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Insurance UK
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September 16, 2024
7 Million UK Private Sector Workers Facing Pensions Crisis
The retirement incomes of 40% of employees in the private sector are on track to fail to provide sufficient money to give them a decent standard of living, a report by a think tank said Monday.
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September 16, 2024
Law Firm Director Dishonestly Misled Insurer, SRA Says
The solicitors' watchdog told a disciplinary tribunal on Monday that a law firm director had dishonestly concealed the fact that his company had acquired another firm's work and staff after his insurer declined to offer cover for the change.
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September 13, 2024
EU Actors Lobby Hard For Top Jobs in New Commission
European Union lawmakers and national governments are lobbying intensely to pull top jobs and policy their way as the new European Commission is formed for the next five years.
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September 13, 2024
Kennedys Hires Cyber, AI Pro From Addleshaw In London
Kennedys Law LLP has recruited a data protection, cybersecurity and artificial intelligence specialist from Addleshaw Goddard LLP as a partner in London, with the new arrival saying Friday she made the switch to take advantage of the firm's global reach.
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September 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.
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September 13, 2024
Freeths Hires McNulty As Pensions Director In London
Freeths LLP has appointed Sean McNulty, a former legal director at Blake Morgan as a pensions director in its London office, a move it believes will bolster its retirement income business.
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September 13, 2024
UK Pensions Lifeboat Sets £100M Levy Amid Calls For Change
Britain's pensions protection body has said that it is likely to maintain its £100 million ($131 million) levy on the sector for the next financial year, as analysts call for legislative change that would allow the redress program to lower it further.
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September 13, 2024
FCA Faces Pressure Over Pricey Monthly Insurance Premiums
A consumer advocacy group urged the British financial regulator on Friday to step in after it found that insurers were still charging up to 45% in interest for consumers who choose monthly payment plans for their annual premiums.
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September 13, 2024
Brokers Seek Insurance Tax Cut In Budget For At-Risk Housing
A trade body for insurance brokers has urged the U.K. government to exempt policyholders in apartment buildings with flammable cladding from a tax on premiums, as it seeks to avoid a jump in the price of cover.
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September 12, 2024
Pensions Watchdog To Focus More On Investment Strategies
Britain's retirement savings watchdog has said it will be "stepping up" its focus on investment strategies to try to ensure pension schemes deliver the best possible results for savers.
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September 12, 2024
Lawmakers Urged To Reopen UK Whiplash Injury Portal Probe
A trade body for personal injury firms has called for MPs to reopen a parliamentary inquiry into the impact on claimants of a new online portal for insurance compensation for whiplash injuries to the neck.
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September 12, 2024
UK Gov't Warned Over Pension Tax Changes In Budget
A trade body for actuaries said on Thursday that the government should consult widely and take time to implement any reform to pension taxation as it joins a growing number of organizations urging caution over potential tax changes ahead of the upcoming Budget.
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September 12, 2024
A&O Shearman-Led Cinven Buys 50% Of UK Insurance Expert
Private equity firm Cinven Ltd. has bought a 50% stake in Policy Expert, a home and motor insurance provider in the U.K., as it pursues its global growth strategy.
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September 12, 2024
Lloyd's To Overhaul Rules In Crackdown On Misconduct
Lloyd's of London on Thursday floated new rules to tackle non-financial misconduct after the specialist insurance market suffered reputational damage from accusations of misogyny and bullying.
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September 12, 2024
Labour MP Abrahams Named New Pensions Committee Chair
The parliamentary Work and Pensions Committee could investigate whether to pay billions of pounds in compensation to women affected by government state pension failings after Labour MP Debbie Abrahams was named its new chair.
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September 11, 2024
Lloyd's Sued For $3.7M Over Cargo Ship Damaged In Ukraine
An investment and wealth advisory business has sued Lloyd's of London's Belgian unit for over $3.7 million to cover its alleged losses after a cargo ship was damaged by a mine strike in Ukraine.
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September 11, 2024
Watchdog Warns Small Banks To Improve Lending Controls
The Bank of England's regulatory arm warned smaller banks and building societies in a letter Tuesday to improve their lending controls and affordability assessments.
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September 11, 2024
Hurricane Francine Forecast To Result In $1B Insured Losses
Insurers will probably take a hit of more than $1 billion hit Hurricane Francine, broker Arthur J. Gallagher has said, as the hurricane was expected to make landfall in Louisiana Wednesday afternoon.
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September 11, 2024
UK Sanctions 10 Ships In Russia's 'Shadow Fleet'
The British government said Wednesday that it has sanctioned a group of 10 ships allegedly using illegal means to avoid Russian oil restrictions, preventing them from entering the country and refusing them permission to register with authorities.
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September 11, 2024
UK Pension Funding Surplus Dips £500M After BoE Rate Cut
The funding surplus of U.K. pension plans fell by £500 million ($653 million), according to official figures, after the Bank of England cut interest rates in August.
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September 10, 2024
Osborne Clarke Steers £12M Charity Pension Deal
The Charities Aid Foundation has offloaded pension liabilities valued at £12 million ($15.7 million) to insurer Just Group, an adviser on the transaction said Tuesday, in a deal guided by Osborne Clarke.
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September 10, 2024
Local Gov't Audit Deadlines 'Necessary Step,' Watchdog Says
Legislation recently tabled in Parliament that introduces statutory deadlines for local authorities and their auditors to publish accounts is a "necessary step" to rebuild a system hampered by delays, Britain's accounting watchdog said Tuesday.
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September 10, 2024
London Reinsurance Sector Grew To £11B In 2023
The value of reinsurance transactions written in the London company insurance market grew by 33% in 2023 on the back of a harder pricing environment, according to figures published Tuesday by a trade body.
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September 10, 2024
State Pension Likely To Rise 4% Under Triple Lock
The U.K. government is likely to push through an inflation-busting increase to the state pension of approximately £460 ($600) a year from April, after official figures revealed on Tuesday a rise in average earnings.
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September 10, 2024
Paul Hastings Taps Capital Markets Pro From Davis Polk
Paul Hastings LLP has hired a prominent capital markets transactions expert as a partner at its London office as it looks to boost its global practice, which it has identified as a priority.
Expert Analysis
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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.
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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.