Articles by Harry Curtis
FCA BI test case gives law firms and businesses pause for thought
The Financial Conduct Authority's test case may be driving some law firms to revise their roles in slated business interruption legal battles, but lawyers argue they will still have a part to play quantifying losses and settling disputes.
FCA names eight insurers to take part in BI test case
Eight insurers will participate in a High Court test case being prepared by the Financial Conduct Authority to rule on whether the wordings of business interruption policies provide cover to businesses hit by the coronavirus pandemic.
Businesses urged to wait for FCA test case to streamline BI legal storm
Action group members challenging insurers over rejected coronavirus-related business interruption claims would be better off waiting for the outcome of the Financial Conduct Authority's test case before embarking on proceedings, an expert advising…
Lloyd's transfer of EEA policies to Brussels given High Court go-ahead
The High Court has green-lit Lloyd’s plans for notifying European policyholders that their business will be transferred to the market’s Brussels branch later this year.
Law firm names Hiscox and RSA as BI class action litigation targets
Law firm Edwin Coe has invited businesses that have been denied business interruption cover by Hiscox and RSA to join two group claims it is putting together, as litigation against insurers by rejected policyholders cover continues to proliferate.
Trio of winter firm failures inflate insurer contributions to FSCS levy
General insurers will pay £8m more in Financial Services Compensation Scheme levy contributions than previously anticipated due to the recent failure of three firms.
Hospitality businesses gear up for group action against Aviva and QBE
Aviva and QBE face multimillion pound claims from a group of hospitality businesses that were denied cover when they sought to recoup pandemic-related losses.
Ferma mulls call for pan-European pandemic solution
Future events causing non-damage business interruption losses on the scale seen during the coronavirus pandemic could require a pan-European approach in addition to national pools and solutions, the president of the Federation of European Risk Management…
Beazley stock jumps 10% on news of £247m equity raise
Beazley’s stock price rose 10.3% in the first hour of trading this morning after the insurer announced that it had successfully raised £247m through the issuing of new shares.
Beazley looks to raise £247m through share placement
Beazley hopes to raise £247m through the placing and subscription of new shares representing 15% of the insurer’s existing issued share capital.
Hiscox accused of confirming businesses' coronavirus cover then rejecting claims
Some businesses that have had coronavirus-related claims rejected by Hiscox were told in writing prior to lockdown that they would be covered, according to an action group challenging the insurer.
Hiscox Action Group to launch £40m arbitration claim 'within days'
An action group of 400 Hiscox business insurance policyholders is to launch an “expedited arbitration claim” against the insurer worth almost £40m.
FCA invites broker and policyholder input as it builds BI test case
The Financial Conduct Authority has invited policyholders and brokers with unresolved Covid-19-related disputes with insurers over business interruption polices to put forward their arguments for why claims should be paid.
Covid-19 will cost insurance industry $203bn, says Lloyd's
Lloyd’s of London has forecast that Covid-19 will cost the insurance industry $203bn (£166bn) in underwriting and investment losses, putting the pandemic on a par with century’s most catastrophic hurricane seasons.
Aon prepared to shed up to $1.8bn in revenues to get WTW deal done
Aon agreed to dispose of business and assets up to a cap of $1.8bn (£1.5bn) in 2019 revenues to satisfy competition regulators or else pay a $1bn fee to Willis Towers Watson in order to get its takeover of the rival broker across the line, filings with…
Pandemic crisis accelerating hard market return, say execs
Pricing momentum towards a hard insurance and reinsurance market will continue with the coronavirus crisis acting as a catalyst for steeper rate increases, industry executives have said.
Broker gender pay gap wider than insurers' and static in 2019
The gender pay gaps of top insurance brokerages showed little movement in 2019, with the divide between the mean pay of men and women shrinking by 0.33% while the gap in median pay grew by 0.34%.
UK and US insured losses could hit $80bn under year-long lockdown: WTW
The UK and US insurance markets face losses of $80bn (£64bn) if lockdowns and social distancing measures to curb the spread of the coronavirus need to be kept in place for 12 months, according to Willis Towers Watson.
FCA to put BI wordings before the courts to determine coronavirus cover
The Financial Conduct Authority will ask the courts to rule on whether a “representative sample of the most frequently used” business interruption policy wordings provide cover for Covid-19-related losses.
Swiss Re predicts further credit and surety losses as events bulk up $476m coronavirus hit
Swiss Re’s first quarter earnings were pushed into the red by a $476m hit from the coronavirus pandemic to its property and casualty businesses, driven by event cancellation and postponement.
Lancashire predicts $35m Q1 pandemic blow as it presses on with dividend payment
Lancashire has predicted it faces $35m in first-quarter losses rated to the pandemic, stemming predominantly from business interruption claims in its property book.
Analysts talk up chances of 'now or never' Beazley equity raise
Jefferies has revised the probability of Beazley raising equity up to 40%, citing feedback from investors that, were the insurer considering the option, it should come “now or never”.
We will not wait for the ombudsman, says Hiscox BI challenge lawyer
A lawyer advising pubs and clubs mulling legal action against Hiscox over rejected business interruption claims has said the group won’t wait for the Financial Ombudsman Service to process complaints before launching arbitration proceedings.
Private schools and Marsh dispute Ecclesiastical's denial of BI cover
Ecclesiastical’s rejection of business interruption claims relating to closures caused by coronavirus is being challenged by Marsh and an association of private schools, Post has learned.