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.
Hiscox Action Group legal move pushed back on litigation funder delayThe Hiscox Action Group‘s (HAG) planned legal move against London-listed Hiscox has been pushed back by several weeks as a result of delays in finalising litigation funding, The Insurer can reveal.
Hiscox down 48% YTD on continued Covid-19 hit to Euro P&C stocksDespite a widespread recovery in European P&C stocks over May, shares in London-listed Hiscox have shed almost 50 percent of their value in the year-to-date.
Hiscox Syndicate 6104 forecasts another heavy loss yearHiscox Syndicate 6104 is forecasting a bruising mid-point loss of 70 percent capacity for the 2019 underwriting year of account, making it by some distance the worst performing syndicate backed by third-party capital under Lloyd’s traditional three-year accounting system.
RSA and Hiscox face new group actions over Covid-19 BI claimsLaw firm Edwin Coe is advising two policyholder action groups in pursuing legal claims against London-listed insurers Hiscox and RSA over rejected business interruption losses.
Hiscox backs £1.8mn Series A investment round in BikmoSpecialist cycle insurance firm Bikmo has secured £1.8mn ($2.2mn) in its first Series A funding round led by the Development Bank of Wales (Banc) and London-listed Lloyd’s carrier Hiscox.
Hiscox Action Group set to launch legal action this weekLondon-listed Hiscox faces renewed threats of legal action over the rejection of business interruption claims related to the Covid-19 pandemic, with The Hiscox Action Group reportedly been given the go-ahead from lawyers and funders to start legal action in the coming days.