Insurance UK

  • 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.

  • July 16, 2024

    Travel Insurance Complaints At Highest Level Since Pandemic

    Complaints about travel insurance reached their highest level since the COVID-19 pandemic last financial year, the Financial Ombudsman Service said Tuesday, with the period seeing a 19% year-on-year surge in the number of grievances raised.

  • July 16, 2024

    Trade Body Calls For Pensions Bill In King's Speech

    A trade association for the largest retirement savings providers in Britain urged the new government on Tuesday to announce a pensions bill during the state opening of Parliament.

  • July 23, 2024

    Disputes Boutique Hires Fladgate Insolvency Pro As Partner

    Alius Law has hired an insolvency and restructuring partner from Fladgate LLP as it looks to build up its financial services practice in London — and the disputes boutique wants to tempt more senior litigators to leave behind the "constraints" of larger firms.

  • July 16, 2024

    Consumer Complaints Soar About Insurers Delaying Payouts

    The Financial Ombudsman Service reported on Tuesday an 18% increase in complaints from consumers about insurance companies for the financial year that ended in March, amid concerns about delays in payouts and claims being declined.

  • July 15, 2024

    UK Watchdogs Look At Digital Wallet Risks, Benefits

    Two U.K. regulators on Monday said they are looking into the benefits and risks of digital wallets like Apple Pay, Google Pay and PayPal for people and businesses, after noticing "a seismic shift" in payment methods in the country.

  • July 15, 2024

    Insurers Investing In AI Due To New Accounting Standard

    Insurance firms are increasing investments in artificial intelligence and other technologies after implementing a new accounting standard for data reporting, according to a survey by Big Four firm PwC published Monday.

  • July 15, 2024

    Compensation For Poor Pension Advice Dives To Record Low

    Compensation for retirement savers who received poor pension advice to transfer out of their defined benefit plans has hit a record low, a consultancy said Monday.

  • July 15, 2024

    Labour Gov't Urged To Consult On Green Finance Rules

    A trade body for financial institutions has urged the Labour government to consult before imposing extra rules on firms' plans to transition to the green economy to avoid liability risks.

  • July 15, 2024

    Retail Complaints To EU Cross-Border Investment Firms Soar

    The number of complaints from retail clients against investment firms operating across borders within the European Union and its economic area soared to 7,507 in 2023, a 31% increase from the 5,733 complaints recorded the previous year, according to a report on Monday by the bloc's markets watchdog.

  • July 15, 2024

    BoE's Regulator Prepares Insurers For 2025 Stress Tests

    The Bank of England's regulatory arm said Monday that 80% of the country's regulated insurance sector will be covered by the first financial stress test in 2025 after reforms to solvency capital rules were introduced.

  • July 12, 2024

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

    This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.

Expert Analysis

  • Breaking Down The UK's Revised Corporate Governance Code

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    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

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    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

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    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

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    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • Brexit: Bracing For A No-Deal Scenario

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    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

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    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

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    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

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    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

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    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.

  • UK Seeks To Balance Asset Protection And Protectionism

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    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.

  • Is It Time To Prosecute UK Cos. For Human Rights Violations?

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    The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.

  • 6 Trends Will Shape Future International Commercial Disputes

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    The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.

  • Fortis Case Confirms Viability Of Dutch Settlement Law

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    A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.

  • UK Reflective Loss Rule Impedes Shareholder Recovery

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    The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

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    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

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