Hiscox
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The insurer is currently facing threats of legal action from business owners unhappy about Covid-19 claim denials.
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UK clients have formed an action group and are seeking a legal opinion on their BI claims.
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The reinsurer said its worst-case cancellation losses would run to the mid-triple-digit millions, with a 15 percent market share.
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Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.
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Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity. -
Gross written premiums (GWP) for the reinsurance and ILS division increased by 6.1 percent for the first nine months of the year to reach $823.6mn.
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Joanne Musselle will take over from retiring CUO Richard Watson at year-end.
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Megan McConnell is moving to become CUO for Hiscox USA, with her London role replaced by Andrew Dolphin.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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The ILS fund, which contains insurance and reinsurance risk, continues to attract investors.
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The rate of increase has slowed since the start of the year.
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The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
