AM Best rating confirms Lloyd’s world leading position
Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has confirmed its global leadership with its financial strength rating (FSR) upgraded by AM Best to A+ (superior) from A (excellent). Additionally, AM Best has revised the Lloyd’s long term issuer credit rating to ‘AA-’ (superior) with a stable outlook from ‘A+’ (excellent) with a positive outlook. […]
Riots focus attention on Political Violence insurance cover
Businesses and households across the United Kingdom are facing losses of more than £200m following riots, looting and arson attacks, according to the Association of British Insurers (ABI). The UK riots began after three girls were killed in an attack at a Taylor Swift-themed dance class in Southport. Protests have been held across the UK, […]
Government launches new bill to enhance UK cyber-resilience
The British government is to enhance the nation’s cyber-resilience with a new bill which will hand more power to regulators around cybersecurity incidents and mandate reporting for ransomware attacks. The Cyber Security and Resilience Bill was announced in the King’s Speech in response to attacks on the United Kingdom’s digital economy by both cybercriminals and […]
Serco settlement highlights increasing UK shareholder lawsuit actions
Serco Group have settled a landmark High Court case with a group of institutional investors following a sharp drop in the company’s share price. Allianz and Russell Investments were among the investors who brought the claim in the High Court trial which was linked to a 2013 scandal where Serco was accused of overcharging for […]
Deepfake cyber-crime set to become significant threat
Experts are forecasting a worrying rise in incidents of deepfake cyber-crime that has already claimed one high profile UK victim. The engineering group Arup, which has been involved in world-famous buildings such as the Sydney Opera House, lost £19.7m ($25m) in one of the world’s biggest known deepfake scams which used a hyper-realistic video generated […]
Baby Reindeer series triggers £133m law suit against Netflix
The hit Netflix series ‘Baby Reindeer’ has triggered a lawsuit for defamation, negligence and privacy violations. that could significantly affect the way television is made. The series has become the latest high profile legal case for Netflix with Fiona Harvey, from Scotland, filing a £133m ($170m) law suit against Netflix in California, accusing the company […]
Russian cyber gang suspected of ransomware attack on London hospitals
A Russian cyber gang has been blamed fora ransomware cyber-attack which hit major London hospitals forcing a critical incident to be declared and operations cancelled. Emergency patients were diverted to hospitals that had not partnered with Synnovis – a provider of pathology services. Synnovis “was the victim of a ransomware cyberattack”, according to chief executive […]
New Ecology Restoration Project insurance product created
Ecological restoration is a key tool to limit or reverse the progress of climate change and specific insurance cover can de-risk ecological financing opportunities. The UN Decade on Ecosystem Restoration, which runs from 2021 to 2031, aims to prevent, halt, and reverse the degradation of ecosystems on every continent and in every ocean. It is […]
China suspected of major cyber-attack on MoD payroll system
A total of 89 lawsuits against US corporate defendants resulted in a “nuclear verdict” award last year, the largest number of cases research experts Marathon Strategies has identified in a single year since 2009. Nuclear verdicts of at least £7.9m ($10m) reached a 15-year high in 2023, while 27 verdicts were “thermonuclear,” or more than […]
China suspected of major cyber-attack on MoD payroll system
The UK government suspects China is behind the cyber-attack that targeted the names and bank details of current and former British military personnel. The hack accessed a Ministry of Defence contractor’s IT system that was not linked to the MoD’s central network. A small number of addresses were also on the system. An initial investigation […]