Insurance UK

  • April 03, 2024

    Single Pensioner Income Inequality Found To Be Widening

    Government data shows income disparity between rich and poor single pensioners is widening in the U.K. due to low earnings growth and rising housing costs, according to research by consultancy Broadstone published Wednesday.

  • April 03, 2024

    Watchdog Bans 'Misleading' Advertisements By UK Lender

    The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade.

  • April 03, 2024

    Insurer Lands Battery Brand Pension Scheme In £44M Deal

    Insurer Just Group said Wednesday it has completed a £44 million ($55.3 million) buy-in of a pension scheme sponsored by battery and lighting brand Energizer Group Ltd.

  • April 02, 2024

    La. Property Owners, Insurers To Arbitrate Hurricane Claims

    A Hurricane Ida damage coverage dispute between seven New Orleans-area property owners and their insurers will be stayed pending arbitration, a Louisiana federal judge ruled, agreeing with the insurers that the policy's arbitration agreement is enforceable under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

  • April 02, 2024

    Yacht Owners Sue Generali Unit For €2M Over Repair Costs

    A British Virgin Islands-based company has sued a French Generali subsidiary for more than €2 million ($2.2 million) in a London court for allegedly dodging a policy for a yacht that began to take on water in the Myrtoan Sea in 2021.

  • April 02, 2024

    Exec Unable To Work Due To Eyesight Sues Insurer For £1M

    A sales director at software giant Quest is seeking over £1.14 million ($1.43 million) from insurer Generali Italia after it refused to pay out when a degenerative eye condition left him unable to work.

  • April 02, 2024

    UK's Biggest Pension Plan Benefits Restored After Strikes

    Members of the U.K.'s largest private pension scheme have had their benefits restored in full, a union has said, marking the end of a two-year row over a controversial 35% cut for members.

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 02, 2024

    Accountant Fined And Banned For Triple Loan Fraud

    The former director of a management consultancy has been banned from running a company for 12 years and agreed to pay back £75,000 ($94,000) after having claimed five times the amount his firm was entitled to under a government-backed COVID-19 loan program, the U.K. Insolvency Service said Tuesday.

  • April 02, 2024

    UK Makes 2027 Commitment To 1-Day Securities Settlement

    HM Treasury has said that Britain will start a one-day cycle for securities trade settlement by December 2027, bringing the country into harmony with other markets to reduce the risk that those involved will fail to meet their obligations.

  • April 02, 2024

    Insurers Say Pension Models Could Undercut Auto-Enrollment

    Government plans to introduce new pension pot models risk undermining the success of automatic enrollment and could have a negative impact on retirement saver outcomes, the Association of British Insurers has warned.

  • April 02, 2024

    Airplane In $20M Russia Dispute Is Not Lost, Insurers Say

    Three insurers have hit back against a $19.7 million claim over a passenger jet stranded in Russia following the invasion of Ukraine, arguing that the Irish aviation company which owned it had suffered no actual loss.

  • April 02, 2024

    EU Insurers Face Stress Tests For Rising Geopolitical Risk

    The European insurance and pensions watchdog launched its stress test for 2024 on Tuesday, an exercise that will assess the ability of insurers within the bloc to cope with the hypothetical consequences of prolonged geopolitical tension and its knock-on effects.

  • April 02, 2024

    CMS Guides Pensions Insurer On £870M De Beers Deal

    Pension Insurance Corp. PLC said Tuesday that it has covered £870 million ($1.1 billion) of pension liabilities for diamond company De Beers in the U.K. as part of a long-term strategy.

  • March 28, 2024

    Insurers Must Face £13B Russia-Stranded Planes Suits In UK

    Major insurers including Allianz, AXA and Liberty Mutual will have to face £13 billion ($16.4 billion) worth of claims over planes stranded in Russia after the invasion of Ukraine as a London judge on Thursday ruled against attempts to move the claims to Moscow.

  • March 28, 2024

    Pension Watchdog Returns £3.5M To Troubled Scheme

    The U.K.'s pension watchdog has recovered £3.5 million ($4.4 million) from an engineering business for its beleaguered staff benefits plan.

  • March 28, 2024

    EU Watchdogs To Relax On OTC Derivative Clearing Breaches

    The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.

  • March 28, 2024

    NCA Logs 5% Decline In Suspicious Activity Reports Last Year

    The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.

  • March 28, 2024

    UK Watchdog Clears Aviva's £460M Takeover Of AIG Life

    The U.K. government on Thursday gave a green light to insurance giant Aviva for its proposed £460 million ($562 million) acquisition of a British subsidiary of AIG Life Ltd. at the end of its first phase of inquiry into the transaction.

  • March 28, 2024

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

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    New Pension General Code Comes Into Force

    A tough new governance regime for pension trustees has been introduced, in what experts say is a significant step in driving up standards for the sector.

  • March 28, 2024

    UK Signs Accounting Standards Deal With Australia

    Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.

  • March 27, 2024

    5th Circ. Reissues Arb. Decision In Hurricane Damage Case

    The Fifth Circuit has reissued its opinion allowing a group of domestic insurers to force arbitration of a dispute over coverage for hurricane damage under an international arbitration clause after the insurers argued that the unanimous decision applied circuit precedent in a new context.

  • March 27, 2024

    Lawyer Group Ends Challenge Over Fixed Recoverable Costs

    A legal trade body has ended court proceedings against the U.K. government after it agreed to make changes to a new regime to extend fixed recoverable costs in personal injury cases.

  • March 27, 2024

    VAT Applies To UK Insurer's Prior Service Pact, Court Rules

    Value-added taxes apply to performance fees invoiced to a U.K.-based insurance company by an investment management firm as part of service agreements, a London court said, because those payments occurred outside the duration of the arrangement.

Expert Analysis

  • UK Securitization Reform Opts For Modest Approach, For Now

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    Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.

  • FCA Consumer Duty May Pose Enforcement Challenges

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    The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.

  • How The OECD Global Tax Proposal Could Affect M&A

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    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • What Trustees Must Know About Virgin Media Pension Case

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    The High Court's recent decision in Virgin Media v. NTL Trustees could have significant consequences for salary-related contracted-out schemes, making it necessary for trustees to start examining any deeds of amendment during the affected time period, says James Newcome at Wedlake Bell.

  • Trustees Should Take Caution After UK Pension Tap Plan

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    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Factors Driving Increased Litigation Against European Cos.

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    European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

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    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • What TPR's Guidance On DEI Means For Pensions Industry

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    The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.

  • Ensuring Construction Project Insurance Cover Is Adequate

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    There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.

  • Rebuttal

    2nd Circ. Reinsurance Ruling Correctly Applied English Law

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    Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.

  • Reserved Investor Fund Would Plug Gap In UK Finance Market

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    The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.

  • What Firms Need To Know About The FCA Consumer Duty

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    The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.

  • Greenwashing Suits May Implicate D&O Policies

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    As consumers, regulators, and state and local governments seek to use litigation to hold companies responsible for alleged greenwashing, businesses facing such claims have a number of approaches available for seeking insurance coverage under directors and officers policies, say attorneys at Haynes Boone.

  • 2nd Circ. Reinsurance Ruling Misconstrues English Law

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    The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.

  • 4 Emerging Risks For US Insurance Markets

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    Both insureds and insurers in the U.S. must be aware of significant inbound exposures — including the issues arising from opioids, climate change and artificial intelligence — that could lead to continued volatility in insurance markets, say Aidan McCormack and Wes Reichart at DLA Piper.

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