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Insurance UK
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June 24, 2024
Herbert Smith Launches ESG Regulations Monitoring Tool
Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.
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June 24, 2024
Retired Judges Lose Appeal In Pension Row With MoJ
An appeals tribunal ruled Monday that the Ministry of Justice did not discriminate against three judges when it switched their pension schemes, ruling that their new judicial posts — rather than their part-time worker status — caused the change.
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June 24, 2024
Charity Urges Better Ways To Fight Investment Greenwashing
A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.
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June 24, 2024
Burges Salmon Steers £25M Pension Deal For Travel Co.
Legal & General will take on £25 million ($31.7 million) worth of pension liabilities from a scheme sponsored by travel company TUI in a deal steered by Burges Salmon LLP, advisers on the transaction said Monday.
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June 24, 2024
Prudential Launches First Tranche Of $2B Buyback Program
Insurer and asset manager Prudential PLC has commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme, advised by Slaughter and May.
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June 24, 2024
FCA Takes Action Against 3 Fund Mngrs On Risky Investments
The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.
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June 24, 2024
Insurer Files For Liquidation, To Sell Unit To Rival For £11.3M
Troubled insurer R&Q said Monday that it has agreed to sell Inceptum Insurance for £11.25 million ($14.25 million) to Marco Capital Holdings Ltd., a Malta-based legacy acquisition group, after filing for liquidation.
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June 21, 2024
Insurer Targets Ex-Employee Over $47M Plant Financing Claim
British insurance company Beazley has targeted a former employee in Florida federal court, accusing the former underwriter of exposing it to a $47 million arbitration claim in Brazil after he improperly inked a deal with a reinsurer as part of an ill-fated financing pact for a thermoelectric plant.
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June 21, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
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June 21, 2024
Travelers Denies Liability Over Arson Risk In Fire-Loss Row
Travelers Insurance Company Ltd. has denied it is liable for losses claimed by a building operator after fires destroyed its warehouse in Scotland because the company failed to disclose the property had previously suffered an arson attack.
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June 21, 2024
Lloyd's Delays Next Phase Of Modernization Plan
Lloyd's of London said Friday it has pushed back the launch of its next modernization program, saying that delays to testing have meant it is no longer safe to go live as planned in October.
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June 21, 2024
European Funds Want Laxer Rules On Derivatives Calls
A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.
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June 21, 2024
Next UK Gov't Urged To Ease Private Healthcare Insurance Tax
Whoever wins the U.K. election on July 4 should introduce tax breaks on private medical insurance to relieve pressure on the National Health Service, a consultancy warned Friday.
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June 20, 2024
Pensioners Still Taxed With 'Triple Lock Plus,' LCP Says
The ruling Conservative Party's pledge to add a tax break to the anti-inflation "triple lock" on pensions would still mean that 2.5 million U.K. pensioners will be taxed, consultancy Lane Clark & Peacock LLP said Thursday.
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June 20, 2024
WTW Says Professional Trustee Appointments Up 11%
Professional trustee appointments have surged by 11% over the past year, with corporate sole trustee appointments rising at 14%, according to WTW's 2024 professional trustee survey published Thursday.
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June 20, 2024
Aegon Plans ESG Shakeup Of £12B Workplace Pension Fund
Pensions provider Aegon on Thursday announced a raft of measures to overhaul its £12 billion ($15.2 billion) workplace retirement fund, as it plots to reduce its carbon emissions and invest more in unlisted assets.
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June 20, 2024
Financial Watchdog Launches First-Ever ESG Probe Into Biz
The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.
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June 20, 2024
Law Firm Disputes Pension Deal Capacity Concerns
Most small retirement savings plans have little trouble carrying out an insurance transaction, a law firm has found, despite fears of a capacity crunch in the pensions deals market.
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June 19, 2024
Trade Body Sets Up Committee For M&A Insurance Market
A trade body for underwriters said Wednesday that it has launched a committee on specialist insurance to cover risk associated with mergers and acquisitions, amid a surge in such policies being written from London.
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June 19, 2024
EU Gov'ts Agree Position On Simpler Data-Sharing Rules
European Union governments agreed where they stand on new rules on Wednesday to help most financial regulators in the bloc to share data, with more efficient reporting by watchdogs and companies.
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June 19, 2024
Plane Not 'Lost' In $15M Stranded Jet Row, Chubb Says
Chubb European Group SE has said it is not liable for $14.7 million claimed by the Irish wing of a U.S. aircraft leasing company to cover the claimed loss of a plane stranded in Russia because the insurer says it is not actually lost.
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June 19, 2024
Fieldfisher Steers £165M Mineral Biz Pension Deal
Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.
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June 19, 2024
Zurich Buys 70% Stake In Indian Insurer For $670M
Swiss insurance giant Zurich said Wednesday that it has bought a 70% stake in Kotak Mahindra General Insurance for $488 million, the largest foreign investment in India's general insurance market since 2021.
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June 18, 2024
Insurers Appeal COVID ExCeL Biz Insurance Test Case Ruling
Insurers launched an appeal on Tuesday to overturn a landmark test case ruling that would provide cover for COVID-19 lockdowns for thousands of companies with "at-the-premises" business interruption wording in their policies.
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June 18, 2024
Insurers Deny Stranded Planes Are 'Lost' In $45M Claim
A range of insurers have said they are not liable for $44.9 million claimed by an Irish aircraft operating company to cover the loss of planes stranded in Russia because they argue the airline business has not suffered any loss.
Expert Analysis
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UK Supreme Court Ruling Clarifies Arbitrator Bias Standard
The U.K. Supreme Court's judgment in Halliburton v. Chubb, likely the court's most important decision in the area of international arbitration in the past decade, articulates important guidelines for how English courts will police issues of arbitrator disclosure and bias, even as it fuels concerns among insurance policyholders, say Allan Moore and Ramon Luque at Covington.
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Evaluating Ethical And Legal Risk In Ransomware Payments
Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.
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How Climate, Finance And Trade Will Intersect In 2021
In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.
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Perspectives
Finding A Path Forward To Regulate The Legal Industry
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
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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.