Insurance UK

  • April 12, 2024

    SocGen To Sell Moroccan Units To Investment Firm For €745M

    Societe Generale SA said on Friday that it has agreed to sell its Moroccan banking and insurance businesses to private investor Saham Group SA for €745 million ($794 million) as part of its long-term ambition to streamline the company.

  • April 11, 2024

    Squire Patton Advises Broadstone Buy Of Credit Risk Co.

    Broadstone said on Thursday it had acquired credit risk company Vestigo Partners Ltd., in a deal steered by Squire Patton Boggs and Harrison Clark Rickerbys.

  • April 11, 2024

    Biggest Insurers Failing On Climate Plans, Says UK Charity

    Lloyd's of London is among the worst insurance players in the world in terms of providing cover to fossil fuel polluters, climate activists said Thursday.

  • April 11, 2024

    Pension Schemes Moving Toward Net Zero, Watchdog Says

    Britain's pensions watchdog said in a review published Thursday that retirement savings schemes have moved closer to achieving net-zero emissions standards in their portfolios by updating investment strategies and boosting allocations to low-carbon funds.

  • April 11, 2024

    £500K Injury Fraudster Sentenced After TV Appearance

    A woman who sought to claim almost £500,000 ($627,000) for injuries that she said left her unable to walk unaided has been sentenced for fraud after being spotted on a daytime reality TV talk show.

  • April 11, 2024

    Squire Patton Steers £130M Mitsubishi Pension Deal

    Insurer Just Group said Thursday it has signed off on a £130 million ($163 million) buy-in transaction for a scheme sponsored by Mitsubishi Chemical UK Ltd. in a deal guided by Squire Patton Boggs LLP.

  • April 10, 2024

    Insurer Aviva Expands Bulk Purchase Pilot For Small Pensions

    Insurance giant Aviva said Wednesday it has launched a streamlined bulk purchase annuity service to support smaller pension schemes with assets of less than £100 million ($126 million) to de-risk their plans.

  • April 10, 2024

    Pensions Watchdog Spurs Trustees On Climate Transition

    The Pensions Regulator on Wednesday urged trustees to consider official guidance for transitioning their investment portfolios to net-zero emissions standards.

  • April 10, 2024

    Insurers Say Regs Tweaks Make Accountant Cover Affordable

    Insurers welcomed on Wednesday revised regulations on accountants over the terms of their professional indemnity cover, saying the changes will keep costs down for firms.

  • April 10, 2024

    Compensation For Poor Pensions Advice At Record Low

    Compensation for retirement savers who were wrongly advised to transfer out of their defined benefit pension has hit a record low, a consultancy said on Wednesday.

  • April 10, 2024

    FCA Eyes Revisions To Payments For Investment Research

    The Financial Conduct Authority on Wednesday said it plans to revise how asset managers pay for investment research, seeking to simplify and expand access across the sector.

  • April 10, 2024

    Lifeboat Fund Opens Probe Into British Steel Pension Adviser

    The compensation program for financial services said it has opened an investigation into an advice firm in connection with the British Steel Pension Scheme scandal.

  • April 09, 2024

    Pension Scheme End-Game Options Rising, Consultancy Says

    A rise in funding means U.K pension schemes have more end-game options, consultancy Broadstone said Tuesday, as the aggregate surplus of thousands of defined benefit schemes increased to £455.5 billion ($578.4 billion) by the end of March.

  • April 09, 2024

    Insurance Director Denies Inducing Employees' Defection

    The director of an insurance startup incubator has denied allegations that he induced a managing general underwriter's employees to violate their duties when they left to found a new business, saying he believed the establishment of the new company was lawful.

  • April 09, 2024

    UK's Aviva Completes £453M Acquisition Of AIG's UK Biz

    U.K.-based insurance giant Aviva Life Ltd. said on Tuesday it had completed the purchase of an American International Group Inc. subsidiary for £453 million ($575 million), in a deal guided by Skadden Arps Slate Meagher & Flom LLP.

  • April 09, 2024

    Gov't Urged To Drop Plans For UK Pension Consolidator

    The government should abandon plans to transform the Pension Protection Fund into a state-backed consolidator of smaller retirement plans, a consultancy has warned.

  • April 09, 2024

    Gov't Urged To Ban Cash Incentives For Pension Switching

    The government should ban pension providers from offering cash incentives for savers to switch plans because the practice encourages people to ignore the "fine print" and move over to a worse option, new research by a provider of retirement savings plans suggests.

  • April 08, 2024

    Texas School District Not Immune In Arbitration Row

    A Texas school district isn't immune from a lawsuit by its insurers seeking to appoint an umpire in a $10 million hurricane damage dispute, a New York federal court ruled Monday, finding the district doesn't meet the standards set under the 11th Amendment.

  • April 08, 2024

    £54M Claimed From Failed Financial Services Last Year

    The U.K.'s lifeboat scheme said Monday it has recovered £54 million ($68 million) in the financial year ended March 31 from the estates of failed financial services companies.

  • April 08, 2024

    UK Eyes Reforms To Ease Corporate Apologies To Victims

    The government opened a new consultation on Monday into potential reforms that would make it easier for companies to apologize to alleged victims of wrongdoing, including in cases where organizations might be vicariously liable for the actions of an employee or a member.

  • April 08, 2024

    Lloyd's Syndicates Fight Not To Cover US Nightclub Bias Suits

    Two insurance underwriting syndicates hit back at a London claim from an international hospitality group that wants to be indemnified for two putative class actions alleging sex discrimination against men and nonbinary people at a California nightclub.

  • April 08, 2024

    Gowling, Osborne Clarke Steer £60M Tech Co. Pension Deal

    Insurer Just Group said Monday it has completed a £60 million ($75.7 million) buy-in of a pension scheme sponsored by technology companies Epson (UK) Ltd. and Epson Europe BV, in a deal guided by Gowling WLG and Osborne Clarke.

  • April 08, 2024

    Pension Schemes Considering Alternatives For End Goal

    Pension plans need to carefully weigh a range of options for their end game strategies, a professional services firm said, as retirement savings scheme funding continues to hover around near record levels.

  • April 08, 2024

    Consumer Body Calls For FCA Crackdown On Car Insurance

    U.K. consumer body Which? has urged the Financial Conduct Authority to take tougher action against insurers that offer minimal payouts after an accident, saying they might be lowballing consumers.

  • April 08, 2024

    Grant Thornton Fined For Audit Compliance Breaches

    The Financial Reporting Council said Monday it has fined accounting firm Grant Thornton £40,000 ($50,500) for failing to comply with audit regulations in its work on a local authority's pension fund.

Expert Analysis

  • 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.

  • FCA Pension Scheme Case Highlights Issues Ripe For Reform

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    The Financial Conduct Authority's response to the British Steel Pension Scheme case exposed wider issues within its regulatory approach and could demonstrate the need for industrywide reforms to minimize the risks with transferring out of a pension scheme, say Oliver Reece and Larisa Gordan at PwC.

  • What An Organization Can Do To Protect Its Supply Chains

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    In light of recent world events, supply chain issues have never been more critical for business, and to protect the commercial viability of their contracts, organizations should address performance concerns in good time, with a workable strategy in place should the chain break down, says Laura Heeley at Eversheds Sutherland.

  • German Draft Bill Reflects Trend Toward New Antitrust Tools

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    A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.

  • How Counsel Can Effectively Lead Data Breach Investigations

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    More businesses are expecting in-house counsel to lead cybersecurity incident responses, so lawyers should work on asking external responders the right questions, managing ransom negotiations to gain time and information, and communicating with regulators to avert or limit penalties, say Oliver Price and Kevin Hughes at FTI Consulting.

  • What EU Oil Spill Insurance Ruling Means For UK Arbitration

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    A recent European Court of Justice opinion in an insurance dispute related to the 2002 sinking of oil tanker MV Prestige provides clarity on the priority of cross-border judgments and arbitral awards, and indicates that EU member state civil judgments will be given precedence over U.K. arbitral awards — with exceptions, says David Vaughan at Collyer Bristow.

  • UK Claim Limitation Ruling Is A Tentative Win For Insurers

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    A U.K. county court's recent decision in Rashid v. Direct Savings reduces the limitation period for third parties to make direct claims against insurers, potentially providing insurers with a defense that was not previously apparent, if the decision is upheld on appeal, says Robert Morris at RPC.

  • Why Risk-Based Employee Conduct Policies Are Advisable

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    In establishing employee conduct policies, companies should consider the extent to which they are exposed to certain types of risk, such as bribery and corruption, as establishing clear written standards offers a step toward avoiding criminal liability, says Steve Melrose at Bellevue Law.

  • A Trusted Cybersecurity Framework Is Imperative For Lawyers

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    The recent increased risk of cyberattacks has a number of profound implications for law firms, and complying with government guidance by embedding a cyber-savvy culture and adhering to a security framework will enable lawyers to add extra layers of defense and present their clients with higher levels of protection, says Marion Stewart at Red Helix.

  • The New EU Data Act Proposal Raises Several Questions

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    In its aim to improve users' rights to access industrial data, the proposed Data Act demonstrates the European Commission’s awareness of the competitive advantage this can bring, but there are concerns as to how it would work in practice, and it appears unlikely that the U.K. will follow a similar framework, say Nick Phillips and Selina Clifford at Edwin Coe.

  • Preparing For FCA's New Appointed Representative Rules

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    The Financial Conduct Authority's new rules make authorized financial firms acting as principal more responsible for their appointed representatives and take effect in less than three months, so firms must understand the changes and undertake a gap analysis of current policies against the requirements as soon as possible, say attorneys at Herbert Smith.

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