Hiscox Ltd - Hiscox Ltd response to Supreme Court Judgment
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Hiscox Ltd response to Supreme Court Judgment in Insurance Industry Test Case
· Hiscox welcomes the clarity of final Judgment; claims settlement process has begun
· The outcome of the Supreme Court's Judgment confirms that fewer than one third of Hiscox's 34,000
· Hiscox Group 2020 COVID-19 estimate for business interruption increased by
· Hiscox's capital position remains strong and the Group maintains an "A" rating for financial strength from S&P.
In order to achieve clarity for customers on the application of relevant policies as quickly as possible, Hiscox agreed in
The Judgment handed down today comprises more than 100 pages of legal analysis by the Supreme Court addressing important points of insurance law and setting new precedent for over 50 insurers and almost 400,000 policyholders. The Supreme Court largely confirms the outcome of the High Court's ruling that, except in rare circumstances, cover is restricted to Hiscox policyholders who were mandatorily closed. Fewer than one third of Hiscox's 34,000
The Judgment represents the final outcome of the Industry Test Case, and there can be no further appeals. Hiscox welcomes the clarity that the Judgment provides and the processing of claims has begun.
As a result of the Judgment as well as further government restrictions announced during 2020, the total Hiscox Group 2020 COVID-19 estimate for business interruption increased by
As previously stated, Hiscox's exposure to potential business interruption claims arising from further
The Group remains focused on supporting its customers and employees through this challenging period. It continues to deploy capital for growth in an improving market. Hiscox's capital position remains strong and the Group maintains an "A" rating for financial strength from S&P. The Group will provide a comprehensive update of its performance in its preliminary results announcement on
The person responsible for arranging and authorising the release of this announcement on behalf of the Company is
For further information:
Simone Seizer +44 (0)20 7404 5959
Notes to editors
Hiscox response to Covid-19: staff and society
Hiscox is committed to supporting the international response to this pandemic. The Group has over 95% of employees around the world working from home, and is supporting them through flexible working and the provision of mental health and wellbeing services. Wherever possible operations have been reorganised to deploy more employees to provide customer support. Hiscox is not furloughing any staff, and has not accessed any government support schemes.
Hiscox is working with the rest of the insurance industry through the Association of British Insurers', COVID-19 Support Fund to direct financial support to where it will have the most impact. Through the Hiscox Foundation, the Group is also supporting vulnerable groups via donations to established charities such as the Trussell Trust and Age UK and around the world we have donated to food banks, the Red Cross and Personal Protective Equipment (PPE) funds.
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
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.
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