Hiscox appoints O’Sullivan head of investor relationsLondon-listed Hiscox has named Yana O’Sullivan as head of investor relations.
PartnerRe names Hiscox’s Hughes as third-party capital CEOPartnerRe has appointed Hiscox’s Andrew Hughes as CEO of third-party capital.
Hiscox Re & ILS names Kathleen Reardon CEOKathleen Reardon, the former CEO of Hamilton Re, has been named CEO of Hiscox Re & ILS, subject to regulatory approval.
Markets Review: Hiscox bucks Q3 downward trend; Beazley biggest fallerShares in London-listed Hiscox gained nearly 14 percent in the third quarter of 2020, the largest recovery among European carriers covered by this publication.
Hiscox upgraded on “remarkable” retail growth despite Covid-19 criticismThe growth achieved at the retail arm of Hiscox against a backdrop of negative press and economic headwinds has been labelled “remarkable” by Jefferies’ Philip Kett, prompting the analyst to reiterate its ‘buy’ recommendation and lift its price target for the London-listed carrier.
European P&C stocks sink for second day on Covid lockdown fearsEuropean (re)insurance stocks lost further ground on Tuesday as investors reacted to news that both the UK and Spain are set to impose stricter lockdown measures due to rising coronavirus infections.
Under spotlight UK insurers respond to High Court BI judgementThe UK’s insurance industry has broadly responded positively to the UK’s High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional Covid-19 business interruption (BI) claims.
To appeal or not to appeal?If the Monte Carlo Rendez-Vous had taken place this week then one of the key topics of conversation among delegates would have been yesterday’s decision in the High Court regarding UK insurers’ liability for Covid-19 BI losses.
Analysis: FCA verdict tilts in favour of policyholders as High Court rejects insurers’ Covid-19 stanceThe UK’s High Court decision in the FCA’s business interruption test case on Covid-19 claims found largely in favour of policyholders and clarified that the Covid-19 pandemic and the subsequent government lockdowns were to be regarded as a single cause of the covered loss, in contrast to recent legal interpretation of multiple loss causes.
Hiscox shares close up 17%; BI claims from High Court judgement pegged atShares in London-listed Hiscox closed up 17 percent after the carrier estimated additional Covid-19 claims arising from business interruption to be less than £100mn ($129.1mn) net of reinsurance following the UK High Court judgement this morning.
Hiscox Syndicate 33 to keep capacity flat in 2021Hiscox Syndicate 33 is set to keep its capacity flat at just under £1.7bn ($2.2bn) for the 2021 underwriting year, bucking the trend among most Lloyd’s syndicates who are seeking capacity increases.
Hiscox creates London market crisis management divisionHiscox has created a crisis management division within its London market operations to bring together related parts of the business.
Euro P&C stocks gain with market unperturbed by Laura landfallLondon-listed P&C stocks led a broad spread of gains amongst European (re)insurance equities in morning trading as investors shrugged off concerns of major losses from Hurricane Laura and digested a policy shift announcement by Federal Reserve chairman Jerome Powell.
Euro P&C stocks slip on Laura landfall; investors await Jackson Hole meetingEuropean P&C stocks slipped in morning trading as investors reacted to Hurricane Laura making landfall off the Louisiana coast and as attention turned to the Jackson Hole central banking symposium, where US Federal Reserve chair Jay Powell is set to speak.
Lloyd’s “walking a narrow tightrope” with Covid pricing opportunityHiscox’s Paul Lawrence has warned Lloyd’s must balance performance management with the opportunity to write business at increased pricing, while Willis Re’s James Kent believes “it would almost be a crime” for the best performing syndicates not to be able to take advantage.
Arbitration process agreed for Hiscox Action Group caseLegal teams representing Hiscox and the Hiscox Action Group of policyholders disputing the insurer’s refusal to pay out Covid-19 business interruption claims have agreed the action can be heard as one arbitration.
Hiscox now puts focus on specialty and reinsurance as “big ticket” rate hardening acceleratesHiscox plc plans to deploy additional capital in the London market as it takes advantage of the improving pricing environment in many specialty and reinsurance classes.
Hiscox seeks to calm investor concerns on Covid-19 reinsurance exposuresHiscox sought to reassure investors on its Covid-19 exposures during its first half earnings call following a 7 percent morning dip in its share price on the back of an $82mn increase in its expected losses from the pandemic.
Hiscox share price falls as Covid-19 losses rise to $232mnHiscox saw its share price fall almost five percent as the market opened today after it raised its Covid-19 loss estimate to $232mn and said its combined ratio had deteriorated 15.8 percentage points in H1 2020.
Hiscox describes FCA’s attempt to overturn BI case law as “extreme”The Financial Conduct Authority’s (FCA) “extreme” attempt to categorise the Covid-19 pandemic and subsequent government action as one indivisible peril seeks to “rewrite the bargain” between insurers and insureds and has “no basis” in fact or law, the High Court heard today.