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Insurance UK
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August 08, 2024
Insurer Hiscox Puts Aside $28M To Cover Baltimore Bridge
Insurance giant Hiscox said it has put aside $28 million to pay potential claims from the collapse of the Francis Scott Key Bridge in Baltimore earlier this year.
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August 08, 2024
UK Gov't Refunds £57M In Pension Freedoms Overtaxation
The government has been forced to repay £59.6 million ($75.5 million) in the three months between April and June to people who overpaid tax after they tapped into their pensions for the first time, according to HM Revenue and Customs.
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August 08, 2024
FCA Proposes Framework For Long-Term Pensions Value
The finance watchdog has said it is planning a new "traffic light" guide for retirement investment plans as it seeks to improve long-term value in workplace pensions, shifting the emphasis for providers from a simple consideration of costs.
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August 07, 2024
Chubb, Fidelis Deny Liability For Planes Stranded In Russia
Two insurers have separately denied they are liable for $325 million in losses claimed by a group of aircraft leasing businesses stemming from jets grounded in Russia after its invasion of Ukraine.
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August 07, 2024
Crypto-Asset Firms Must Improve On Compliance, FCA Says
The financial watchdog said Wednesday it has found that more work "needs to be done" to improve compliance with new marketing rules in many cases at crypto-asset companies
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August 07, 2024
Aon Calls For More Transparency On Funded Reinsurance
Broking giant Aon PLC said Wednesday it was concerned about the lack of public disclosure requirements on offshore risk-sharing contracts, ahead of new regulation for life insurers due to come into force later this year.
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August 07, 2024
FCA Expands Leeds Office With 100 More Employees
Britain's financial watchdog announced plans on Wednesday to expand its presence in Leeds by adding 100 new employees to its workforce in the northern English city, reflecting the emergence of the region as a second financial center.
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August 07, 2024
Insurer Loses Appeal Over Romanian License Withdrawal
Euroins Insurance Group AD has lost its bid to challenge a refusal by the European Insurance and Occupational Pensions Authority to investigate why the Romanian Financial Supervisory Authority withdrew the operating license of a subsidiary, the EU-wide regulator said Wednesday.
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August 07, 2024
Gov't Urges Pension Plans To Feed Infrastructure Spending
The government said Wednesday that it wants the U.K. to adopt a Canadian-style model for pensions, with a handful of megafunds investing in vital infrastructure projects to "fire up" the economy.
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August 07, 2024
Womble Bond Steers £20M Pension Deal For Landlord Biz
Aviva PLC said Wednesday that it has covered the full £20 million ($25.4 million) of pensions liabilities for a subsidiary of Grainger PLC, a residential property manager in the build-to-rent sector.
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August 07, 2024
EY Sanctioned For Breaching Fee Cap Over Russian Client
The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.
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August 06, 2024
Insurer Loses Bid To Ax 'Time Barred' Housing Assoc. Claim
A London judge on Tuesday dismissed an insurer's bid to strike-out a claim from a housing association over the insurance company's alleged failure to cover additional costs after a building contractor went bust, ruling that the action was not time-barred.
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August 06, 2024
Senior SFO Official Heads For Exit After Less Than 2 Years
The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.
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August 06, 2024
Pension Body Urges Sector Tech Overhaul After CrowdStrike
The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.
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August 06, 2024
Eversheds Steers Sale Of Kodak Unit By Pensions Lifeboat
The U.K. Pension Protection Fund has sold a business unit of photography giant Kodak to U.S. private equity firm Kingswood Capital Management in a deal steered by Eversheds Sutherland and Kirkland & Ellis LLP.
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August 06, 2024
Alternative Investor Great Point Enters Into Liquidation
Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.
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August 06, 2024
Brown & Brown Buys Trade Credit Insurance Specialist
Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.
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August 05, 2024
Most Pension Plans Unclear On Members' Retirement Income
Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.
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August 05, 2024
EU Regulator Floats Capital Tweaks For Smaller Insurers
Europe's insurance watchdog has proposed new rules on regulatory breaks for smaller insurers amid a wider shakeup of rules on capital adequacy for the market.
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August 05, 2024
FRC Tightens Accounting Guidance, Extends It To Listed Firms
Britain's accounting watchdog on Monday proposed tighter guidance for directors to assess whether a company is a "going concern" and broadened its application to the largest listed companies, after some high-profile corporate failures.
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August 05, 2024
Gov't Warned Over Tapping Pensions For Economic Growth
The Labour government must remember that the "primary role" of pensions is to support retirees in later life amid growing efforts to use the trillion-pound sector to drive economic growth, Royal London has warned.
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August 05, 2024
Brake Put On Motor Insurance Prices For First Time In 2 Years
The average cost of comprehensive motor insurance eased for the first time in two years in the second quarter of this year, and dropped 2% to £622 ($793) from £635 in the first quarter, according to data published Monday by U.K. insurers.
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August 05, 2024
Royal London Plans Broader Entry Into Pension Deals Market
Insurance giant Royal London said it plans to enter the wider bulk annuity market in 2024 after insuring two of its own staff pension plans.
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
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RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
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Key Takeaways From ICO Report On Workforce Monitoring
The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.
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Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
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Shifting From Technical To Clear Insurance Contract Wordings
Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.
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Recent Trends In European ESG-Related Shareholder Activism
New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
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How Insurance Policies Can Cover Generative AI Risks
As concerns rise about the new risks that businesses face as a result of generative artificial intelligence tools, such as AI-facilitated hacking and intellectual property infringement, policyholders should look to existing insurance policies to cover losses or damages, says Josianne El Antoury at Covington.
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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Swiss Privacy Law Reforms Present Divergences From GDPR
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.
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Opinion
Russia Ruling Should Lead UK To Review Sanctions Policy
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.
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Pension Plan Amendment Power Lessons From BBC Ruling
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.
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UK Securitization Reform Opts For Modest Approach, For Now
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.
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FCA Consumer Duty May Pose Enforcement Challenges
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.
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How The OECD Global Tax Proposal Could Affect M&A
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.
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What Trustees Must Know About Virgin Media Pension Case
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.