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Insurance UK
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March 19, 2025
Swiss Bank Accused Of Ignoring $1B Kuwaiti Bribery Scheme
A Swiss bank turned a blind eye to a scheme of corrupt payments orchestrated by the former director of Kuwait's pensions authority by failing to make reasonable inquiries into suspicious accounts, lawyers for the body told a court on Wednesday.
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March 19, 2025
FCA Urged To Act As Insurance Finance Rates Still High
The Financial Conduct Authority must be prepared to take tough action against insurers on premium finance, a consumer group warned, as it revealed that interest charged on monthly repayments was still above 30% despite repeated warnings from the regulator.
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March 19, 2025
European Insurance M&A Deals Hit Record 20% In 2024
The number of deals involving European insurance businesses rose by 20% in 2024, largely driven by an increase in consolidation among brokers and service providers, a consultancy said Wednesday.
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March 18, 2025
Minister Defends Rejection Of Pension Redress For Women
The U.K. government did not ignore a parliamentary report that condemned historic state failures to inform women their state pension age had changed, but came to a "different conclusion" in a "rare, but not unprecedented" move, the pensions minister said Monday.
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March 18, 2025
Watchdog Probes MHA's Audit Of Failed UK Builder ISG
The accounting watchdog said Tuesday that it has launched an enforcement investigation into accountancy firm MacIntyre Hudson LLP over its audit of failed construction services company ISG Ltd.
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March 18, 2025
Gowling-Led Church Of Scotland Seals £75M Pension Buy-In
The Church of Scotland offloaded £75 million ($97.3 million) of its pension scheme liabilities to London-listed Just Group PLC, the insurer said Tuesday, in a deal guided by Gowling WLG and Burness Paull LLP.
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March 18, 2025
Treasury Meets Fintech Bosses On Growth, Scrapping Rules
Chancellor Rachel Reeves met bosses of financial technology companies on Tuesday to discuss growth opportunities and new legislation to scrap unnecessary rules and boost capital markets, according to HM Treasury.
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March 18, 2025
Aspen Says Frost Damage Excludes Pellet Maker's £4M Claim
Aspen Insurance UK has argued it was right to deny a £4.2 million ($5.6 million) claim by a wood pellet manufacturer seeking to cover losses sustained after damage to its production equipment because the cause of the damage was excluded from the policy.
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March 17, 2025
Insurers Fight For Arbitration In La. Hurricane Damage Dispute
A group of insurers is urging the Fifth Circuit to send its dispute with a Louisiana municipality over coverage for property damage caused by a pair of Category 4 hurricanes to arbitration, despite an opposing ruling last fall by the state's top court.
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March 17, 2025
9 In 10 Providers Using AI, Pensions Body Says
Almost 90% of organizations in the pensions sector already use artificial intelligence at work, according to a survey published Monday by the Society of Pension Professionals.
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March 17, 2025
Kuwait Pension Fund Says Director Ran $1B Bribery Scheme
The former director of Kuwait's pensions authority orchestrated a two-decade-long "unlawful scheme of corrupt payments" in excess of $1 billion, lawyers for the authority said at the opening of a bribery trial in London on Monday.
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March 17, 2025
Government Wants Pension Watchdog To Cut Red Tape
The government said Monday it wants the U.K.'s pension watchdog to cut red tape, in a bid to strip back regulatory burdens it sees as inhibiting growth.
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March 17, 2025
UK To Launch Measures To Speed Up Firms' Approval Process
The U.K. government will introduce measures for the Financial Conduct Authority to speed up support for early-stage businesses as part of a broader set of reforms to reduce regulatory impediments to economic growth.
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March 17, 2025
EU Insurers To See Boost From Increased Defense Spending
European insurers are set to benefit from rising government bond yields linked to increased borrowing to fund defense spending, Fitch Ratings has said.
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March 14, 2025
Aon Can Sue Howden In Staff Poaching Case In England
Aon UK Ltd can pursue its claim against Howden Group Holdings Ltd related to alleged staff poaching from Aon's Brazilian insurance business, after a ruling Friday that English courts have jurisdiction.
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March 14, 2025
Gov't Orders Law Shake-Up To Boost Insurance Mutuals
The government has ordered a review of the law governing insurance mutuals, as it said it would double the number of companies operating in the sector.
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March 14, 2025
Willkie-Led PE Firm To Buy Stake In UK Insurance Broker
Private equity firm IK Partners has agreed to acquire a minority stake in broker and risk management company Seventeen as it seeks to tap into the U.K. insurance market.
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March 14, 2025
Insurer Ardonagh Buys UK Broker Anderson & Co.
Global insurance broker Ardonagh's SME platform has bought U.K. boutique Anderson & Co. (Holdings) Ltd. and its subsidiary to help bolster its presence in the North of England.
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March 14, 2025
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen J.P. Morgan face action by the founder of Viva Wallet in an ongoing feud over the company's takeover, retailer Next Group contest a claim by the home ware brand owned by private members' club Soho House, and the venue of the Wimbledon Championships sue a local group opposed to its plans to build new tennis courts on protected land in Wimbledon Park.
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March 14, 2025
Greek Firms Steer Bank's €600M Insurer Stake Buy From CVC
Piraeus Financial Holdings SA has signed a deal for its subsidiary to acquire 90% of Ethniki, a Greek insurer, from a fund controlled by CVC Capital Partners for €600 million ($654 million) in a move by the bank to diversify its business.
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March 13, 2025
Solicitor Fined Over Disclosure Failure With Insurer
The former owner of a defunct property law firm has been fined more than £4,000 ($5,177) for providing misleading information to an insurer when she was looking to renew her professional indemnity insurance, the Solicitors Regulation Authority has said.
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March 13, 2025
Phoenix Group Sued By Ex-CEO Over Short Pay
Phoenix Group Holdings PLC has been sued by the former chief executive officer of its subsidiary SunLife Ltd., who alleges that the insurer "arbitrarily reduced" his upper management compensation by almost £9 million ($11.6 million).
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March 13, 2025
MPs To Debate Women State Pension Redress Petition
Lawmakers will debate a petition calling for compensation for women affected by the historical failure to inform them that their pension age had changed, amid growing criticism of the government's decision not to launch a redress program.
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March 13, 2025
Insurance Brokers Could Get Tax Refunds After Court Ruling
U.K. insurance brokers could be in line for tax refunds from the state worth up to £400 million ($518 million) after a landmark court case, according to accountancy MHA.
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March 13, 2025
Gov't Urged To Reform Rules To Unlock Pension Surpluses
The government should legislate to allow more flexible use of surpluses in defined benefit pension plans, a financial services consultancy has said, arguing that regulatory reform could generate £400 billion ($518 billion) in additional capital.
Expert Analysis
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
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Real-Life Lessons For Lawyers From 'Game Of Thrones'
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
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UK Firms Should Be Prepared For Government Raids
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
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Series
Why I Became A Lawyer: Completing The Journey Home
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.
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Where The Post-Libor Litigation Tsunami Will Hit
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.
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Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
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UK Antitrust Watchdog Proposals Would Bolster Enforcement
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
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Guest Feature
Preet Bharara On The Human Factor In The Justice System
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
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Considering A More Cost-Effective Future For The SFO
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.