Insurance UK

  • August 19, 2024

    Gov't Targets Consolidation In First Phase Of Pension Review

    The Labour government has said that the first phase of its retirement savings review will be centered on the consolidation of the defined contribution pension market.

  • August 19, 2024

    RPC Helps Japanese Fintech Debut In London After Purchase

    Japanese crowdfunding platform MOH Nippon PLC was admitted to trading on the London Stock Exchange on Monday after being bought by a special purpose acquisition company for £34.5 million ($44.7 million).

  • August 19, 2024

    Pinsent Masons Steers Aviva's £34M Macmillan Pension Deal

    Aviva PLC has covered £33.7 million ($43.7 million) of pension liabilities for Macmillan Cancer Support, which covers the retirement savings plans of all the retirees and deferred members of the British charity.

  • August 16, 2024

    Stay Lifted On $110M Coal Co. Suit As Arbitration Drags On

    A Missouri federal judge has grudgingly lifted a pause on litigation between several insurance companies and a St. Louis coal producer after its mines sustained more than $115 million in fire damage, saying it can pursue claims against domestic insurers separately from insurers seeking arbitration.

  • August 16, 2024

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

    This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.

  • August 16, 2024

    Pension Scheme Endgames Pushed Back Amid Falling Yields

    The average timeline for U.K. pension schemes to reach a point where they can buy out their liabilities with an insurance company was extended last month, due to falling bond yields, experts said.

  • August 16, 2024

    PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion

    The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.

  • August 16, 2024

    Revolut Valued At $45B After Secondary Equity Issue

    U.K. fintech Revolut said Friday it has secured a $45 billion valuation in a share sale by its employees to new and existing investors, cementing its status as Europe's most valuable private technology company.

  • August 16, 2024

    Pensions Body Offers Guide For Uncertainty Of Funding Code

    A trade body for the pensions sector has launched a guide on the implementation of a new funding code, amid disruption caused by the timing of the general election.

  • August 16, 2024

    FCA Apologizes For Treatment of 'Voluntary Requirement'

    Britain's financial watchdog has apologized for an unnecessary extension of two years of publishing on its register a "voluntary requirement" for a company indicating failure to meet standards after the Complaints Commissioner upheld a claim.

  • August 15, 2024

    Union Group Calls For UK To Address Gender Pension Gap

    The Trades Union Congress has said retired women receive £7,000 ($9,000) a year less from their pensions than retired men, a gender gap, it warns, that is closing far too slowly.

  • August 15, 2024

    Ashurst-Led HK Biz Buys Wind Farms From Aviva For £350M

    A consortium led by CKI has agreed to buy 32 U.K. onshore wind farms from the asset management arm of insurance giant Aviva PLC for £350 million ($450 million), as the global infrastructure business eyes an expansion into Europe of its sustainability portfolio.

  • August 15, 2024

    Gov't Urged To Unlock £16B LGPS Pensions For Investment

    The U.K. government could immediately unlock around £16 billion ($20.5 billion) of investment in U.K. infrastructure just by lifting thresholds on the asset class constraining the Local Government Pension Scheme, a report found.

  • August 15, 2024

    FCA Censures Audit Firm On Client Assets Report Breaches

    The Financial Conduct Authority said Thursday it has censured auditor Macintyre Hudson LLP for failing to report breaches of the FCA's rules on treatment of client assets.

  • August 15, 2024

    RSA Beats Perimenopausal Worker's Discrimination Claim

    RSA Insurance did not discriminate against an employee who claimed to have experienced symptoms of perimenopause at the time she was dismissed, an employment tribunal has found, ruling that she had exaggerated the effect of her health condition.

  • August 15, 2024

    UK Insurance M&A On Track For 150 Deals In 2024

    The number of mergers and acquisitions that involve U.K. insurance agencies is on track to rise to 150 in 2024, despite a more muted first half of the year, a consultancy said Thursday.

  • August 14, 2024

    NC Court Defers Ruling To Unseal Cadwalader Coverage Suit

    The North Carolina Business Court on Monday did not outright reject a bid by a Lloyd's of London syndicate looking to unseal a complaint by Cadwalader Wickersham & Taft LLP seeking coverage for a November 2022 data breach, though the judge did admonish the syndicate for failing to consult with Cadwalader's counsel before filing the motion.

  • August 14, 2024

    Reservist Army Major Denied Pension Plan Wins Bias Claim

    A retired army reserve officer has won his claim against the Ministry of Defence alleging that its refusal to let him join the armed forces pension plan left him worse off than full-time military personnel.

  • August 14, 2024

    Insurer Sues Underwriter For €1.6M For Cancellation Failure

    A Liechtenstein-based insurer has accused a German underwriter in a London court of failing to end contracts correctly, exposing it to claims in German courts that have cost it €1.6 million ($1.76 million) in damages.

  • August 14, 2024

    Aegon Launches Digital Pension Comparison Service

    Financial firm Aegon UK PLC launched a digital pension transfer comparison service on Wednesday with The Pension Lab to enable savers to compare the costs of different plans.

  • August 14, 2024

    Pension Funding Surplus Rises To £475B Despite Rate Cut

    The funding surplus of British retirement savings plans rose to £475.5 billion ($611 billion) at the end of July, according to official figures released on Wednesday, even as experts warned of the need to hedge against fresh interest rate cuts.

  • August 14, 2024

    FCA Fines, Bans Consultant For Leaving Clients Uninsured

    The financial regulator said Wednesday that it has banned an insurance consultant from working in financial services and hit him with a fine of just over £5,000 ($6,430) fine for using funds from clients to pay his business and personal debts.

  • August 14, 2024

    British Steel Pension Adviser Declared In Default

    A financial adviser connected to the British Steel pension scandal has been declared in default by the U.K.'s lifeboat scheme.

  • August 13, 2024

    Travelers Defends DWFM Beckman Over Investment Advice

    The insurer of now-defunct DWFM Beckman LLP has hit back against claims that the firm negligently advised a real estate investor on an almost £20 million ($25.5 million) deal, denying that the firm advised her on the investment at all.

  • August 13, 2024

    UK Charity Sector Pension Funding Reaches £50B

    The charity sector's pension schemes have seen funding reach £50 billion ($63.9 billion) in 2022, potentially leading to more pension buy-outs, according to a report published Tuesday by pensions consultancy Hymans Robertson LLP.

Expert Analysis

  • 5 Gen X Characteristics That Can Boost Legal Leadership

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    As Generation X attorneys rise to fill top roles in law firms and corporations left by retiring baby boomers, they should embrace generational characteristics that will allow them to become better legal leaders, says Meredith Kahan at Whiteford Taylor.

  • ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake

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    The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.

  • What Slovak Labor Code Changes Will Mean For Employers

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    With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.

  • An ICO Reminder On Managing Subject Access Requests

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    Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.

  • Opinion

    Increasing Law Firm Polarization Will Degrade Rule Of Law

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    As evidenced in recent instances of law firms separating from attorneys who represented certain industries or espoused certain views, firms and the legal practice itself have grown troublingly polarized and intolerant of dissent, says Rebecca Roiphe at New York Law School.

  • The FTX Fallout So Far And What May Come Next

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    While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.

  • Hard Insurance Market Will Influence Legal Industry, Economy

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    As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.

  • Digital Nomads: Key Considerations For Global Businesses

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    As employers and employees embrace remote, location-independent work arrangements enabled by technology, they must be mindful of the employment law and tax consequences such arrangements may trigger, say Hannah Wilkins and Audrey Elliott at Eversheds Sutherland.

  • New License Eases Sanctioned Clients' Legal Fee Payments

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    The general license recently issued by the U.K. Office of Financial Sanctions Implementation permitting the payment of legal fees owed by a sanctioned company or individual will potentially reduce the agency's backlog and is welcome news for both lawyers and OFSI staff, say Zulfi Meerza and Syed Rahman at Rahman Ravelli.

  • Preparation Is Key To Businesses Minimizing Cyber Breaches

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    A recently published report by the U.K. Department for Digital, Culture, Media and Sport on organizational experiences of cybersecurity breaches highlights the importance of having breach response policies in place and being able to demonstrate that reasonable preventive and risk management steps were taken, says Lawson Caisley at White & Case.

  • UK Policyholders Can Expect Better COVID Claims Handling

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    The U.K. Financial Conduct Authority recently outlined some best practices for COVID-19 business interruption claims handling, which, along with recent High Court of Justice decisions, will likely lead to faster claims handling and clearer insurer communication, say Gurpreet Sanghera and Charlie Edwards at Simkins.

  • A Recovery Option For Lenders With Planes Stuck In Russia

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    For aircraft lessors considering insurance coverage litigation to recover for losses of equipment leased to Russian airlines, negotiating an assignment of rights may provide a faster pathway to recovery, say David Klein and Jose Lua-Valencia at Pillsbury.

  • Series

    My Favorite Law Prof: How I Learned To Argue Open-Mindedly

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    Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.

  • 4 Key Skills For An Effective Attorney Coaching Conversation

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    As BigLaw firms are increasingly offering internal coaching as one of many talent strategies to stem ongoing lawyer attrition, Stacey Schwartz at Katten discusses how coaches can help attorneys achieve their goals.

  • New Clarity On Directors' Creditor Duty In Insolvency Context

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    The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.

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