rd-Party Negligence Cases

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    The U.K. Supreme Court's recent decision in Armstead v. Royal & Sun Alliance, finding that an insurer was responsible for lost car rental income after an accident, has significant implications for arguing economic loss and determining burden of proof in third-party negligence cases that trigger contractual liabilities, say lawyers at Macfarlanes.

  • Unpacking The Building Safety Act's Industry Overhaul

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    Recent updates to the Building Safety Act introduce a new principal designer role and longer limitation periods for defects claims, ushering in new compliance challenges for construction industry stakeholders to navigate, as well as a need to affirm that their insurance arrangements provide adequate protection, say Zoe Eastell and Zack Gould-Wilson at RPC.

  • A Rare Look At Judicial Interpretation Of LEG Exclusions

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    A Florida federal court’s order last month in Archer Western-De Moya v. Ace American Insurance and an earlier decision from a D.C. federal court offer insight into how courts may interpret defects exclusion clauses developed by the London Engineering Group — filling a void in case law in the area, says Jonathan Bruce at Holman Fenwick.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Decoding UK Case Law On Anti-Suit Injunctions

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    The English High Court's forthcoming decision on an anti-suit injunction filed in Augusta Energy v. Top Oil last month will provide useful guidance on application grounds for practitioners, but, pending that ruling, other recent decisions offer key considerations when making or resisting claims when there is an exclusive jurisdiction clause in the contract, says Abigail Healey at Quillon Law.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

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