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Insurance UK
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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UK Lawyers Can Adapt Due Diligence To Screen New Clients
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
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A UK Business View Of COVID-19's Economic Fallout
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
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Remote Depositions Bring Ethics Considerations For Lawyers
Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.
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Time For Presumptive Virtual Mediation In The UK
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
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UK 'Property' Classification Boosts Confidence In Bitcoin
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
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3 EU And UK Data Protection Tips During COVID-19
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
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Novolex Case Brings Lessons On R&W Insurance
A New York state court dispute between Novolex and a few of its insurers concerning coverage under a representations and warranties policy for a $267 million loss offers a rare glimpse into how a court might interpret acquisition agreements and insurance policy provisions, say attorneys at Hunton.
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How Proposed EU Class Action Directive Could Affect Insurers
Insurers should beware the explosive potential of the EU's proposed directive providing for cross-border class actions and third-party funding for such actions, although it also bears strict requirements that will limit the number of cases, say Emmanuèle Lutfalla and Simon Fitzpatrick at Signature Litigation.
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COVID-19 Insurance Considerations For UK Cos.
Though a new U.K. regulation recently made it easier for businesses to claim losses related to COVID-19, potential points of contention when seeking insurance coverage include whether the government ordered the business to close and whether an outbreak occurred at the premises, say attorneys at Covington.
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UK Group Data Breach Claims Pose Big Financial Risks
Recent English court decisions appear to make it easier for data breach victims to bring collective actions, and consequently companies may find they are liable for huge sums in addition to fines under the General Data Protection Regulation, say attorneys at Morrison & Foerster.
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A Crucial Chance For UK Supreme Court To Clarify Arbitrator Bias
In Halliburton v. Chubb, the U.K. Supreme Court has an opportunity to tackle uncomfortable questions and support confidence in London's arbitration sector by policing effectively against bias and impartiality when arbitrators are involved in multiple tribunals, says Rosie Wild at Cooke Young.
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Rebuttal
Legal Industry Should Pursue AI Prediction Progress
As part of the debate prompted by my recent Law360 guest article on legal prediction using artificial intelligence, I would like to unpack four issues and suggest that attorneys and technologists continue to tackle the problems presently within reach, says Joseph Avery at Claudius Legal Intelligence.
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Rebuttal
AI Can't Accurately Predict Case Length And Cost — Yet
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
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What To Expect During The Brexit Transition Period
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
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Opinion
Legal Prediction Is Demanding But Not Impossible
The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.