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Insurance UK
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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.
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June 18, 2024
Lifeboat Scheme Names PwC As Partner For Claims Service
The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.
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June 18, 2024
EU Finance Watchdogs Call For Improved Sustainability Rules
The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.
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June 17, 2024
Smaller Insurers Predicted To Benefit From Solvency Changes
Changes to the U.K.'s capital requirement regime that raises the threshold at which firms must comply could offer smaller insurers that are no longer bound to the regulations more opportunities for growth, Broadstone said Monday.
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June 17, 2024
Addleshaw Goddard Steers Refinancing For Injury Law Firm
Personal injury firm Fletchers Solicitors said Monday it has struck a refinancing deal with Legal & General-backed asset manager Pemberton, in an agreement steered by Addleshaw Goddard LLP.
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June 17, 2024
Finnish Insurer Sampo Makes $4.7B Offer For Topdanmark
Finnish insurance group Sampo PLC said Monday that it will buy the remaining shares in Topdanmark that it does not own in a deal that values the Danish insurer at $4.7 billion.
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June 17, 2024
Political Parties Urged To Accelerate Financial Inclusion
An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.
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June 14, 2024
'Riverdance' Star Can't Step Around $30M Estate Arbitration
Dancer Michael Flatley must arbitrate his €30 million ($32 million) claim against Hiscox over allegations of defective work on his estate in County Cork, an Irish court ruled Friday, saying there is nothing unfair about enforcing the policy's arbitration clause.
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June 14, 2024
Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud
Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.
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June 14, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.
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June 14, 2024
New Entrant Expected In Pension Transfer Market, LCP Says
Lane Clark & Peacock LLP said that another new insurer will enter the pension transfer market by the end of the year, bringing the total number of companies securing the liabilities of retirement savings plans to a record high.
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June 14, 2024
Labour Eyes Flexible Financial Regulation To Spur Growth
The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.
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June 14, 2024
Pension Watchdog Head To Chair Diversity Initiative
Britain's retirement savings watchdog has said that its head of regulatory transactions and frontline services Jenny Davie will now chair an initiative designed to promote greater diversity in the pensions sector.
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June 14, 2024
MPs' Pension Fund Has Only 1.3% Allocation To UK Assets
A pension scheme for British members of Parliament has just £10 million ($12.7 million) of its portfolio invested in U.K. equities, experts revealed Friday, despite efforts by the government to push schemes into fueling the national economic recovery.
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June 14, 2024
UK Sanctions Russian Insurer In Move Against 'Shadow Fleet'
Britain has said it has blacklisted Moscow insurance giant Ingosstrakh in a move to curb the growth of a "shadow fleet" of vessels carrying Russian oil at a price above an internationally agreed cap.
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June 13, 2024
Fladgate Blames Client's Wrong Instructions On $26.5M Loss
Fladgate LLP has denied owing an investment fund an estimated $26.5 million for allegedly giving negligent advice, saying the client aiming to recover money owed under bonds supplied incorrect information from the outset.
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June 13, 2024
UK Adds 42 Entries To Russian Financial Sanctions List
The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.
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June 13, 2024
Broad Consensus Emerges On Pensions Before UK Election
The U.K.'s pension sector is set for a period of relative stability as the three main political parties this week unveiled manifestos that revealed more consensus than disagreement.
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June 13, 2024
Labour Prioritizes Wealth Creation In Election Manifesto
Keir Starmer said on Thursday that his Labour Party would kick-start a future of "national renewal" if it wins the general election, with economic growth and wealth creation driving a manifesto that lacked any surprise headline pledges.
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June 13, 2024
Troubled Insurer Considers Liquidation To Finish Onex Sale
Struggling insurance company R&Q said on Thursday that it could fall into liquidation to allow it to complete the sale of its underwriting unit to a Canadian private equity shop, Onex Corp.
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June 13, 2024
Aon Launches $357M Insurance Program For Ukraine
Global professional services firm Aon PLC has unveiled a $357 million insurance program in collaboration with the U.S. International Development Finance Corp. to support economic recovery in Ukraine.
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June 12, 2024
Reinsurers Escape $41M Claim Over Taliban Warehouse Loss
A logistics company that lost its warehouse to the Taliban cannot claim $41 million from reinsurers because under the "clear wording" of its policy it was not covered for loss caused by seizure, a London court ruled Wednesday.
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June 19, 2024
King & Spalding Hires 5 Finance Pros From Cadwalader In UK
King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.
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June 12, 2024
Fix Pension Transfer Rules As 'Matter Of Urgency,' Gov't Told
The Department for Work and Pensions must take immediate and urgent action to address a string of "unnecessary points of friction" around pension transfer flagging rules, wealth management company Quilter PLC said Wednesday.
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June 12, 2024
Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal
Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.
Expert Analysis
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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.
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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.