News
Insurers could face higher BI claims payouts as businesses look to Enterprise Act
Some business interruption policyholders are looking to claim damages under the Enterprise Act (2006) for late payouts, following the Supreme Court's verdict in the regulator's test case.
Price hikes predicted as Supreme Court overturns Orient Express in BI ruling
Insurers are expected to increase the cost of business interruption insurance after a crucial judgment was overturned in the Financial Conduct Authority's test case,
Insurer ratings likely to be unaffected by BI ruling, says Fitch
The ratings of UK non-life insurers are likely to be unaffected by the Supreme Court ruling on Covid-19 business interruption claims, according to Fitch.
Behagg to replace Swallow as Gallagher Re CEO
Simon Behagg will takeover as Gallagher Re CEO in February from co-founder Rupert Swallow, the broker has confirmed.
Brokers unsurprised as court sides with BI policyholders in 'wake-up call' for insurers
The industry must address the expectation gap on the back of the Supreme Court business interruption ruling, brokers said as they forecast tougher times ahead for managing general agents.
Hiscox response to BI ruling 'misleading' says Mishcon lawyer
A lawyer representing Hiscox's business interruption policyholders has called a statement by the insurer stating that fewer than one third of its policies may pay out following this morning’s Supreme Court judgment “misleading”.
Supreme Court ruling to have 'very significant' impact for years to come, says FCA lawyer
The Supreme Court’s ruling in favour of the Financial Conduct Authority on behalf of policyholders in the cases versus insurers over Covid-19 business interruption claims will have long-term ramifications for causation and trends clauses, according to…
RSA employee reps seek ‘urgent’ clarity on takeover redundancies
Clarity on the potential for 200 UK job losses, and more in Scandinavia, is being sought by RSA employee representatives.
The Supreme Court BI test case judgment in summary
The Supreme Court has substantially found in favour of the Financial Conduct Authority in the final stage of the Covid-19 business interruption test case. Post highlights key points given among the reasons behind the ruling.
Hiscox share price falls after Supreme Court ruling
Hiscox’s share price fell 4.5% in the immediate aftermath of the Supreme Court ruling in the Covid-19 business interruption test case.
For the Record: The week in deals featuring Allianz, Clyde & Co, Convex, Gallagher, Howden, Kennedys, LV, New Dawn Risk and Woodgate & Clark
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Live: Supreme Court rules largely in favour of policyholders in FCA's BI test case battle
Free content: Access market and insurance reactions to the Supreme Court ruling that dismissed appeals against a High Court judgment on insurers paying out in Covid-related disruption on business interruption insurance policies and overturned the Orient…
Rightindem appoints Kieran Rigby as chair
Claims management insurtech Rightindem has appointed Kieran Rigby, formerly global president of Crawford Claims Solutions, as its chairman.
Supreme Court BI ruling looms
The Supreme Court will issue its ruling today in the Covid-19 business interruption legal case with up to 370,000 policyholders and their insurers awaiting the outcome.
Chaucer promotes Deborah Wyatt to head of political risk and credit
Chaucer has promoted Deborah Wyatt to head of political risk and credit to replace current head Nick Kilhams who is retiring after 22 years with the company.
Axa XL names Pamela Rosado general counsel
Pamela Rosado has been appointed general counsel for Axa XL.
ABI refutes suggestions insurers may be ‘profiteering’ in wake of cladding scandal
Following criticism from television personality Jeremy Clarkson and minister Lord Stephen Greenhalgh, the Association of British Insurers told Post it refutes suggestions its members may be “profiteering” from the cladding and fire safety scandal.
Property developer rejects Axa counterclaim in fire damage case
Property investor Aubrey Weis and his company Elcombe have denied Axa’s counterclaim and the issues set out in the provider’s defence document in the ongoing legal dispute over a £1.7m claim.
Bollington buy a ‘super fit’, says Gallagher boss Michael Rea
Michael Rea, CEO of Gallagher’s UK retail division, has hailed the takeover of Bollington as supercharging the firm’s presence in the North West and adding specialisms to the group.
Supreme Court to hand down BI verdict on Friday
The Supreme Court is expected to hand down its judgment in the business interruption test case appeal on Friday 15 January, the Financial Conduct Authority has confirmed.
Loss making SSP reveals financial struggles ahead of sale
SSP made an after tax loss of £115m in the 18 months to 30 September 2019 and breached its banking covenants in March 2020, the business has revealed ahead of its takeover by Canadian firm Constellation Software.
Former RAC employee sentenced after selling personal data to CMC
Former RAC employee Kim Doyle has been sentenced to eight months imprisonment, suspended for two years, in a prosecution brought by the Information Commissioner’s Office for selling unlawfully obtained personal data to a claims management company.
SSP users hopeful of investment as takeover nears completion
Users have expressed hope that SSP’s expected takeover by Canadian-listed Constellation Software will lead to investment in the technology company as it exits private equity ownership.
Whiplash reforms pushed back to May
Whiplash reforms have been pushed back to May, Lord Chancellor and Secretary of State for Justice Robert Buckland confirmed today.