Insurance UK

  • May 31, 2024

    UK Insurers Sign Cooperation Deal With Gibraltar

    The Association of British Insurers has said it has penned an agreement with the Gibraltar Insurance Association it hopes will promote better cooperation between the two trade bodies on areas of common interest.

  • May 31, 2024

    Ireland Fast-Tracks Failed Insurers Reform After EU Warning

    The government of Ireland unveiled new legislation Friday for the creation of a fund to pay out on claims to insolvent insurance companies, a week after Brussels threatened infringement proceedings.

  • May 31, 2024

    EU Watchdog Warns Retail Investment Firms Of AI Pitfalls

    The European Union's markets regulator has issued guidance for firms using artificial intelligence to give investment services to retail clients, warning of risks like biased decision-making.

  • May 31, 2024

    BBVA To Tap Shareholders To Fund €12B Hostile Takeover

    Spanish banking giant BBVA said Friday that it has called a shareholders' meeting to approve the sale of new shares in a package to finance the €12 billion ($13 billion) hostile takeover of its smaller rival, Banco de Sabadell SA.

  • May 31, 2024

    Nationwide's Planned £2.9B Virgin Money Deal Gets UK Probe

    The Competition and Markets Authority said Friday it has opened a formal probe into Nationwide Building Society's plans to buy Virgin Money for £2.9 billion ($3.7 billion), which they say would create a combined group with assets of approximately £366 billion.

  • May 30, 2024

    Bulgarian Fraudsters Get 25 Years For Major Benefits Scam

    Five Bulgarian individuals were sentenced to more than 25 years in prison Thursday after admitting to making £54 million ($68.7 million) in fraudulent benefits claims, the largest-ever scam of its kind.

  • May 30, 2024

    Pension Consultancy Starts Platform To Offload Illiquid Assets

    A pensions consultancy said Thursday it has launched a platform to better enable retirement schemes to offload illiquid assets as it gears up for a bulk annuity transaction.

  • May 30, 2024

    Big Tech Must Help Reimburse Fraud Victims, City Group Says

    The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.

  • May 30, 2024

    Royal Mail Bidder Backs 'Third Way' Pension Overhaul

    The conglomerate controlled by Czech billionaire Daniel Křetínský that bid £3.57 billion ($4.54 billion) for Britain's national postal service has promised to push ahead with a pioneering new retirement savings plan for workers.

  • May 30, 2024

    EU Adopts New AML Measures, Sets Up Supervisory Agency

    The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.

  • May 29, 2024

    Turkish Cos. Say Ship Owner Failed To Keep Vessel Seaworthy

    Two Turkish companies have hit back at a freighter owner's claim for compensation over an engine room fire that caused the ship to drift toward the Yemeni coast, arguing in London court filings that it was caused by negligence.

  • May 29, 2024

    EU Unveils Office To Police New Artificial Intelligence Law

    The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.

  • May 29, 2024

    HSF Guides £204M Pension Deal For Telcoms Biz Arqiva

    Pension Insurance Corporation PLC said Wednesday it has completed a £204 million ($259.8 million) full buy-in of a retirement savings plan sponsored by telecommunications company Arqiva Ltd., in a deal guided by Herbert Smith Freehills LLP.

  • May 29, 2024

    Clifford Chance Guides L&G's £20M Nortel Pension Buyout

    The U.K. pension liabilities of defunct Canadian telecom company Nortel Networks Corp., worth £2.5 billion ($3.2 billion), have now been offloaded fully to Legal & General Assurance Society Ltd., the insurer said Tuesday, after a final transaction steered by Travers Smith LLP, Pinsent Masons LLP, Hogan Lovells and Clifford Chance LLP.

  • May 29, 2024

    FCA Warns Firms To Prepare Better For Disrupted Operations

    The Financial Conduct Authority has warned businesses that some are taking the wrong approach to maintaining operation of important services during a crisis, such as after a cyberattack.

  • May 29, 2024

    Three EU Countries Urge Tax Reform To Boost Investment

    Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.

  • May 29, 2024

    Pensions Provider Sells Biz Before Entering Administration

    A provider of self-invested personal pensions has sold its retirement savings business before it entered administration when its directors expressed concerns over its financial liabilities caused by some of the investments it had allowed.

  • May 28, 2024

    Insurers, Charter School Assoc. Dismiss Ida Damage Row

    A New Orleans-area charter school system and its insurers have agreed to dismiss their dispute over coverage for the system's Hurricane Ida damage claims, the parties told a Louisiana federal court Tuesday, saying "all claims and causes of action brought forth in the above captioned matter have been compromised."

  • May 28, 2024

    Major Insurers Face £472M Claim For Russia-Stranded Planes

    An aircraft lessor has brought a £472 million ($604 million) claim against dozens of major insurers over planes stranded since the invasion of Ukraine, following a landmark London court ruling that blocked attempts to move similar cases to Russia.

  • May 28, 2024

    Labour Party Rules Out Any Additional Tax Rises

    The Labour Party on Tuesday ruled out introducing any more tax rises in addition to measures it has already announced in the event it wins the July 4 general election.

  • May 28, 2024

    Labour Derides 'Gimmick' Tory £2.4B State Pension Extension

    The U.K.'s Labour Party said Tuesday it would maintain the state pension "triple lock" if it won the forthcoming general election, but stopped short of lifting income tax thresholds for the elderly.

  • May 28, 2024

    Aviva Completes £130M Pension Deal With Telereal

     A property investment company has offloaded £130 million ($166 million) of its pension liabilities to Aviva PLC, the insurer said Tuesday.

  • May 28, 2024

    EU Investment Firms Told To Upgrade Marketing Reports

    The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.

  • May 28, 2024

    Pension Deals Market Working For Small Providers, Aon Says

    The deal market for small pension schemes looking to offload their liabilities to insurers is working despite fears that such plans are being crowded out of the market, Aon said Tuesday.

  • May 24, 2024

    The UK Laws That Will Pass Or Fail As Election Looms

    Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through. 

Expert Analysis

  • 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.

  • Collective Redress In The EU: Past, Present And Future

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    Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • 3 Brexit Scenarios And Their Implications For US-UK Trade

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    Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.

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