Insurance UK

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • September 09, 2024

    Broker Denies Botching Cover In £1.3M Parsley Payment Row

    An insurance broker has said it is not liable for nearly £1.3 million ($1.7 million) claimed by an herbs and spice producer for allegedly organizing inadequate cover that the business said left it short after a fire broke out at its facility.

  • September 09, 2024

    Think Tank Sets Out UK Pension Reform For Self-Employed

    The government needs to introduce reforms to boost the level of pension contributions among self-employed workers, a think tank said.

  • September 09, 2024

    Aon, Marsh Want Ukraine Reinsurance Exclusions Lifted

    Aon PLC and Marsh McLennan on Sunday called for the reinsurance sector to lift its moratorium on Ukraine-related risks, saying that blanket policy exclusions were undermining the war-torn country's economic recovery.

  • September 09, 2024

    Asset Manager Alpha Seals Guernsey Insurance Biz Buyout

    Alpha Growth PLC said on Monday that it has completed the purchase of 93.36% of Jeometri, an insurance management company in Guernsey, for £449,300 ($588,300) including costs, as the asset manager moves to expand its life insurance business across the U.K. and streamline its operations.

  • September 09, 2024

    UK Crypto-Marketing Rules Risk Regulatory Overreach

    Legal advisers for crypto-asset companies are concerned by how strenuously the financial watchdog will enforce new guidelines for promoting complex digital financial products for consumers, and have warned that overinterpreting the rules could handicap development of the market.

  • September 06, 2024

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

    This past week in London has seen Rockfire Capital sue its former director, Liam Kavanagh, after he was accused of cheating cash-strapped Thurrock Council out of £150 million ($197 million), FedEx launch a claim against an Israeli supply chain business, and a legal dispute between steel magnate Sanjeev Gupta and a former colleague. Here, Law360 looks at these and other new claims in the U.K.

  • September 06, 2024

    FCA Fines, Bans 4 For 'Reckless' Pension Transfer Advice

    Britain's finance watchdog on Friday announced it has fined four people a total of nearly £600,000 ($793,300) and banned them from working in financial services because of pension transfer advice they gave that showed a "reckless disregard" for customers.

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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