Insurers that do not pay claims swiftly and choose to appeal following the judgment in the Financial Conduct Authority’s business insurance test case could end up paying out more under the Enterprise Act, lawyers have cautioned.
Ahead of its first quarter 2021 launch, Lloyd’s of London syndicate Ki has received $500m (£390m) backing from Blackstone Tactical Opportunities and Fairfax Financial Holdings.
One in five UK directors and officers insurance buyers faced rate rises of 400% or more during this year’s renewals, according to Airmic.
Beazley has increased the estimated cost of coronavirus claims to its first party business, in a move labelled “disappointing” by analysts.
Managing general agents and coverholder brokers remain optimistic about the sector’s prospects despite warnings from lawyers on the implications of the recent business interruption court case.
On 4 August, a massive explosion devastated the city of Beirut. DAC Beachcroft partner and London Forum of Insurance Lawyers member Toby Vallance and DAC Beachcroft solicitor Michael McMillen consider the marine impact of the blast and whether lessons…
Convex Group has appointed Theo Butt as CEO of Convex Insurance UK and Matt Paskin as CEO of Bermuda-based Convex Re replacing co-founder Paul Brand who remains with the business as group deputy CEO.
It is important not to lose sight of what is at stake for the policyholders after the landmark ruling in the business interruption insurance test case this week.
A year ago the Independent Inquiry into Child Sexual Abuse released a report slamming the claims process as it stands and making a raft of recommendations. Post investigates the progress made since then.
Mishcon de Reya is encouraging dental businesses to join its action group against QBE following the High Court verdict in the Financial Conduct Authority’s business interruption test case.
Alex Alway and Andrew Scott have teamed up to form UKGI Group and have bought compliance consultancy firm RWA, Post can reveal.
Global Risk Partners has made its first purchase in the Republic of Ireland taking a majority stake in Crotty Insurance Brokers, Post can reveal.
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
Rather than focusing on hindsight and a fatalistic approach to risk, pursuing a more forward-looking, proactive strategy will improve resilience when, not if, the next crisis strikes, writes Hélène Galy, director of the Willis Research Network.
Zurich policies under scrutiny in the Financial Conduct Authority’s business interruption test case are not expected to pay out, the insurer has confirmed in an update.
Insurers have been urged to consider the “reputational damage they may suffer” before appealing the Financial Conduct Authority's business interruption test case judgment.
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court ruling today in the business interruption test case and those with prevention of access wordings may also find they have cover, law…
The Hospitality Insurance Group Action is seeking more members, after a court ruling suggested a policy brokered by Marsh for several insurers is likely to pay out.
Insurer Ecclesiastical has confirmed its business interruption policies are not expected to pay out following a judgment in the Financial Conduct Authority’s High Court test case.
RSA has revealed the additional financial impact of the Financial Conduct Authority test case judgment is £104m, or £85m net of reinsurance.
Hiscox expects to pay ‘less than £100m’ net of reinsurance towards business interruption claims, the insurer said in an update following a court judgment.
The High Court has ruled that the majority of businesses that held business interruption insurance and were forced to close could be entitled to be compensated by the insurers involved in the test case, subject to appeal.
The Covid-19 pandemic has caused devastating losses for many businesses, with SMEs in the retail and hospitality sector being particularly hard hit. The extent to which these losses fall to be covered by business interruption insurance policies is the…
Total Covid-19 losses remain an unknown, leading to greater complexities and individual approaches at 1 January reinsurance renewals, Guy Carpenter has cautioned.