Insurance UK

  • February 23, 2024

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

    This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.

  • February 23, 2024

    Ex-Telecoms Execs Deny Knowledge Of Bribery In £11M Sale

    Three former directors of a telecommunications company allege that a cloud-technology business owes them more than £1.5 million ($1.9 million) left unpaid after it bought their business, while denying claims that they failed to disclose ongoing legal disputes that subsequently devalued the shares.

  • February 23, 2024

    Allianz To Launch €1B Buyback, Boost 2023 Dividend

    Allianz SE has announced a new share buyback program worth up to €1 billion ($1.1 billion), alongside plans to raise its dividend as it looks to increase its returns to shareholders.

  • February 23, 2024

    Swiss Watchdog Launches New Unregulated Fund Category

    The financial watchdog of Switzerland said on Friday that the Bern government will launch a new category of investment fund which will be exempt from regulation, in a bid to make the country more attractive for the sector. 

  • February 23, 2024

    Pensions Regulator To Rejig Oversight Of Workplace Schemes

    The Pensions Regulator has said it will create three new regulatory functions as part of a strategic overhaul it said would meet the demands of a changing marketplace of fewer, but larger schemes.

  • February 23, 2024

    Compensation Scheme To Cover £38M Pensions Transfer Cost

    The Financial Services Compensation Scheme has said that it has put up £38 million ($48 million) so that clients of a failed pension provider would not take a hit when transferring their long-term savings elsewhere.

  • February 23, 2024

    FCA Fires Warning Shot Over City's Consumer Duty Failings

    The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

  • February 22, 2024

    Upcoming Election Hampering Net-Zero Progress, MPs say

    A looming general election is hindering attempts by policymakers to introduce or consult on green policies, while risking Britain's broader transition to an environment-friendly economy, a cross-party group of MPs said Friday.

  • February 22, 2024

    UK Audit Sector's Stewardship Code Gains Support

    Britain's audit regulator said there are now 273 companies signed up to the Stewardship Code, ahead of its review this year following corporate governance rule changes.

  • February 22, 2024

    Going Broke Is Top Concern For Retirement Clients

    More than 70% of financial advisers report their retirement clients fear they will outlast their money, according to research published Thursday by insurer Aegon UK.

  • February 22, 2024

    Insurers Warned To Be Alert To Escalation in Middle East

    Conflict in the Middle East could affect the revenue streams of insurers, a consultancy has warned, particularly if it spreads further to disrupt energy markets and air travel.

  • February 22, 2024

    Zurich To Reward Shareholders With $5B After Record Profit

    Swiss insurance heavyweight Zurich said on Thursday that it will return a total of $5 billion to shareholders after recording a record $7.4 billion operating profit for 2023.

  • February 21, 2024

    NY Judges Question Lehman's Bid To Undo CDS Trial Loss

    A panel of New York appeals court judges on Wednesday appeared reluctant to undo a bench trial loss Lehman Bros.' bankrupt European unit suffered last year in a suit attempting to clawback nearly half a billion dollars from Assured Guaranty over alleged losses on credit default swaps tied to the 2008 financial crisis.

  • February 21, 2024

    Pitmans Can't Strike Out Negligent Pension Advice Claim

    Pitmans Solicitors, BDB Pitmans' predecessor, has failed to strike out allegations that it gave former clients negligent advice on a pension scheme, after a London court found Wednesday that it is "clearly in the interests of justice" that the case proceed against it.

  • February 21, 2024

    Insurer QBE Narrows Gender Pay Gap, But Bonuses An Issue

    QBE UK has said the gender pay gap has fallen across its organization and is below the wider gap seen in the insurance industry, despite the gender bonus divide remaining "an issue" at the insurer.

  • February 21, 2024

    Pension Climate Reporting Has 'Failed To Shift UK Investment'

    The government's climate reporting regime for pensions providers has failed to produce a meaningful shift in investment behavior away from fossil fuels, experts warned lawmakers on Wednesday.

  • February 21, 2024

    FCA Targeting Failings In Consumer Duty Compliance

    Some financial companies are lagging in their compliance with the Consumer Duty rules that came into effect in 2023, Britain's City watchdog said in a paper outlining areas requiring improvement.

  • February 21, 2024

    Burges Salmon Leads Insurer's £11M Spar Pension Deal

    Insurer Just Group said on Wednesday that it has completed an £11 million ($13.8 million) pension buy-in transaction with Spar (UK) Ltd., in a deal guided by Burges Salmon LLP.

  • February 20, 2024

    Fire Brigade Workers Fight To Overturn Pensions Loss

    The firefighters union urged an appeals court on Tuesday to overturn its failed bid to prove that HM Treasury unfairly distributed costs when compensating workers who had received unlawful pensions in the past, arguing that the policy caused sex, age and race discrimination.

  • February 20, 2024

    Addleshaw Goddard Hires ESG Expert From Clifford Chance

    Addleshaw Goddard LLP has recruited an environmental, social and governance specialist from Clifford Chance LLP as a partner in its London office, bolstering the law firm's ability to advise on sustainability issues.

  • February 20, 2024

    Insurers Fight To Overturn 'Mixed Injury' Compensation Ruling

    Britain's highest court wrestled on Tuesday with how motorists bringing so-called mixed injury claims should win compensation from insurers, in landmark test litigation that could affect thousands of other cases.

  • February 20, 2024

    EU Negotiators Adopt Rules To Widen Market Data Access

    The European Union adopted rules on Tuesday that give investors across the bloc equal access to updated share and bond prices, as well as trading data, in the final step before these changes enter legislation.

  • February 20, 2024

    Pension Transfers Could Cost Savers £70K In Retirement

    Pensioners-to-be in the U.K. could lose about £70,000 ($88,500) in retirement when transferring their pension pot due to a lack of understanding of key information such as financial charges, according to recent research.

  • February 20, 2024

    Pension Numbers Shrink As Funding Grows, Watchdog Says

    The number of defined benefit pension schemes in the U.K. has decreased by 2% since 2022, according to a report published Tuesday by The Pensions Regulator that shows that funding levels for retirement savings plans are continuing to improve.

  • February 19, 2024

    Insurers Detail Plans To Free £100B Amid Solvency Changes

    Developing more consistent long-term decarbonization plans will help accelerate infrastructure investment of £100 billion ($126 billion) after the U.K. overhauls the capital adequacy rules for insurers, a report said on Monday.

Expert Analysis

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • How Businesses Can Prepare For Cyber Resilience In 2024

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    With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.

  • Lessons To Be Learned From 2023's Bank Failures

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    This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.

  • The Top 7 Global ESG Litigation Trends In 2023

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    To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.

  • 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.

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