The deal also adds Arron Banks’ Southern Rock Holdings to the reinsurer’s portfolio.
FCA figures show interim payments of £289.5m and final settlements of £467.2m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,152.
FCA figures show interim payments of £268.2m and final settlements of £433.1m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,912.
The key job changes in the world of insurance this week.
The industry-wide property damage Task Force is meant to bring insurers, brokers, loss adjusters, legal specialists, and corporates together to identify emerging issues in the property claims sector.
Updated figures show providers have made interim payments of £247.7m and final settlements of £352.1m since the Supreme Court verdict, but 12,217 policyholders are still waiting to hear whether their policies provide cover or not.
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
Louis Tucker takes on the role with immediate effect, moving across from parent company Arch Insurance International.
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
The latest personnel changes in the insurance space.
Providers pledge to review claims and contact customers after the Supreme Court sided with the FCA and policyholders in the final verdict over payment of BI claims arising from Covid-19.
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
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The cover has been developed for the UK regional market.
Judges pledge to work quickly but there is no certainty on when policyholders and insurers will get a decision on the business interruption appeal as hearing concludes.
The Superme Court hearing of the business interruption test case continued for the third day as lawyers compared coronavirus to the Great Storm of 1987.
Insurers and the regulator set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
Offering was designed exclusively for fleets and single vessels operating throughout inland and coastal waters of the UK and Western Europe.
The hearing in the FCA's business interruption test case starts on 16 November and will be heard by the same judges that oversaw the Orient Express case, which insurers have been relying on during the court proceedings.
Some providers involved in the business interruption test case are considering an appeal, while others welcome the result.
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.
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Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.