Try our Advanced Search for more refined results
Insurance UK
-
Featured
Snap July 4 Election Leaves Pension Reform In Disarray
The government's decision to call a snap general election for July 4 has left the U.K.'s pension sector in limbo, experts say, with uncertainty over whether the next administration will continue with an ambitious reform program.
-
July 02, 2024
EU Watchdog Requires Regulatory Liaison On Insurer Moves
The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.
-
July 02, 2024
Insurance Body Urges Motorists To Verify Coverage Status
The nonprofit body that protects people from uninsured hit-and-run drivers urged Britons on Tuesday to check their vehicle insurance status, as a recent YouGov poll revealed 10% of respondents appeared to be unaware that such insurance is compulsory.
-
July 02, 2024
City Body Calls For Digital Gilt To Boost Retail Investing
Britain's leading financial services trade body called Tuesday for a U.K. digital gilt to encourage retail investors, in a set of briefing papers aiming to improve competitiveness of capital markets.
-
July 02, 2024
Irish Motor Insurance Damage Costs Soar 126%, Study Shows
The cost of Irish motor insurance claims rose to €188 million ($201 million) in the first half of 2023 up from the six-monthly average of €83 million between 2015 and 2019 — a 126% jump — a study by the Central Bank of Ireland said Tuesday.
-
July 02, 2024
Just Group Lands £260M Aviation Co. Pension Deal
Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.
-
July 01, 2024
Pilots Fight TUI Over Changed Income Protection Scheme
A group of airline pilots launched their fight against TUI Airways Ltd. on Monday over allegations that the carrier breached their contracts by slashing its income protection policy for pilots who have to stop flying for health reasons.
-
July 01, 2024
Zurich, Aon Launch Clean Hydrogen Insurance Facility
Zurich Insurance Group and Aon PLC launched Monday a new insurance facility aimed at supporting clean hydrogen projects globally, providing comprehensive coverage for blue and green hydrogen projects with capital expenditures of up to $250 million.
-
July 01, 2024
Royal London Completes Aegon Protection Book Transfer
Mutual life insurance giant Royal London said Monday it has completed the transfer of 400,000 protection customers from rival insurer Aegon UK.
-
July 01, 2024
UK Lifeboat Scheme Says Pension Transfer Firm In Default
The Financial Services Compensation Scheme confirmed Monday it has declared pension adviser MacInnes & Bottomley as unable to pay claims.
-
July 01, 2024
Osborne Clarke Guides Aviva's School Pension Deal
Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.
-
June 28, 2024
EU Insurance Watchdog Warns Of Real Estate Risk Exposure
The European pensions and insurance industries are increasingly exposed to the possibility of a real estate collapse, the sector watchdog warned in a newly published report into the financial stability for the region.
-
June 28, 2024
Firms Face Increased Scrutiny Amid FCA Focus On Resilience
The Financial Conduct Authority and the Prudential Regulation Authority have challenged two thirds of general insurance and investment firms about their ability to prevent disruption by threats like cyberattacks, according to an industry study.
-
June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
-
June 28, 2024
Addleshaw Goddard Guides Acquisitions Biz In £41.5M Deal
Marwyn Acquisition Company II Ltd. on Friday said it's subsidiary MAC II UK Ltd. has agreed to buy pensions services provider InvestAcc Group Ltd., for £41.5 million ($53 million), which would be mainly financed by a fundraising program, advised by Addleshaw Goddard LLP.
-
June 28, 2024
Fidelis Claims No Liability In $23M Stranded Jet Spat
Fidelis Underwriting Ltd. has hit back at another claim that it must pay out in a $23 million row over a leased plane stranded in Russia, arguing that no insured event has occurred, and that an Irish aviation lessor is not covered by the country's law.
-
June 27, 2024
DWF Buys Australian Claims Management Business
Private equity-backed DWF LLP said Thursday it has agreed to buy Australian claims management company Proclaim for an undisclosed amount to bolster its presence in the country.
-
June 27, 2024
Shell, Insurer Sue Oil Co. For $3.7M Over Cargo Failures
Shell Trading International Ltd. and its insurer have sued a Greek oil company for $3.7 million after claiming the near 30,000 metric tons of bitumen it bought from the European business did not comply with the agreed specification or quality.
-
June 27, 2024
Chubb Claims No Liability In $219M Stranded Jets Row
Chubb has denied that it owes a Bermuda-based subsidiary of a U.S. aircraft lessor in a $219 million row over a fleet of aircraft engines stranded in Russia and Ukraine because the planes are not lost and its policy does not cover war risk.
-
June 27, 2024
Insurance Biz DeadHappy Goes Under After Serial Killer Ads
Life insurance broker DeadHappy has fallen into administration, liquidators said Thursday, after bad taste adverts featuring a serial killer prompted its partners to pull the plug on new business.
-
June 27, 2024
R&Q Insurance Appoints Liquidators To Push $465M Sale
R&Q Insurance said Thursday that the Supreme Court of Bermuda has given it a green light to appoint three joint provisional liquidators to oversee the complete winding up of the troubled insurer.
-
June 27, 2024
Sackers Steers Bentley Trustee In £880M Pensions Deal
Luxury carmaker Bentley Motors Ltd. has passed £880 million ($1.1 billion) of the liabilities of its staff pension plan to Standard Life, the insurer said Thursday, in a deal steered by Sacker & Partners LLP, Travers Smith LLP and Eversheds Sutherland.
-
June 26, 2024
Fidelis Says Aircraft Lessors Not Covered Under Russian Law
Fidelis Underwriting Ltd. has said that the lessor and owners of three aircraft stranded in Russia after the country's invasion of Ukraine cannot reclaim $77.2 million for the planes from the reinsurer because they are not insured parties under Russian law.
-
June 26, 2024
Britain's Phoenix Group Plans Sale Of SunLife
Life insurance heavyweight Phoenix Group said Wednesday that it is planning to sell its SunLife Ltd. subsidiary that provides financial services to over 50s in the U.K.
-
June 26, 2024
FCA Warns Insurers Over Consumer Protection Failings
The City watchdog warned insurers on Wednesday over a failure to properly monitor clients who suffer financial harm from their products, following a sweeping review of consumer protection regulation.
-
June 26, 2024
Aviva Sees 39% Rise In Insurance Fraud Claims
Insurance giant Aviva on Wednesday said it spotted 39% more instances of fraud in 2023 than it did in the year previous, despite the value of fraudulent claims being lower than 2022.
Editor's Picks
-
Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums
Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
-
FCA Begins Crackdown On Poor-Value Insurance Products
The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
-
Post-Election UK Pension Changes Could Be In The Fine Print
Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.
Expert Analysis
-
Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
-
How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
-
EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
-
How Law Firms Can Handle Challenges Of Mass Claims
With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.
-
FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
-
Insurance Ruling Stresses High Hurdle To Fix Policy Wording
In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.
-
Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
-
What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
-
The Art Of Corporate Apologies: Crafting An Effective Strategy
Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
-
Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
-
What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
-
3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
-
UK Arbitration Ruling Offers Tips On Quelling Bias Concerns
An English court's recent decision in H1 v. W to remove an arbitrator because of impartiality concerns offers several lessons on mitigating bias, including striking a balance between arbitration experience and knowledge of a particular industry, and highlights the importance of careful arbitrator appointment, says Paul-Raphael Shehadeh at Duane Morris.
-
Bias Ruling Offers Guidance On Disqualifying Arbitrators
An English court's recent decision in H1 v. W, removing an arbitrator due to bias concerns, reaffirms practical considerations when assessing an arbitrator's impartiality, and highlights how ill-chosen language by an arbitrator can clear the high bar for disqualification, say Andrew Connelly and Ian Meredith at K&L Gates.
-
Insurance Policy Takeaways From UK Lockdown Loss Ruling
An English court's recent decision in Unipolsai v. Covea, determining that insurers' losses from COVID-19 lockdowns were covered by reinsurance, highlights key issues on insurance policy wordings, including how to define a "catastrophe" in the context of the pandemic, says Daniel Healy at Brown Rudnick.