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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Hiscox Ltd    HSX   BMG4593F1389

HISCOX LTD

(HSX)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 10/28 12:30:00 pm
835.3 GBX   -2.10%
10/02FCA insurance test case appeal heads to Supreme Court
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10/02FCA insurance test case appeal heads to Supreme Court
RE
10/02FCA insurance test case appeal heads to Supreme Court
RE
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UK insurers should pay up quickly after business interruption ruling - watchdog

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09/18/2020 | 02:23pm EDT

Britain's markets watchdog said on Friday it was "critical" that insurers pay valid claims in full at the earliest possible date, following a High Court ruling on business interruption insurance.

London judges ruled that some of the world's biggest insurers were wrong to reject tens of thousands of claims from small firms battered by the COVID-19 pandemic, the Financial Conduct Authority (FCA) said earlier this week.

The watchdog, which brought the test case against eight insurers, including Hiscox, RSA and QBE, said the court had found in favour of policyholders' arguments on the majority of key issues.

Insurers should make interim payments where possible, the FCA said in a "Dear CEO" letter published on Friday.

"Our objective remains to ensure that slow payment does not exacerbate financial pressures on policyholders," the letter from Interim Chief Executive Christopher Woolard said, adding that the FCA could use its regulatory powers if it thought insurers were acting too slowly.

The lawsuit has attracted a lot of attention because it is estimated to affect 370,000 businesses, 60 insurers and billions of pounds in insurance claims.

Insurers should give policyholders at least an initial update on the implications of the judgment by Sept 22, the letter said.

Separately, the FCA said the court would hear submissions on any applications for appeal on Oct 2.

If the judgment is appealed it could leapfrog straight to the Supreme Court to reduce delay for buckling businesses, lawyers said.

(Reporting by Carolyn Cohn; editing by David Evans and Jane Merriman)


Stocks mentioned in the article
ChangeLast1st jan.
HISCOX LTD -2.81% 832.8 Delayed Quote.-40.08%
QBE INSURANCE GROUP LIMITED -1.41% 8.39 End-of-day quote.-34.86%
RSA INSURANCE GROUP PLC -3.72% 417.8 Delayed Quote.-23.89%
ZURICH INSURANCE GROUP LTD -2.88% 302 Delayed Quote.-22.11%
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Financials
Sales 2020 3 139 M 4 080 M 4 080 M
Net income 2020 -146 M -189 M -189 M
Net Debt 2020 - - -
P/E ratio 2020 -34,1x
Yield 2020 0,81%
Capitalization 2 955 M 3 863 M 3 840 M
Capi. / Sales 2020 0,94x
Capi. / Sales 2021 0,85x
Nbr of Employees 3 400
Free-Float 96,3%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 962,87 GBX
Last Close Price 853,20 GBX
Spread / Highest target 73,5%
Spread / Average Target 12,9%
Spread / Lowest Target -10,3%
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Managers
NameTitle
Bronislaw Edmund Masojada Group Chief Executive Officer & Executive Director
Robert Simon Childs Non-Executive Chairman
Hamayou Akbar Hussain Group Chief Financial Officer & Executive Director
Ian Penny Chief Information Officer
Caroline Jean Foulger Independent Non-Executive Director
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