Hiscox Ltd - Response to Insurance Industry Test Case Judgment
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
In order to achieve clarity for customers on the application of relevant policies, Hiscox agreed in May to assist the
The Judgment comprises more than 160 pages of legal analysis by the Court addressing important points of insurance law for the industry and customers. The Judgment clarifies that fewer than one third of Hiscox's 34,000
Hiscox is assessing the Judgment in detail to ascertain how the Court's conclusions should be applied to the claims and circumstances of individual Hiscox policyholders. Any issues not addressed by the Judgment will be assessed on a case-by-case basis as part of the normal insurance loss adjustment process for claims.
As a result of the Judgment, the Group estimates additional COVID-19 claims arising from business interruption to be less than
All parties involved now have an opportunity to apply to the Court for permission to appeal some or all of the Judgment to a higher court. The parties may also ask that any appeal proceed directly to the Supreme Court, rather than to the
Hiscox recognises these are extremely difficult times for businesses and regrets any contract dispute with customers, which is why it is committed to seeking an expedited resolution through this Industry Test Case. In line with FCA Guidance, Hiscox will communicate an update on the Industry Test Case to relevant policyholders through the appropriate channels.
The Group has delivered a resilient performance in the third quarter so far, as trading conditions continue to improve in every segment. In July and August, the Group grew its gross written premiums by 19% compared to the same period last year. Over this period Hiscox Retail achieved growth in both revenues and customer numbers, with premiums up 7%, including 6% for Hiscox
The Group remains focused on supporting its customers and employees through this challenging period. There is no change to any of the estimates or guidance provided in company's interim results published on 3 August. Hiscox's capital position remains strong and the Group maintains an A rating for financial strength from S&P. The Group is deploying capital for growth in an improving market and will provide a more detailed update of its performance in its trading statement scheduled for Monday 2 November.
For further information:
Simone Selzer +44 (0)20 7404 5959
Notes to editors
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
Hiscox response to COVID-19
Hiscox is committed to supporting the international response to this pandemic. The Group is supporting employees around the world with flexible and remote working as well as socially distanced office working and the provision of mental health and wellbeing services. Wherever possible operations have been reorganised to deploy more employees to provide customer support. The Group has committed to stand by existing employees by retaining all current roles during this period on full pay. Hiscox is not furloughing any staff and has not accessed any UK Government support schemes.
Hiscox is working with the rest of the insurance industry, including the
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