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The UK Supreme Court has handed down its judgment in Halliburton Company (Appellant) v Chubb Bermuda Insurance Ltd [2020] UKSC 48, a case concerning arbitrator conflicts in the context of an insurance dispute and the most significant decision on English arbitration law in nearly a decade. The Halliburton judgment is now the leading English law case on arbitrator conflicts. … Read more
The Court of Appeal has today allowed an appeal from Mr Justice Snowden’s refusal to approve the transfer of some 370,000 annuities from The Prudential Assurance Company Limited to Rothesay Life plc. The court has confirmed that there were errors in Mr Justice Snowden’s approach to the exercise of the court’s discretion on insurance business … Read more
Identifying and managing risk is a perennial concern for all businesses. The past year has presented significant new risks in dealing with the fallout from the Covid-19 pandemic, which has made its impact felt globally across all sectors and industries, as well as on the daily lives of individuals. But of course that is not … Read more
Webinar: The Prudential / Rothesay Appeal Hearing and Recent Changes to Market Practice for Part VIIs Thursday 12 November, 11.00 – 12.00 UK time A little more than 14 months has passed since the High Court rejected Prudential’s proposed annuity book transfer to Rothesay. In that time, we have represented insurers in some significant Part VIIs … Read more
For most people, life and work have changed fundamentally since the Covid-19 crisis began and there are concerns that the crisis could still worsen again. Most areas of the world’s economy have been profoundly affected too, and the Fintech sector is no exception. Fintech has been both an epicentre of the crisis – and has … Read more
1. Headline summary A “consequentials hearing” in the FCA’s COVID-19 test case (The Financial Conduct Authority v Arch and others [2020] EWHC 2448 (Comm)) took place on Friday 2 October 2020. The purpose of the hearing was to: determine the declarations to give effect to the findings of the Court as set out in its … Read more
The FCA has published a consultation paper (CP20/20) describing its approach to the authorisation of international firms. In the context of Brexit, the FCA’s comments will be relevant to firms (including insurers and insurance intermediaries) who have established EEA hubs to mitigate the loss of passporting rights, while continuing to conduct some of their activities … Read more
Re Legal and General Assurance Society Ltd and another company [2020] EWHC 2299 (Ch) On 7 September 2020, the mature-savings business (the “Business”) of Legal and General Assurance Society Limited (“LGAS”) transferred to ReAssure Limited (“ReAssure”). That transfer was the result of an agreement signed in December 2017, under which ReAssure agreed to purchase the … Read more
1. Headline summary The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers. Following expedited … Read more
