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Insurance UK
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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.
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June 12, 2024
Rule Changes Proposed To Revive EU Securitizations
A European body for financial institutions has warned that regulation is suffocating the securitization market as it proposed a five-point plan to revive it as part of the Capital Markets Union to get investments flowing across member states.
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June 12, 2024
Insurer L&G Plans £200M Share Buyback To Boost Returns
Legal & General Group PLC on Wednesday said it will launch a £200 million ($255 million) share repurchase program as it unveiled plans to boost returns for investors and focus on core areas of its business.
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June 12, 2024
Marsh Unit Buys $66B UK Pensions Provider Cardano
A unit of U.S. professional services giant Marsh McLennan has bought $66 billion U.K. pensions provider Cardano, in a deal guided by Norton Rose Fulbright LLP.
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June 18, 2024
Fieldfisher Hires Linklaters RE Pro To Open Brussels Practice
Fieldfisher LLP has hired a real estate specialist from Linklaters LLP to launch a new practice in Belgium as it ramps up its services to clients in transactional matters and litigation.
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June 11, 2024
Travers Smith Recruits Funds Partner From Blackstone
Travers Smith LLP said Tuesday that it had hired a retailization specialist from Blackstone Inc.'s credit and insurance arm as a partner, fortifying its ability to advise fund managers on products previously only available to financial institutions.
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June 11, 2024
Tory Tax Cut Plans Raise Questions On Funding Gaps
The prime minister unveiled plans for £17.2 billion ($21.8 billion) in tax cuts at the launch of the Conservative Party's election manifesto on Tuesday, but a headline cut of two percentage points in the payroll tax was put off for three years — and funding plans left some experts unconvinced.
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June 11, 2024
FCA Eyes Consumer Impact Of New Legal Cooperation Rules
The Financial Conduct Authority has set out how it is working with the Financial Ombudsman Service and other bodies under a new duty of legal cooperation required by the Consumer Duty and changing payments regulations.
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June 11, 2024
EU Insurers Face Fair Value Scrutiny, Moody's Warns
Life insurers across the European Union are under mounting pressure from the bloc's regulators to demonstrate that their products provide customers with fair value, according to a rating agency's new report published Tuesday.
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June 11, 2024
Industry Groups Want Post-Election Pensions Review
The next government must urgently carry out a review of pension savings adequacy soon after taking power in order to stave off a looming retirement crisis, a coalition of industry bodies and experts warned.
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June 11, 2024
Sunak Pledges Further Tax Cuts In Election Manifesto
Rishi Sunak said on Tuesday that his Conservative Party would establish a tax system that "rewards work" by slashing a range of levies if it wins the general election, including another cut in the national payroll tax by 2027.
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June 10, 2024
BDO Denies Failing To Help In £18.5M Insurance Broker Sale
Accounting firm BDO LLP has rejected an insurance broker's claims that it is not entitled to payment for merger and acquisition advice because it failed to propose or introduce the buyer that eventually purchased the broker for £18.5 million ($23.6 million).
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June 10, 2024
Next Gov't To Face Tough Pension Decisions, IFS Warns
The next government will need to make some urgent decisions on pension reforms to ensure future retirees are protected, an influential think-tank has warned ahead of the July 4 general election.
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June 17, 2024
Hogan Lovells Adds Insurance Pro From Slaughter And May
Hogan Lovells has bolstered its London corporate insurance practice by tapping a former senior counsel from Slaughter and May as a partner.
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June 10, 2024
European Financial Body Calls On UK To Clarify AML Reforms
A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.
Expert Analysis
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Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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Has The Liberalization Of Legal Services Achieved Its Aims?
Although there is still some way to go, alternative business structures are now an increasingly prominent feature of the legal services landscape, and clients can expect greater choice, improved quality and more manageable costs, as was intended by this shake-up of the profession's regulatory frameworks 15 years ago, says Dana Denis-Smith at Obelisk Support.
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5 Gen X Characteristics That Can Boost Legal Leadership
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.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
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.
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What Slovak Labor Code Changes Will Mean For Employers
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.
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An ICO Reminder On Managing Subject Access Requests
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.
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Opinion
Increasing Law Firm Polarization Will Degrade Rule Of Law
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.
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The FTX Fallout So Far And What May Come Next
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.
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Hard Insurance Market Will Influence Legal Industry, Economy
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.
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Digital Nomads: Key Considerations For Global Businesses
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.
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New License Eases Sanctioned Clients' Legal Fee Payments
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.
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Preparation Is Key To Businesses Minimizing Cyber Breaches
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.
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UK Policyholders Can Expect Better COVID Claims Handling
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.
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A Recovery Option For Lenders With Planes Stuck In Russia
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.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
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.