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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Arch Capital Group Ltd.    ACGL   BMG0450A1053

ARCH CAPITAL GROUP LTD.

(ACGL)
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UK regulator, insurers, set for November court battle over COVID-19 case

11/03/2020 | 03:22am EST
FILE PHOTO:  A member of security stands guard inside the Supreme Court in London

LONDON (Reuters) - The UK Supreme Court will hear an appeal on Nov. 16 of the Financial Conduct Authority's (FCA) test case over which insurance companies should offer payouts to small businesses battered by the coronavirus pandemic.

The hearing is expected to last four days, the court said in a statement.

Small businesses - from cafes and wedding planners to events businesses - have said they faced ruin after attempts to claim compensation for business losses during the pandemic, which prompted a three-month national lockdown in March followed by other restrictive measures, were rejected by insurers.

The FCA, six insurers and an action group are appealing a lower court judgment that sought to clarify whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and billions in claims, cover disruption and government-ordered closures to curb the virus.

Although expedited, the appeal has delayed payouts on disputed claims just as thousands of struggling businesses face a second national lockdown this week to curb resurgent coronavirus cases.

The FCA said in September that the lower court found in favour of policyholders' arguments in the majority of key issues.

Lower court judges examined three types of policy wordings that cover business interruption: when insured premises cannot be accessed because of public authority restrictions, in the event of a notifiable disease within a specified radius and a mixture of these two.

The FCA sought to appeal some aspects of the judgment, as did insurers Arch, Argenta, Hiscox, MS Amlin, RSA and QBE, and the Hiscox Action Group of policyholders.

The FCA, which has previously said it was continuing to talk to insurers, said it welcomed the Supreme Court's decision on Monday to grant permission for the expedited appeal. The appeal was the "fastest way to get legal clarity" if an agreement with insurers could not be reached, it said.

The case is being watched overseas, as companies lock horns with insurers over pandemic-related claims in countries from South Africa to the United States.

(Reporting by Carolyn Cohn and Kirstin Ridley; Editing by Susan Fenton)

By Kirstin Ridley and Carolyn Cohn


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ARCH CAPITAL GROUP LTD. -1.50% 34.69 Delayed Quote.-3.83%
DOW JONES AFRICA TITANS 50 INDEX -1.16% 532.29 Delayed Quote.1.74%
DOW JONES SOUTH AFRICA(ZAR) 0.33% 1847.21 Delayed Quote.4.74%
HANNOVER RÜCK SE -0.22% 134.7 Delayed Quote.3.38%
HISCOX LTD 3.25% 998 Delayed Quote.0.40%
QBE INSURANCE GROUP LIMITED -1.83% 8.57 End-of-day quote.0.47%
RSA INSURANCE GROUP PLC -0.12% 677.8 Delayed Quote.0.06%
S&P AFRICA 40 INDEX -1.63% 173.09 Delayed Quote.1.71%
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More news
Financials (USD)
Sales 2020 6 838 M - -
Net income 2020 847 M - -
Net Debt 2020 - - -
P/E ratio 2020 14,3x
Yield 2020 -
Capitalization 14 049 M 14 049 M -
Capi. / Sales 2020 2,05x
Capi. / Sales 2021 1,77x
Nbr of Employees 4 300
Free-Float 68,2%
Chart ARCH CAPITAL GROUP LTD.
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Arch Capital Group Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends ARCH CAPITAL GROUP LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 41,50 $
Last Close Price 34,69 $
Spread / Highest target 35,5%
Spread / Average Target 19,6%
Spread / Lowest Target 3,78%
EPS Revisions
Managers and Directors
NameTitle
Nicolas Papadopoulo President & Chief Underwriting Officer
John M. Pasquesi Chairman
François Morin Chief Financial Officer, Treasurer & EVP
John L. Bunce Independent Director
John D. Vollaro Independent Director
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