Cox strongly denies insufficient reserves claim

Cox has denied that the insurer has insufficient reserves to meet its existing and future claims after the collapse of its takeover deal with Highway Insurance.

The statement said that Cox wished to correct a number of 'material inaccuracies' contained in recent press reports.

It goes on to say: "The termination of discussions with Highway was initiated by Cox after its board concluded that a transaction would not be suitable either to Cox's net assets, or its earnings based upon the expected