Insurance UK

  • September 05, 2024

    Gov't Consults On Plans For Pension Market Consolidation

    The U.K. government is seeking feedback on the potential benefits and risks for pension savers and the economy if the pension market becomes more consolidated with larger schemes managing more assets.

  • September 05, 2024

    Surge In Pension Deal Demand Expected In 2nd Half Of 2024

    There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.

  • September 05, 2024

    FRC Warns Against Misuse Of Offsetting Financial Data

    Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.

  • September 04, 2024

    Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years

    Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.

  • September 04, 2024

    Gov't Flood Plan Shortcomings Risk Coverage, Scheme Warns

    Britain's state-backed flood reinsurance scheme warned Wednesday that a lack of transparency and consistency in the planning system around flood mitigation is threatening the insurance sector's ability to insure new properties against flooding risk.

  • September 11, 2024

    Hausfeld Snaps Up Litigation Pro From Covington In London

    Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.

  • September 04, 2024

    Broker Clear Buys 4th Specialist Underwriter

    Insurance broker Clear has acquired specialist underwriter Accelerate Underwriting for an undisclosed amount to grow its managing general agent capabilities.

  • September 04, 2024

    Grenfell Disaster Charges May Come In 2026, CPS Says

    London's police force said Wednesday it expects to provide evidence of possible criminal wrongdoing over the deadly Grenfell Tower fire in 2017 to prosecutors in 2026, after a long-running public inquiry into the causes of the disaster published its final report.

  • September 04, 2024

    Cap On Push-Payment Fraud Payouts To Plummet To £85K

    The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.

  • September 04, 2024

    Sackers, HSF Guide £1.3B Coats UK Pension Insurance Deal

    British textiles manufacturer Coats Group PLC said Wednesday that it has offloaded its retirement savings plan liabilities to Pension Insurance Corp. in a deal worth up to £1.3 billion ($1.7 billion), steered by Sacker & Partners LLP and Herbert Smith Freehills LLP.

  • September 03, 2024

    Vet Gets Suspended Sentence For Allianz Pet Insurance Fraud

    A crown court handed a veterinary nurse from West Sussex a suspended sentence after she admitted to making over £13,000 ($17,000) worth of fraudulent insurance claims from Allianz subsidiaries for her pets using the systems at her workplace.

  • September 03, 2024

    Norton Rose Hires Insurance Pro From Eversheds Sutherland

    Norton Rose Fulbright said Tuesday that it has hired an insurance specialist as a partner from Eversheds Sutherland to boost its strengths representing companies in the sector on corporate and regulatory matters.

  • September 03, 2024

    Pensions Reform Could Fuel £200K Savings Boost

    The government could boost the long-term savings of workers by £217,000 ($285,000) per person by increasing minimum pension contributions, an insurer said, as the U.K. wrestles with the prospect of a retirement savings crisis.  

  • September 03, 2024

    Nearly Half Of Employers Advertise Legal Rights As 'Perks'

    Nearly half of U.K. employers promoted legal entitlements such as pensions and sick pay as perks in job advertisements in August, according to research published on Tuesday.

  • September 03, 2024

    Half Of Women Unsure They Will Have Enough For Retirement

    More than half of women in Britain do not believe they will have enough money to support their income in retirement, findings by an investment management company suggest, amid concerns over the gender pension gap.

  • September 03, 2024

    Pay To Play: The 2-Tier Legal Route For Crypto-Fraud Victims

    More people are falling victim to cryptocurrency scams, but their options for recovering money are few and expensive, which creates a two-tier approach — one for those who have the means to pay lawyers and consultants and another for those who don't.

  • September 02, 2024

    SRA Rebukes Solicitor For Trading Without Insurance

    The Solicitors Regulation Authority said Monday that it has rebuked a lawyer for operating without professional indemnity insurance and had failed to close his firm before the expiration of run-off cover.

  • September 02, 2024

    Greensill, Gupta Deny Conspiracy In Zurich Insurance Row

    Financier Lex Greensill and steel magnate Sanjeev Gupta have denied conspiring to deceive underwriters at insurance giant Zurich over allegedly fake debts, amid a $400 million court battle in London over trade credit insurance. 

  • September 02, 2024

    UK Underwriter Dual Buys Specialist Travel Insurance Co.

    Underwriter Dual UK said Monday that it has acquired International Passenger Protection, a managing general agency, as it plots further expansion into the travel insurance sector.

  • September 02, 2024

    EU Asset Managers Seek Strong Governance On Data Feeds

    A trade body for European asset managers called on Monday for strong governance of providers of consolidated tapes, which set out prices and volumes of shares and bonds in bloc-wide feeds for investors.

  • September 02, 2024

    National Grid Pension Plan Outsources Executive Services

    The trustee of the National Grid UK Pension Scheme has outsourced several executive services to consultancy Lane Clark & Peacock LLP in a move designed to provide flexibility for the retirement savings plan of the electric power transmission network as it matures.

  • August 30, 2024

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

    This past week in London has seen television property developer Kambiz Babaee hit with a fraud claim, a Bitcoin podcaster reignite a dispute with Australian computer scientist Craig Wright and football club owner Massimo Cellino's company file a claim against ClearBank. Here, Law360 looks at these and other new claims in the U.K.

  • August 30, 2024

    Ireland Urged To Step In Over Insurance Reform 'Profiteering'

    Insurance companies in Ireland have been accused of "profiteering" from personal injury reforms rather than passing savings on to customers in the form of lower premiums.

  • August 30, 2024

    Record Numbers With Pet Insurance In 2023, ABI Says

    Some 4.4 million pet owners in Britain took out insurance to protect their animals in 2023 in an all-time high for the sector, according to the latest figures from the Association of British Insurers.

  • August 30, 2024

    Teachers Fired For Refusing New Pension Scheme Win Case

    A school operator unfairly fired two teachers that refused to ink new employment contracts with a less favorable pension scheme, a tribunal has ruled.

Expert Analysis

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    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.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    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.

  • Firms Should Prepare For New DEI Reporting Requirements

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    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.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    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.

  • Recent Trends In European ESG-Related Shareholder Activism

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    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.

  • How Insurance Policies Can Cover Generative AI Risks

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    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.

  • 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.

  • 4 Compliance Considerations Under FCA Consumer Duty

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    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.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    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.

  • Opinion

    Russia Ruling Should Lead UK To Review Sanctions Policy

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    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.

  • Pension Plan Amendment Power Lessons From BBC Ruling

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    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.

  • UK Securitization Reform Opts For Modest Approach, For Now

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    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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