Insurance UK

  • June 25, 2024

    Squire Patton Guides PE Shop's Insurance Platform Deal

    European private equity shop Perwyn has said it will acquire specialist insurance platform Atec Group from rival buyout business Kester Capital to strengthen its stable of niche and non-standard products.

  • June 24, 2024

    Herbert Smith Launches ESG Regulations Monitoring Tool

    Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.

  • June 24, 2024

    Retired Judges Lose Appeal In Pension Row With MoJ

    An appeals tribunal ruled Monday that the Ministry of Justice did not discriminate against three judges when it switched their pension schemes, ruling that their new judicial posts — rather than their part-time worker status — caused the change.

  • June 24, 2024

    Charity Urges Better Ways To Fight Investment Greenwashing

    A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.

  • June 24, 2024

    Salmon Steers £25M Pension Deal For Travel Co.

    Legal & General will take on £25 million ($31.7 million) worth of pension liabilities from a scheme sponsored by travel company TUI in a deal steered by Burges Salmon LLP, advisers on the transaction said Monday.

  • June 24, 2024

    Prudential Launches First Tranche Of $2B Buyback Program

    Insurer and asset manager Prudential PLC on Monday commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme aimed at rewarding investors and lowering its outstanding share capital.

  • June 24, 2024

    FCA Takes Action Against 3 Fund Mngrs On Risky Investments

    The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.

  • June 24, 2024

    Insurer Files For Liquidation, To Sell Unit To Rival For £11.3M

    Troubled insurer R&Q said Monday that it has agreed to sell Inceptum Insurance for £11.25 million ($14.25 million) to Marco Capital Holdings Ltd., a Malta-based legacy acquisition group, after filing for liquidation.

  • June 21, 2024

    Insurer Targets Ex-Employee Over $47M Plant Financing Claim

    British insurance company Beazley has targeted a former employee in Florida federal court, accusing the former underwriter of exposing it to a $47 million arbitration claim in Brazil after he improperly inked a deal with a reinsurer as part of an ill-fated financing pact for a thermoelectric plant.

  • June 21, 2024

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

    This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.

  • June 21, 2024

    Travelers Denies Liability Over Arson Risk In Fire-Loss Row

    Travelers Insurance Company Ltd. has denied it is liable for losses claimed by a building operator after fires destroyed its warehouse in Scotland because the company failed to disclose the property had previously suffered an arson attack.

  • June 21, 2024

    Lloyd's Delays Next Phase Of Modernization Plan

    Lloyd's of London said Friday it has pushed back the launch of its next modernization program, saying that delays to testing have meant it is no longer safe to go live as planned in October. 

  • June 21, 2024

    European Funds Want Laxer Rules On Derivatives Calls

    A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.

  • June 21, 2024

    Next UK Gov't Urged To Ease Private Healthcare Insurance Tax

    Whoever wins the U.K. election on July 4 should introduce tax breaks on private medical insurance to relieve pressure on the National Health Service, a consultancy warned Friday.

  • June 20, 2024

    Pensioners Still Taxed With 'Triple Lock Plus,' LCP Says

    The ruling Conservative Party's pledge to add a tax break to the anti-inflation "triple lock" on pensions would still mean that 2.5 million U.K. pensioners will be taxed, consultancy Lane Clark & Peacock LLP said Thursday.

  • June 20, 2024

    WTW Says Professional Trustee Appointments Up 11%

    Professional trustee appointments have surged by 11% over the past year, with corporate sole trustee appointments rising at 14%, according to WTW's 2024 professional trustee survey published Thursday.

  • June 20, 2024

    Aegon Plans ESG Shakeup Of £12B Workplace Pension Fund

    Pensions provider Aegon on Thursday announced a raft of measures to overhaul its £12 billion ($15.2 billion) workplace retirement fund, as it plots to reduce its carbon emissions and invest more in unlisted assets.

  • June 20, 2024

    Financial Watchdog Launches First-Ever ESG Probe Into Biz

    The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.

  • June 20, 2024

    Law Firm Disputes Pension Deal Capacity Concerns

    Most small retirement savings plans have little trouble carrying out an insurance transaction, a law firm has found, despite fears of a capacity crunch in the pensions deals market.

  • June 19, 2024

    Trade Body Sets Up Committee For M&A Insurance Market

    A trade body for underwriters said Wednesday that it has launched a committee on specialist insurance to cover risk associated with mergers and acquisitions, amid a surge in such policies being written from London.

  • June 19, 2024

    EU Gov'ts Agree Position On Simpler Data-Sharing Rules

    European Union governments agreed where they stand on new rules on Wednesday to help most financial regulators in the bloc to share data, with more efficient reporting by watchdogs and companies.

  • June 19, 2024

    Plane Not 'Lost' In $15M Stranded Jet Row, Chubb Says

    Chubb European Group SE has said it is not liable for $14.7 million claimed by the Irish wing of a U.S. aircraft leasing company to cover the claimed loss of a plane stranded in Russia because the insurer says it is not actually lost.

  • June 19, 2024

    Fieldfisher Steers £165M Mineral Biz Pension Deal

    Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.

  • June 19, 2024

    Zurich Buys 70% Stake In Indian Insurer For $670M

    Swiss insurance giant Zurich said Wednesday that it has bought a 70% stake in Kotak Mahindra General Insurance for $488 million, the largest foreign investment in India's general insurance market since 2021.

  • June 18, 2024

    Insurers Appeal COVID ExCeL Biz Insurance Test Case Ruling

    Insurers launched an appeal on Tuesday to overturn a landmark test case ruling that would provide cover for COVID-19 lockdowns for thousands of companies with "at-the-premises" business interruption wording in their policies.

Expert Analysis

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

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