Insurance UK

  • May 15, 2024

    EU Insurers Press Commission On Priorities For Capital Rules

    European insurers have warned the executive arm of the bloc that implementation of agreed changes to the Solvency II rules must accord with its goals on climate change and increasing competitiveness.

  • May 15, 2024

    Lloyd's Further Tightens 'Cyberwar' Insurance Cover

    Lloyd's of London has tightened rules on members of the specialist insurance market over cover for state-backed cyberattacks.

  • May 15, 2024

    Experts See Risks In FCA's Soft-Touch Response To AI

    The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.

  • May 14, 2024

    UK Gov't Rules Out NDA Ban In Harassment Cases

    HM Treasury said Tuesday that the U.K. government will not commit to a legislative ban on nondisclosure agreements in harassment cases, rejecting a call from MPs to bring an end to the "abusive use" of NDAs to silence victims.

  • May 14, 2024

    Insurance Broker Jensten Launches Major Restructuring

    British insurance brokerage Jensten said Tuesday that it is conducting a strategic restructuring by separating its underwriting business from its wholesale brokering division after recently raising nearly £170 million ($214 million) from its investors.

  • May 14, 2024

    EU Watchdog Sets Anti-Greenwashing Guidelines For Funds

    The European Union's markets regulator on Tuesday published its final guidelines for firms using ESG terms in fund names, requiring 80% of the fund's investments to match the claimed criteria to combat greenwashing risk.

  • May 14, 2024

    Gov't To Add Legal Powers, Staff To Stop Benefits Fraud

    The Department for Work and Pensions said Tuesday it will support new legislation to expand its powers to make arrests and conduct searches in its crackdown on benefits fraud.

  • May 14, 2024

    UK Pension Scheme Funding Edges Up £2.8B

    The overall funding level of U.K. pension schemes edged up £2.8 billion ($3.5 billion) last month, according to official figures Tuesday, but experts warned that there was potential "volatility" on the horizon amid uncertainty over whether interest rates will change this year.

  • May 14, 2024

    Taxpayers Could Face Bill For 'Shadow Fleet' Oil Spill

    British taxpayers could be on the hook for the cleanup if oil leaks from a ship operating without full insurance as a result of sanctions imposed on Russia, a senior figure at Lloyd's of London warned a panel of MPs on Tuesday.

  • May 13, 2024

    Pret Parent JAB To Dish Out Global Insurance Platform

    JAB Holding Co. the owner of Pret a Manger cafes, said Monday that it is planning to build a global insurance company and an asset management business to build on the success of its existing pet insurance businesses.

  • May 13, 2024

    Warning On Surge In Mortgages Going Beyond Retirement

    Almost half of new mortgages issued in Britain toward the end of 2023 reach beyond the state pension age, figures published on Monday show, raising the risk of an impending retirement crisis.

  • May 13, 2024

    UK Broker WTW Launches Ukraine Land War Insurance Cover

    Insurance broker WTW said on Monday that it has struck a deal to insure cargo traveling over land in Ukraine that comes under fire amid the protracted war with Russia.

  • May 13, 2024

    Gov't Tells Finance, Law Watchdogs To Improve AML Reports

    HM Treasury and Britain's anti-money laundering watchdog have told professional bodies in sectors including law and accounting to sharpen the focus in their annual reports on failures in compliance and supervisory actions.

  • May 13, 2024

    Demand Grows For Cross-Border Pensions In Unstable States

    Cross-border pension and saving plans have more than doubled in just five years, with much of the growth in schemes covering employees in unstable countries, according to a survey published Monday.

  • May 10, 2024

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

    The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.

  • May 10, 2024

    Medical Device Co., Insurers Settle Equipment Damage Loss

    A medical device manufacturer and its insurers have settled their coverage dispute over the manufacturer's claim it suffered an "equipment breakdown loss" damaging its mills, lathes and vacuum pump, the insurers told a Florida federal court.

  • May 10, 2024

    Costs Of Pension Portals Rise £54M Over Launch Delays

    The cost of building new online pensions dashboards has risen by £54 million ($67.6 million) in three years as the project has faced delays due to poor governance, a damning report by the public sector audit watchdog said on Friday.

  • May 10, 2024

    Burges Salmon Steers £100M Pension Deal For Rathbones

    Insurer Canada Life said it has completed a £100 million ($125.1 million) buy-in with the pension schemes of investment and wealth management company Rathbones Group PLC, in a deal steered by Burges Salmon LLP.

  • May 10, 2024

    FCA Warns Firms Of Market Abuse Surveillance Failings

    The Financial Conduct Authority has warned in its latest market watch newsletter that some companies have inadequate or faulty systems to detect market abuse, with insufficient governance arrangements.

  • May 10, 2024

    MPs Mull Using Frozen Russian Assets For Ukraine Recovery

    Politicians are to probe leading experts, including the head of financial crime and compliance at Lloyd's of London, on whether the U.K. should follow the European Union and use profits from Russia's frozen assets to help Ukraine, as they examine the sanctions regime.

  • May 09, 2024

    AmTrust Loses Cap Costs Fight In Lloyd's Syndicate Deal

    A London court ruled Thursday that two reinsurers are entitled to cap at £1 million ($1.25 million) a range of expenses they are required to pay after they acquired AmTrust's economic interests in a Lloyd's syndicate.

  • May 09, 2024

    Insurer Beats Engineering Co.'s New Bid For $10M Payout

    England's Court of Appeal said Thursday that an insurer should not be on the hook for $10.4 million (£8.3 million) after a ship crashed into an oil platform, throwing out a legal challenge by a French engineering company.

  • May 09, 2024

    Pension Watchdog In Talks With Gov't Over New Remit

    The U.K.'s retirement savings watchdog said it is in talks with the government on formally extending its remit to encompass pension scheme administrators.

  • May 09, 2024

    Aviva Takes On Construction Co. Pension Scheme In Full

    Insurance giant Aviva has secured the benefits of all uninsured final salary members of a pension plan sponsored by a British construction group in a deal guided by CMS.

  • May 09, 2024

    Watchdog Preps Rules For Banks To Repay High-Value Fraud

    The payments watchdog has set out plans to extend its fraud reimbursement scheme to high-value bank transfers through the CHAPS system, reducing the risk that fraudsters will move there to avoid detection.

Expert Analysis

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • DC Ruling Provides Support For Builders Risk Claim Recovery

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    To deny coverage for builders risk claims, insurers have been increasingly relying on two arguments, both of which have been invalidated in the recent U.S. District Court for the District of Columbia decision, South Capitol Bridgebuilders v. Lexington, say Greg Podolak and Cheryl Kozdrey at Saxe Doernberger.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

  • New Fixed Costs Rules May Have Unforeseen Consequences

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    The recent changes to fixed recoverable costs, which were intended to reduce costs and increase certainty, have profound implications for civil claims, but may unintentionally prompt more litigation and reduce access to justice as lawyers leave the market, says Paul Squires at Sedgwick Legal.

  • Sustainable Finance Consultations May Signal Key Changes

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    The European Commission's recently launched consultations on the sustainable finance disclosure regulation point to important changes, including the potential introduction of a new product categorization system, and illustrate that there are clearly issues with the existing framework, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    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

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    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

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    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'

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    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

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    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

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    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

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    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

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    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

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    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.

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