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Report 01/30/2023
Insurance forecast 2023: claims trends and future risks
Drawing on our experience across various risks, this 2023 insurance forecast report highlights some of the key trends that we anticipate will shape the insurance agenda for 2023 and beyond.
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News 01/09/2023
Kennedys appointed to core Aviva UK GI claims legal panel following a strategic review
Aviva has announced the conclusion of the first comprehensive review of its defendant legal panel in 10 years.
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Article 12/16/2022
Climate accountability of companies and their boards
With this year’s COP27 conference calling for robust transition plans from member states and the government’s Transition Plan Taskforce launching its ‘gold standard’ framework for climate transition plans by companies, the race to achieve a 100% reduction in greenhouse gas (GHG) emissions by 2050 (net zero) is more pressing than ever before.
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Article 12/15/2022
Professions and Financial Lines Brief: latest decisions December 2022
A roundup of the latest court decisions and regulations touching on the following issues: the reflective loss principle, solicitor policy coverage, a director’s duty to uphold the interest of a creditor and implied retainers (or the absence thereof) between solicitors and clients.
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Article 12/14/2022
The new EU Women on Boards Directive could pose a D&O risk for corporates and their insurers
On 22 November 2022, the European Parliament gave its final approval on a new law, known as the ‘Women on Boards Directive’, requiring listed companies implement quotas to increase gender diversity on corporate boards throughout the European Union by 2026. The new rules will require publicly listed companies to disclose the status of their board’s gender balance figures.
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Article 12/14/2022
ESG: climate related disclosures – a step towards transparency and consistency
In June 2022, the FCA launched two climate disclosure consultations and we responded to CP21/18’s call for discussion on ESG data. We expressed our views on introducing regulatory oversight of certain ESG data and ratings providers, which would support greater transparency and trust in the market for ESG data and ratings services.
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Article 12/02/2022
Supreme Court confirms directors’ extended duty to protect creditors
On 5 October 2022, the UK Supreme Court confirmed that directors sometimes owe an extended duty to uphold the interests of a company’s creditors when solvency is in doubt.
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Article 11/25/2022
Financial Services and Markets Bill: briefing note
After months of discussion and debate, the landmark Financial Services and Markets Bill was finally introduced to UK Parliament on 20 July 2022 - the last piece of legislation under the Johnson Government.
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Article 11/18/2022
FCA Policy Statement PS22/3 – ‘Diversity and inclusion on company boards and executive management’
On 20 April 2022, the FCA introduced new Listing Rules (LR) (LR 9.8.6R(9) and LR 14.3.33R(1)) which set board diversity targets and require that, as part of their ongoing listing obligations, in scope companies include a statement in their annual financial report detailing whether they have met the specified targets.
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Article 10/25/2022
FCA takes no chances in implementing its Consumer Duty: what this means for insurers and intermediaries
As we flagged earlier this year, the FCA’s new Consumer Duty is perhaps the most important regulatory development in the UK this year. As we reach the FCA’s end of October deadline for firms’ boards to have scrutinised, challenged and ultimately agreed the implementation plan for this wide-ranging duty, the focus is turning to how to implement it in time for July 2023.