UK market News

When UK Insurers, Banks Emerge from Lockdown, Their Employees Face New Normal

Limits on elevators, thermal imaging and temperature checks will greet a first wave of traders and bankers in Britain preparing to return to offices under new norms to tackle the coronavirus. Britain’s financial sector is working to bring staff back …

UK Regulator Announces Pandemic Relief Measures for Insurance Customers

The Financial Conduct Authority (FCA) announced a set of measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus pandemic. The measures include premium reductions, discounts, waiving fees and premium payment deferrals. FCA explained …

Insurtech Zego Expands Partnership with RSA to Provide Cover for UK Van Fleets

London-based insurtech Zego has expanded its partnership with RSA Insurance to provide flexible cover for van fleets. Zego is offering usage-based policies to delivery, courier or trade van fleets of 20-200 vehicles in the UK – reducing upfront costs for …

UK Government to Create Temporary Reinsurance Backstop for Trade Credit Insurance

The UK Treasury announced it is creating a government-backed temporary reinsurance scheme so businesses can continue to access trade credit insurance during the COVID-19 crisis. The scheme will be delivered through a reinsurance agreement with trade credit insurers currently operating …

UK Financial Services Firms Weigh Options for Post-Coronavirus Work Arrangements

Many of the City of London’s bankers and traders will be working from their kitchens or bedrooms for at least a year under some scenarios being planned by finance companies in Britain. Banks, insurance companies and asset managers have had …

MGA Platform OneAdvent Buys Property MGA Modus from CFC Underwriting

OneAdvent, a London-based managing general agent (MGA) platform, announced the acquisition of Modus Underwriting Ltd., a digital-first MGA focused on providing niche property insurance products to brokers across the UK. Modus was purchased from CFC Underwriting for an undisclosed amount. …

UK Regulator Wants Courts to Clarify Wording of Disputed Business Interruption Policies

Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …

Brexit Trade Talks Back on Agenda After COVID-19 Hiatus, Facing Tight Timetable

Banks are dusting off their no-deal Brexit plans as concerns deepen that Britain and the European Union won’t agree a trade deal by December as the COVID-19 pandemic compounds fundamental disagreements over future relations. Financial services exports to the EU …

UK Insurers Urged by Treasury Committee to Pay Coronavirus Claims

Insurers need to pay out on more claims related to the coronavirus pandemic, according to the head of the UK parliamentary committee that oversees the financial industry. “We are concerned that the insurance sector goes the extra mile in meeting …

Nexus’ Broking Unit Xenia Completes Purchase of Howden UK’s Trade Credit Business

Insurance intermediary holding company Nexus Group announced that its independent broking arm, Xenia Broking Group, has completed the acquisition of the trade credit business of Howden UK Group Ltd. Financial details of the transaction, which was first announced on March …