UK market News

British Motor Insurer Direct Line’s CEO James Steps Down

Direct Line Insurance Group’s chief executive of nearly four years, Penny James, will step down with immediate effect after the British motor and home insurer faced “significant headwinds” in recent months, the company said on Friday. James, who joined Direct …

UK Parliament Seeks Power to Scrutinize Financial Services Regulators

Britain’s financial regulators would face more scrutiny over their policies for consumers and the economy from Parliament under proposals from members of the House of Lords. A new independent body could track progress against certain metrics, with elected officials also …

UK Insurers Fear That Promised Brexit Capital Reforms Will Be Derailed

Insurers loved the UK government’s long-awaited plans to free up billions of pounds of their capital. But after the celebrations have come fears that regulators could nudge the changes in a more cautious direction. Reforms to City of London rules, …

UK Financial Services Firms Fear Rise in Loan Defaults: CBI/PwC Survey

An increasing number of the UK’s financial services firms expect a rise in loan defaults in the next three months, the latest reminder of a gloomy economic outlook. A balance of 23% of respondents to the CBI/PwC Financial Services Survey …

Tory Peer-Linked Firm Supplied Unsafe Gowns During COVID, Health Department Alleges

The controversial firm linked to a Tory peer supplied 25 million protective gowns that were unusable and failed safety tests during the pandemic in 2020, the UK’s health department alleged in a lawsuit seeking to recover £133 million ($160 million). …

Markets/Coverages: CNA Hardy Offers Enhanced Product Suite for UK Tech Businesses

CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, announced the latest addition to its specialist technology product suite. The product, called “Technology Package+” offers an updated, comprehensive suite of coverages including advanced cyber …

London Law Firms Face Reckoning in 2023 After Big Salary Hikes This Year

London’s biggest law firms paid generously to secure the brightest young recruits they could this year. Meeting those salary pledges next year will be a lot tougher with revenues from deal making expected to slow dramatically. Many of the UK’s …

UK Insurers, Banks Hope for Substantive Financial Services Reforms in 2023

After a jarring six months marked by sweeping policy promises, U-turns and four Chancellors of the Exchequer, UK financiers head into 2023 uncertain that the coming year will finally usher in substantive reforms to the City of London. Current Chancellor …

UK MGA Pen Underwriting Launches Claims Hub Dedicated to Property, Liability

Pen Underwriting has launched a new regional claims hub in Chelmsford dedicated to managing commercial property and liability claims, which will complement its existing team of specialists in Manchester, England. As part of its investment in the southern hub, Pen …

Markets/Coverages: QBE Europe Launches Warranty & Indemnity Product; Miller Launches D&O Product for UK Construction Sector

QBE Europe Launches Warranty & Indemnity Product QBE announced the introduction of Warranty and Indemnity (W&I) insurance in Europe for the first time to further support customers. The new product reflects an increased need for capacity and technical expertise to …