Hiscox News

Krefta, CEO of Hiscox Re & ILS, to Exit Hiscox to Pursue Interests Outside of Insurance

Hiscox, the global specialist insurer, announced that Mike Krefta has decided to return to the UK in early 2021, having completed almost four years as CEO of Hiscox Re & ILS based in Bermuda. After 17 years with Hiscox, Krefta …

Insurer Hiscox Reserves $232 Million for Coronavirus-Related Claims in First Half

Hefty payouts for sports events and holidays canceled due to the coronovirus crisis helped send insurer Hiscox deep into the red on Monday and pummeled its shares to their lowest in more than two months. The company, which operates on …

Update: COVID-19 Business Interruption Claims Take Center Stage in London Court Case

UK financial regulators took aim at insurers’ attempts to compare the coronavirus lockdown to government warnings on cigarettes and alcohol, telling a London court that businesses had no choice but to shut down during the pandemic. The clash took place …

Hiscox Appoints Petrone as Senior Vice President Based in Manhattan

Hiscox, the international specialist insurer, has appointed Adam Petrone as senior vice president and Northeast regional executive in the U.S. In his new role, Petrone will lead the Northeast region underwriting team in Manhattan, where he is based. Petrone will …

Insurers Are Creating Products for World Where Pandemics Could Become New Norm

Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis. While new pandemic-proof policies might not be cheap, they offer businesses from …

Biggest Uncertainty for UK Insurers Remains Around Business Interruption Claims: BoE

The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by …

Hiscox Launches ‘Variable Consortium’ for Hard-to-Place U.S. General Liability Risks

Hiscox, the Bermuda-based specialist insurer, together with RKH Reinsurance Brokers, has launched a new variable consortium with a maximum line of over US$20 million for a range of challenging general liability risks such as wildfire, trucking and construction. A market …

Business Cyber Losses Soar but Firms Fight Back with Extra Security Spending: Study

Cyber losses among businesses have risen nearly six-fold during the past year, from a median cost of $10,000 per firm to $57,000, according to an international survey commissioned by insurer Hiscox. Total cyber losses among the study group rose from …

Hiscox, Thimble to Offer Short-Term Business Insurance Plans

Hiscox has partnered with Thimble, a short-term liability insurance provider for small businesses, to offer coverage available by the hour, day or month. The partnership will allow Hiscox to give businesses flexibility, with customers having control of their policy via …

UK Insurers Cite Swedish Example in Bid to Dodge Coronavirus Biz Income Payouts

Insurers are set to argue against paying out fully on claims made by businesses forced to shut because of the pandemic, saying that shops in Sweden lost money even without a strict lockdown. The strategy was raised at the first …