Insurance UK

  • 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.

  • April 05, 2024

    Allianz Selling Mid-Size, Entertainment Holdings In $1.4B Deal

    Allianz Group said Friday that its corporate and specialty insurance unit is selling off its U.S. insurance business for midsize corporations and entertainment businesses for $450 million in cash to Arch Insurance North America.

  • April 05, 2024

    UK Urges Delay In Claiming Pensions Until Rules Change

    The U.K. tax authority has warned people to delay claiming their pensions until after Saturday, when the lifetime allowance is abolished, while the government clarifies technical changes to the legislation.

  • April 05, 2024

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

    This past week in London has seen the BBC sued by former Georgian defense minister David Kezerashvili, Russian businessman Ildar Sharipov file a defamation claim against the publisher of the Liverpool Echo newspaper, MEX Group Worldwide sue Barclays and NatWest, and a climbing gear company hit retailer Next with a claim of copyright infringement. Here, Law360 looks at these and other new claims in the U.K.

  • April 05, 2024

    Rothesay Sees 'Unprecedented' Pipeline For Pension Deals

    Pension insurer Rothesay Life said Friday it secured £12.7 billion ($16 billion) in new business premiums across a dozen de-risking retirement savings deals in 2023, with the year ahead marked by an "unprecedented pension risk transfer market pipeline."

  • April 05, 2024

    Cloud Biz Denies Owing Telecom Execs Over Bad Sale

    A cloud technology business has denied owing directors of a telecommunications company £1.5 million ($1.9 million) left unpaid after it bought their business, claiming the money due is offset by the £2 million it lost from the sale.

  • April 05, 2024

    UK Pension Schemes Maintain Near-Record Surpluses

    The aggregate surplus of the U.K.'s defined benefit pension sector remained at near-record levels of around £151 billion ($190.8 billion) in March, a consultancy has said.

  • April 05, 2024

    Chubb Pulled Into $83.4M Ukrainian Airline Insurance Claim

    Chubb European Group has been dragged into an $83.4 million claim in London which alleges that insurers have refused to pay out for aircraft that have been stranded in Ukraine after the Russian invasion, according to an amended High Court claim.

Expert Analysis

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • How The Rise In Ransomware Is Affecting Business Insurance

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    Following an unprecedented rise in global ransomware attacks, with insurance companies scaling back coverage and increasing premiums, policyholders should consider these trends and take certain steps to mitigate risks, say Marialuisa Gallozzi and Josianne El Antoury at Covington.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.

  • Emerging Economic Effects From Russia-Ukraine War

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    While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.

  • How Will UK Use New Penalties For Debt-Dodging Directors?

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    Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.

  • Automated AML Compliance Tools Are No Silver Bullet

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    As financial institutions increasingly use automated tools for anti-money laundering compliance, attorneys at Covington discuss the risks of overreliance on such tools, regulatory expectations, potential liability and insurance coverage implications, as well as lessons from recent enforcement actions.

  • Issues To Watch In Potential English Arbitration Act Reform

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    Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.

  • UK's Vicarious Liability Juggernaut Shows Signs Of Slowing

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    In the last five years, U.K. court decisions have generally broadened the scope of vicarious liability, holding organizations responsible for individuals' crimes, but more recent decisions suggest that courts are finally taking steps to limit such liability, say Stephanie Wilson and Philip Tracey at Plexus Legal.

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