Insurance UK

  • 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.

  • September 06, 2024

    EU Gears Up For New Commission With A Plea: More Women

    European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.

  • September 06, 2024

    UK Lags Globally In Pensions Allocation To Domestic Stocks

    British pension funds have a "significantly lower" allocation of their assets to the domestic stock market than most of their counterparts around the world, a think tank has said.

  • September 06, 2024

    UK Insurers Could Face New Wave Of Biz Interruption Claims

    Insurers in Britain could be on the hook for hundreds of millions of pounds in additional business interruption claims after a landmark court ruling on "at the premises" clauses, as the long-running insurance dispute from the COVID-19 pandemic enters its endgame.

  • September 06, 2024

    UK Regulators Back Nationwide's £2.9B Deal For Virgin Money

    Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.

  • September 06, 2024

    Companies Failing To Oversee Reps Properly, FCA Finds

    The Financial Conduct Authority warned Friday that firms are failing to properly oversee the agents that carry on regulated activities for them without having to be individually authorized.

  • September 06, 2024

    Pensions Campaigners Say Gov't Meeting 'Start Of Something'

    The chair of a campaign group working to secure compensation for women after the government failed to tell them that their retirement age had changed said Friday that its first meeting with the pensions minister was "the start of something."

  • September 06, 2024

    British Savers Urged To Track Down Lost Pension Pots

    British insurers urged U.K. savers on Friday to take action and track down their lost pension pots in a new campaign aimed at raising awareness about planning for retirement.

  • September 06, 2024

    ExCeL Wins Landmark £16M COVID Biz Insurance Test Case

    An English appeals court agreed with London's ExCeL exhibition center and other policyholders on Friday that national lockdowns during the COVID-19 pandemic triggered "at the premises" clauses in their insurance policies in a test case likely to bolster thousands of other claims.

  • September 05, 2024

    FCA Boasts Accelerated Authorizations For Firms

    The Financial Conduct Authority said Thursday in its 2023-2024 annual report that it has significantly improved its authorization process, but has missed some targets in relation to processing applications of payments firms.

  • September 05, 2024

    'Act Now' On Dashboard Prep, Pensions Watchdog Warns

    Pension scheme trustees should "act now" to be ready for the long-awaited government project designed to connect workers with lost pots and avoid enforcement action for failing to meet their duties, The Pensions Regulator warned Thursday.

  • 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.

Expert Analysis

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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'

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Insurance UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!