Covid-19 SMEs claim Arch paid out on policies disputed by HiscoxArch Insurance paid Covid-19 BI claims on the same Hiscox policy wordings which the latter has disputed liability, according to the legal arguments of one of the policyholder action groups ahead of the FCA-led test case which begins next week.
Hiscox denies liability in defunct insurers motor claims handling suitLondon-listed Hiscox has denied liability after being dragged into a High Court suit brought by two insolvent Danish insurance companies – Qudos and Gefion – over allegedly substandard claims handling services provided by a now defunct broker and its subcontractors.
Supreme Court scuttles insurer hopes for UK hearing of $22mn ship claimThe UK’s Supreme Court ruled that an insurer cannot pursue claims in England against a Turkish shipping company’s bank to recover $22mn paid out for a cargo ship later determined to have been deliberately sunk by its owners.
Hiscox launches variable consortium for ‘hard to place’ general liability risksHiscox and RKH Reinsurance Brokers have launched a new variable consortium targeting a wide range of general liability risks such as wildfire, trucking and construction.
Hiscox leads Euro P&C sell-off as excitement over US jobs data wanesShares in London-listed Hiscox shed over 2.6 percent as European P&C stocks traded lower on Friday with investor excitement following yesterday’s strong US payrolls data dampened by fears over surging coronavirus cases.
Hiscox the biggest European P&C faller in H1Shares in London-listed Hiscox shed almost 45 percent of their value in the first six months of the year, the largest decline among European carriers covered by this publication.
Wall Street futures muted while Euro P&C stocks point higherUS equity futures were trading mostly flat ahead of the open on Friday with the benchmark indices poised to finish the week with similarly muted returns as the deteriorating Covid-19 situation in the US weighed on investor sentiment.
Hiscox and UK insurers critique FCA’s “but for” stance in Covid-19 test caseThe Covid-19 pandemic and the government’s subsequent lock-down measures are two separate causes and the FCA is wrong to conflate them when examining insurers’ liability under business interruption policies. This is one of the main lines of defence produced by Hiscox and seven other commercial UK insurers in their responses to the FCA’s test case, which were published by the regulator today.
Hiscox Action Group seeks to intervene in FCA test caseThe Hiscox Action Group has instructed its lawyers to seek to intervene in the Financial Conduct Authority’s (FCA) High Court test case, alleging that Hiscox has refused to agree to an expedited arbitration process, a claim the London-listed insurer denies.
Why is Hiscox so keen on Sweden?What connects Sweden with Hurricane Katrina, and an upmarket hotel chain? The answer is likely to materialise later today when UK regulator the FCA publishes the defence submissions of Hiscox and seven other insurers who are involved in a landmark test case examining their denial of liability over Covid-19 business interruption claims.
Cyber losses increase 50 percent despite security spending boostTotal cyber losses surged 50 percent to nearly $1.8bn over the past year, with UK companies the worst hit by cyber attacks, a report by Hiscox has found.
Hiscox partners with insurtech Thimble for short-term business insuranceHiscox will offer short-term liability insurance, available by the hour, day or month, through US insurtech Thimble, with the two companies planning further collaborations.
Hiscox seeks to use Swedish Covid-19 experience in FCA test caseUK insurer Hiscox may look to Sweden’s experience of the economic impact of Covid-19 to calculate what would have happened to business activity in the UK if policymakers had not imposed such “draconian” lockdown measurers, a High Court hearing heard on Tuesday.
Hiscox Action Group launches £40mn arbitration claimLawyers representing the Hiscox Action Group (HAG) have formally commenced its arbitration claim against Hiscox Insurance for non-payment of business interruption insurance totalling almost £40mn ($50mn).
Hiscox ordered to pay bankrupt drug distributor’s legal costs in opioid trialUK insurer Hiscox has been ordered by a New York federal judge to pay the legal costs of a bankrupt drug distributor over its alleged role in the opioid epidemic.
Hiscox Re reduces Florida book despite 1 June rate risesPositive rate increases of 20 to 30 percent at the recent Florida renewal may appear to be good news for reinsurers, but Hiscox Re has continued to reduce its participation in the Sunshine State owing to concerns that the improved pricing still does not match the exposure.
Axa and Hiscox face latest BI group legal action from UK galleries and museumsA group of UK art organisations – including major contemporary art galleries, museums and sole traders – are preparing to file a class-action against Axa and Hiscox over rebutted business interruption claims in the wake of the Covid-19 pandemic.
Hiscox Action Group launches £52mn BI claimLawyers representing the Hiscox Action Group (HAG) have written to Hiscox Insurance seeking £52mn ($65.7mn) for unpaid business interruption claims and proposing an expedited arbitration process if the carrier does not accept the claim.
Mishcon targets QBE with dental practice BI group actionLaw firm Mishcon de Reya LLP has received the greenlight from litigation funders to launch a coordinated legal claim for dental practices with rejected business interruption (BI) policies underwritten by QBE.
FCA: Hiscox issued nearly half of all BI policies in High Court test caseAlmost half of all the 78 UK insurance policies being examined by the High Court to determine whether they cover pandemic BI losses were issued by Hiscox plc, analysis by The Insurer shows.