Hiscox
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Clients could be offered a proportion of their agreed limit in exchange for dropping their claims. -
The policyholders’ law firm may draw on the Enterprise Act to seek redress for the late payment of claims.
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Hiscox policyholders’ law firm Mishcon de Reya urges insureds to continue to pursue their own claims.
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Investors give seal of approval after share issue.
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Jefferies upgrades its recommendation on the stock to “buy” as the carrier raises £375mn at a 6.1 percent discount.
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Shares in the carrier rise close to 8 percent in early trading after it prices the placing at a modest 6.1 percent discount.
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The carrier reiterates its view that SME policies do not cover Covid-19 but sets out an "illustrative" analysis.
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The company says additional capital will help fund expansion in wholesale and reinsurance.
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The equity research firm lifts its recommendation on the carrier to “add” from “reduce”.
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The Hiscox Action Group and the Night Time Industries Association says the 500 policyholders have BI cover worth up to £100,000 each.
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The petition to the UK Chancellor of the Exchequer comes as insurers and clients continue to dispute coronavirus BI pay-outs.
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