Insurance UK

  • March 04, 2024

    RPC Advises Aviva's Return To Lloyd's With £242M Deal

    British insurer Aviva PLC said Monday that it plans to return to the Lloyd's of London market after two decades through its £242 million ($307 million) acquisition of Probitas, an insurance group.

  • March 01, 2024

    Business Owners Fail To Prove COVID Impact, Insurer Says

    A pub landlord and seven other business owners have failed to prove that a case of COVID-19 occurred at each of their premises and caused its closure, therefore justifying insurance cover, Liberty Mutual Insurance Europe SE has said.

  • March 01, 2024

    Broker Marsh Expands Ukraine War Insurance Facility

    Insurance broker Marsh McLennan said on Friday that it is extending its Ukraine war risk insurance to cover ships carrying all non-military cargo, including containerized shipping, in support of the country's wider maritime industry.

  • March 01, 2024

    Greenwashing Risk Warning As EU Plans Benchmark Change

    European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.

  • March 01, 2024

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

    This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.

  • March 01, 2024

    FCA Says Grenfell Reinsurance Scheme Will Cut Premiums

    A new reinsurance scheme will reduce the cost of insurance for leaseholders in flats, the Financial Conduct Authority has said, as it seeks to bring down premiums that have risen steeply since the Grenfell Tower fire seven years ago.

  • March 01, 2024

    EU Watchdog Probes Low Natural Disaster Insurance Take-Up

    Europe's insurance regulator has found that reluctance among consumers to invest in natural catastrophe insurance is influenced by concerns about costs, a lack of clarity about policy terms and negative past experiences.

  • February 29, 2024

    Police Federation Liable For 9,500 Pension Payouts

    The Police Federation of England and Wales is on the hook to compensate thousands of its members after a group won its legal battle over a pension scheme that gave young officers worse benefits than older colleagues, a tribunal has ruled.

  • February 29, 2024

    FCA Plan To Name Suspect Firms Early Alarms Finance Sector

    Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.

  • February 29, 2024

    MPs Quiz Watchdog On Chaos At Local Gov't Pension Fund

    A group of senior MPs has asked the pensions watchdog about the steps it has taken to tackle disruption at a local government retirement fund where thousands of savers have faced delays in receiving their benefits.

  • February 29, 2024

    UK Pension 'Surplus Extraction' Changes Could Unlock £340B

    Government proposals to use the surplus held in defined benefit pension schemes could unlock £340 billion ($430 billion) for investment in U.K. businesses or payments for members, according to PwC.

  • February 29, 2024

    £1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent

    Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.

  • February 29, 2024

    Pensions Watchdog Chief Under Fire As Staff Strike Again

    Workers at the U.K. pensions watchdog started a 12-day walkout on Thursday, criticizing the "head-in-the-sand attitude" of the regulator's chief executive and claiming she has ignored their requests to resolve a months-long pay dispute.

  • February 29, 2024

    Insurer Direct Line Rejects £3B Linklaters-Backed Ageas Bid

    British insurer Direct Line has rejected a £3.1 billion ($3.9 billion) offer from Ageas, a Belgian-French rival, finding that it was "uncertain, unattractive, and that it significantly undervalued" the group.

  • February 28, 2024

    MPs Launch Inquiry Into Effectiveness Of Russia Sanctions

    Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.

  • February 28, 2024

    Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar

    The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.

  • February 28, 2024

    Bogus Insurance Claim Lawyer Seeks To Overturn Striking Off

    A solicitor who made a false insurance claim over a road traffic accident urged a court on Wednesday to restore him to the profession, saying that a tribunal did not consider the "exceptional circumstances" of the case.

  • February 28, 2024

    Profit Warnings Rise For Pension Scheme Sponsors

    One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.

  • February 28, 2024

    Pension Bodies Call For Investment Regulation Overhaul

    The government must boost levels of pension savings, consolidate funds and offer new opportunities for investing in illiquid assets if it wants the sector to contribute to U.K. growth, two trade bodies have said.

  • February 28, 2024

    FRC Plans To Review Code For Asset Managers

    Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.

  • February 28, 2024

    St James's Place Sets Aside £426M For Potential Client Refunds

    One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.

  • February 27, 2024

    Global Pension Assets Total $55T In 2023, Broker Says

    Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year. 

  • February 27, 2024

    Financial Ombudsman Braced For APP Fraud Claims

    Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.

  • February 27, 2024

    Insurance Body Launches Guide For 'Responsible' AI Use

    British insurers should consider who is accountable for any artificial intelligence systems they use to ensure that they are using the technology responsibly, according to a guide published Tuesday by a trade body.

  • February 27, 2024

    FCA To Start Naming Finance Firms Under Investigation

    The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.

Expert Analysis

  • 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.

  • What 9th Circ. Arbitration Case May Mean For Insurance

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    If the plaintiffs in CLMS Management Services v. Amwins Brokerage of Georgia appeal the Ninth Circuit's recent decision that state law does not bar the enforcement of arbitration clauses in insurance contracts, the case may have a significant effect on the different dispute resolution options for insurers and policyholders, say attorneys at Sheppard Mullin.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • Policyholder Outlook Following UK Biz Interruption Test Case

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    In the nine months since the U.K. Supreme Court ruled in favor of policyholders in the Financial Conduct Authority’s test case on insurance coverage for COVID-19 businesses interruption claims, similar lawsuits filed against insurers show that a positive outcome for insureds is not guaranteed, say Peter Sharp and Paul Mesquitta at Morgan Lewis.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

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