Hiscox
Bought By Many to enter new markets after largest UK insurtech raise of $98m
Pet insurance specialist Bought By Many has secured $98m (£78.4m) in growth equity investment led by FTV Capital, having agreed terms sheets with the US growth equity investment firm and five other potential investors prior to Covid-19 lockdown.
Hiscox predicts BI hit up to £250m
Hiscox has predicted its exposure to business interruption claims from Covid-19 could range from £10m to £250m net of reinsurance.
Hiscox raises £375m
Hiscox has raised roughly £375m through sales of shares, having announced its intention to raise on Tuesday afternoon.
Hiscox looks to capital raise through share placement
Hiscox has announced an equity placing for up to just under a fifth (19.99%) of its issued share capital.
Hiscox BI action groups join forces
The two largest Hiscox policyholder business interruption action groups in the UK have formed a strategic alliance, together representing more than 500 businesses.
This week in Post: Aon, dó, trí
Business interruption, the British Insurance Awards shortlist and Q1 results kept us busy this week, but it was a move by biggest-broker-in-waiting Aon that grabbed the most attention.
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”.
Insurance Covid-Cast - episode six: From panic to practicalities, what will BI insurance look like when the Covid-19 recriminations settle down
In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we discuss how the insurance industry let the narrative over business interruption become national…
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.
Hospitality group advised by Mishcon de Reya plots action against insurers
Axa, China Taiping, RSA, Touchstone and Zurich have been named as potential group action targets by a hospitality business interruption action group.
Hiscox mulls capital raise
Hiscox has this morning confirmed it is considering raising equity among other options as it seeks to combat the Covid-19 impact.
Insurers praised for postponements on unoccupied premises clauses
As many businesses hit one month out of their offices and workplaces insurers have been praised for their response to unoccupied premises clauses in buildings insurance.
Admiral ploughs on with year end shareholder dividend
Admiral confirmed it will recommend a final dividend for the year to shareholders, as it suspended a special dividend.
This week: The gathering of the clouds
As insurers are fond of saying, every claim is an opportunity to show their customers the value of what they get for forking out their premiums.
Ombudsman responds to loss adjuster calls to fast track Covid-19 BI test case
The Financial Ombudsman Service is prepared to progress a Covid-19 related complaint about business interruption cover as “quickly as possible” to help provide guidance to insurers and the growing number of disgruntled SME policyholders about what is -…
Insurance risks damaging reputation 'for a decade' warns dispute expert
The insurance industry should work with government to avoid legal actions against insurers over rejected coronavirus claims that could decimate its reputation “for a decade,” claims dispute expert Roger Flaxman of Flaxman Partners has said.
Hiscox Action Group appoints top City law firm as it surpasses 200 members
The Hiscox Action Group, which now represents more than 200 claimants, has appointed City law firm Mishcon de Reya to handle its case.
Nightlife trade body to coordinate claims against Hiscox on BI
The Night Time Industries Association has sought legal counsel on its members' rights on refused business interruption policies.
Analysis: Policyholders band together as BI group actions mount
Ecclesiastical, Hiscox, QBE and RSA could all face class actions from businesses that have had claims for losses from coronavirus-related closures rejected as policyholders group together and brokers also come under fire.
Beazley and Chubb reveal Q1 coronavirus hits
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
MP calls on government to force insurers to use dividends to pay coronavirus claims
Plaid Cymru MP Jonathan Edwards has tabled an Early Day Motion calling on the government to instruct insurers to put their dividends towards settling insurance claims resulting from the Covid-19 pandemic.
Hiscox confirms $175m coronavirus claims hit
Hiscox has confirmed it expects to pay net claims of $150m (£121.6m) due to the coronavirus crisis with the potential for another $25m if the current restrictions on “mass gatherings” are extended beyond six months.
Brokers warned that pandemic crisis will trigger rise in PI cases
Brokers and industry specialists are expecting to see a spike in claims against broker professional indemnity policies as a result of the ongoing coronavirus pandemic.
Blog: Coronavirus business interruption insurance – devil is in the detail for Hiscox and others
Most businesses will not be insured for Covid-19 disruption and in many cases the wording is clear cut. But for others, the devil is in the detail and policy wordings suggest that insurers should cough up vital interim payments sooner rather than later.