Arch Insurance Group
FCA data shows Covid BI claims payments now total £875.5m
Updated figures reveal providers have made initial payments for unsettled claims worth £308.9m and final settlements worth £566.6m since the Supreme Court verdict in the FCA test case.
Arch Re buys Somerset Bridge
The deal also adds Arron Banks’ Southern Rock Holdings to the reinsurer’s portfolio.
Covid BI claims payments hit £765.8m
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.
Covid BI claims payments hit £701m
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.
People Moves: 19 - 23 April 2021
The key job changes in the world of insurance this week.
BLM launches cross-industry property damage body to combat claims surge
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.
FCA data reveals progress as insurers settle Covid-19 BI claims
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.
FCA reveals insurer claims payouts following BI test case verdict
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.
MD for Arch Managing Agency revealed
Louis Tucker takes on the role with immediate effect, moving across from parent company Arch Insurance International.
FCA and insurers disagree on how to interpret Supreme Court BI ruling
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.
People Moves: 8 - 12 February 2021
The latest personnel changes in the insurance space.
Test case insurers promise action after Supreme Court defeat
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.
Supreme Court rejects insurers' appeals in BI test case judgment
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
People Moves: 23 - 27 November 2020
Keep up-to-date with the latest market moves.
Arch develops terrorism policy
The cover has been developed for the UK regional market.
No firm deadline for Supreme Court BI judgment
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.
FCA counsel argues "insurers took the plunge" on disease clause
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.
Insurer QC accuses FCA of "hair splitting wordsmithery” as Supreme Court showdown continues
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.
Arch unveils UK regional marine hull and machinery product
Offering was designed exclusively for fleets and single vessels operating throughout inland and coastal waters of the UK and Western Europe.
Orient Express named as "main battleground" ahead of BI test case Supreme Court hearing
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.
Test case insurers respond to High Court BI judgment
Some providers involved in the business interruption test case are considering an appeal, while others welcome the result.
Insurers’ QC claims FCA is “forcing a square peg into a round hole” in BI test case
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.
People Moves Round-up: 13 - 17 July 2020
Keep up to date with the latest people moves.