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Insurance UK
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February 05, 2025
Ryanair Loses €1B TAP State Aid Challenge
Low-cost Irish airline Ryanair has lost yet another attempt to stop state aid from being delivered to its rivals in the airline industry after a European Union court on Wednesday batted away its challenge to a €1.2 billion ($1.249 billion) aid package for the parent company of TAP Air Portugal.
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February 05, 2025
Insurers Say Stranded Jets Not Covered By War Risks Policies
War-risk insurers argued Wednesday that they should not have to cover losses of aircraft stranded in Russia after the invasion of Ukraine, arguing airlines retaining the aircraft were not covered by the leasing airlines' insurance policy.
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February 05, 2025
Insurers Call For Tougher Line On Cladding After Grenfell
The U.K. government should consider amending regulations to require the additional removal of flammable cladding from apartment buildings if it wants to cut the cost of insurance for leaseholders, a trade body warned.
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February 05, 2025
Audit Watchdog Seeks Rules For Sustainability Opinions
Britain's accounting regulator called Wednesday for the regulation of sustainability assurance reports by auditors and others to iron out current inconsistencies in quality.
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February 05, 2025
Man Sentenced Over £60K COVID Travel Insurance Fraud
A man who pretended he was forced to cancel 14 holidays because of COVID-19 restrictions so he could claim more than £61,000 ($76,500) in insurance payouts has been sentenced at a London court to two years in prison, suspended for 18 months.
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February 04, 2025
Sustainable Growth Must Take Pensions Priority, LCP Says
Government plans to drive growth in the U.K. through redirected investment from retirement savings schemes must prioritize environmental concerns and sustainability, a consultancy said Tuesday.
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February 04, 2025
MPs Launch Inquiry Into AI Use In Financial Services
A cross-party group of members of Parliament has started an inquiry into the use of artificial intelligence in financial services, after recent revelations about Chinese AI startup DeepSeek showed the market's volatility.
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February 04, 2025
HSF Steers Reinsurance Broker Buy For Miller
Insurance broker Miller said it has agreed to acquire specialist reinsurance broker AHJ Holdings Ltd. for an undisclosed sum, reaching a "major milestone," in a deal guided by Herbert Smith Freehills LLP and Stephenson Harwood LLP.
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February 04, 2025
3 Firms Advise On £25M Pension Deal For Redress Program
The U.K.'s financial compensation scheme has passed £25 million ($31 million) of its staff pension liabilities to Pension Insurance Corp. PLC, the insurer said, in a deal guided by Herbert Smith Freehills LLP, Eversheds Sutherland and Arc Pensions Law LLP.
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February 04, 2025
CMS Guides £120M Pension Deal For Lufthansa
Airline carrier Lufthansa has offloaded £120 million ($150 million) of its U.K. pension scheme liabilities to Royal London, the insurer said, in a deal steered by CMS Cameron McKenna Nabarro Olswang LLP.
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February 04, 2025
Jets Stranded Due To Economic War, All-Risk Insurers Say
A group of all-risks insurers told the High Court on Tuesday that losses linked to planes stranded in Russia after the invasion of Ukraine should be covered by war-risks insurers because they were a result of Russian counter-measures amid an "economic war."
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February 04, 2025
FCA Warns Smaller Payment Firms Of Consumer Duty Failings
The City watchdog has warned smaller payments firms that they sometimes fail to act in the best interests of customers and have weaknesses in their financial crime controls.
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February 03, 2025
All-Risk Insurers Demand War-Risk Payouts For Stranded Jets
Insurers that covered aircraft lessors whose planes were stranded in Russia after the invasion of Ukraine told a London court on Monday that other insurers that covered the lessors for war-related risks should pay out for the allegedly lost aircraft.
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February 03, 2025
Pension Deal Demand To Be Unaffected By Surplus Reform
The government's plans to allow U.K. businesses to tap into £160 billion ($198 billion) of pension surpluses will be unlikely to significantly dent demand for insurance risk transfer deals in the near future, a ratings agency said Monday.
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February 03, 2025
FCA Response To Critical Report 'Disappointing,' MPs Say
The Financial Conduct Authority's response to a highly critical parliamentary report has been lackluster and continues to demonstrate that the regulator is "in dire need of transformation," the MPs who penned the report said Monday.
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February 03, 2025
EU Watchdog Warns That All Crypto Firms Are High Risk
The European Union's finance watchdog has briefed national regulators authorizing crypto-assets firms to consider every candidate high risk, particularly from money laundering.
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February 03, 2025
Schroders Commits To Extracting Pension Surplus
Asset manager Schroders said that it has struck a deal to allow its staff retirement savings plan to run on as the government weighs regulation to allow businesses to extract surpluses from their pension scheme.
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February 03, 2025
Watchdog Launches 1st Stage Of Probe Into SME Auditing
The accounting watchdog launched a study on Monday to gauge how effectively the audit market supports small and midsized businesses amid a wider campaign to improve the access of smaller companies to services in the sector that help to raise capital.
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January 31, 2025
Brexit Five Years On: The Legal Landscape After Europe
Five years after the U.K. formally left the European Union, Law360 looks at how Brexit has changed the legal, regulatory and financial terrain.
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January 31, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen another claim by Woodford investors against Hargreaves Lansdown in the widening £200 million ($248 million) dispute over the fund's collapse, a solicitor barred for his role in a suspected advance fee fraud face action by a Swiss wholesaler, and The Resort Group, which markets investments in luxury hotel resorts, hit with a claim by a group of investors. Here, Law360 looks at these and other new claims in the U.K.
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January 31, 2025
EU Extends UK CCP Equivalence Regime By Three Years
The European Union's executive body said Friday it has adopted a decision to extend equivalence for U.K. central counterparties for three years until June 30, 2028, following agreement between the European Parliament and the Council of the EU.
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January 31, 2025
Claims Management Sector Warned Over Misleading Adverts
The Financial Conduct Authority has written to claims management companies warning that it will respond to multiple cases of misleading advertising with new consumer protection measures.
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January 31, 2025
FCA Launches Survey To Gauge Opinion On Its Work
The Financial Conduct Authority has launched its annual market survey of regulated firms to gauge industry opinion on its performance, which comes amid calls from the financial sector for more growth-geared regulation.
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January 31, 2025
Banks, Insurers Told To Go Further On Managing Climate Risk
The regulatory arm of the Bank of England has said that the lenders and insurers it supervises have made progress on managing financial risks linked to climate change, but expects more ahead of a planned update to its expectations this year.
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January 31, 2025
5 Years On, Dust Settles On UK Insurance's Brexit Upheaval
The insurance market faced major upheaval when the U.K. crashed out of the European Union five years ago without a deal on financial services, which started a transition to a new way for British insurers to compete in Europe.
Expert Analysis
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Whether And How To Compel Remote Arbitration
Excerpt from Practical Guidance
As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.
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Creditors Welcome UK Supreme Court's Reflective Loss Decision
The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.
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How Courts Are Encouraging Mediation In England And Wales
As the judiciary braces for widespread pandemic-driven contractual disputes, courts in England and Wales are showing enthusiastic support for mediation, both when determining the implications of a party's refusal to mediate and when assessing whether normal restrictions on the use of mediation-derived information apply, says Leah Alpren-Waterman at Watson Farley.
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Opinion
EU Class Action Policy Guided By Wrong Measure Of Success
The political agreement obtained last month on the first European Union-wide rules on collective redress illustrates the fact that the main goal of the authorities is to increase the number of class action claims rather than focus on the application of standard civil liability principles, says Sylvie Gallage-Alwis at Signature Litigation.
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An Attractive Regime For Governing Jurisdiction Post-Brexit
As indicated by the U.K.'s recent application to join the Lugano Convention, this is an "oven-ready" option for the U.K. for governing questions of jurisdiction and the enforcement of judgments with European Union countries after Brexit — but not without important differences from the current regime, say attorneys at Latham.
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Reinsurance Implications Of COVID-19 Biz Interruption Laws
In light of legislative and public pressure in the U.S. and U.K. on insurers to cover business interruption losses related to COVID-19, reinsurers will face new questions regarding their obligation to cover claim payments, say Robin Dusek at Saul Ewing and Susie Wakefield at Shoosmiths.
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UK Appellate Rulings Clarify Arbitral Choice Of Law
Two recent U.K. Court of Appeal decisions have changed the operation of the choice-of-law test for arbitration — a resolution as significant as changing the test itself because it affects the implied choices of the contracting parties, say attorneys at Squire Patton.
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Post-Pandemic Litigation To Expect In England And Wales
Globally, we are already starting to see insolvency-related claims and a number of insurance, breach of contract, employment and securities class actions across numerous sectors. These and other claims will likely increase for U.K. businesses, say Tracey Dovaston and Fiona Huntriss at Boies Schiller.
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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.