Hiscox Share Discussion Threads

[robizm] 15/4/2020 15:46

Someone wants out today.

[bulltradept] 15/4/2020 14:35

danielinnes74
15 Apr '20 - 11:43 - 106 of 120

For the avoidance of doubt I have a vague idea of what I’m taking about as its been my vocation for a few decades now.

RNS throws doubt on recent comments doesn't it? ;-)

[essentialinvestor] 15/4/2020 13:44

RSA selling off early now.

[marksp2011] 15/4/2020 13:33

Interesting responses from HSX today

1. Insurers don't have enough money to pay the claims
2. "That isn't what we meant"

It looks pretty obvious to me that HSX has written policies that provide business continuity cover to policy holders and they will lose any attempts to deny payment.

I don't think I would keep holding these shares

Edit.... to some extent I guess it will depend on that rI they are carrying

[danielinnes74] 15/4/2020 13:00

Hope you get lucky.. suspect further to go

[robizm] 15/4/2020 12:58

I am sitting mainly in cash and just bought a couple for a bounce under £7. See what happens

[essentialinvestor] 15/4/2020 12:29

Very interesting discussion here, thanks for the contributions.

Have to say might have been tempted to buy a few yesterday if I had not read
some of the views posted.

Well above my pay grade ).

[essentialinvestor] 15/4/2020 12:24

I hold a small amount of DLG and would hope they sell nothing exotic!.

[robizm] 15/4/2020 12:21

The market cap has come down by 2.5 billion since March.

[danielinnes74] 15/4/2020 12:17

Regrettably though and for my sins I’ve been an insurance broker since 1991. I am currently having to manage and oversee our teams dealing with this crisis and its not pretty . You feel for the businesses that have no cover and at irate at those who could have protection under wordings but are having claims declined under very ambiguous arguments. Still... some will hit FOS and I’ll re look here then and be right or wrong I guess

[danielinnes74] 15/4/2020 12:14

I’d probably be better at it!

[bulltradept] 15/4/2020 12:12

You aren't a verified user so you could be! ;-)

[danielinnes74] 15/4/2020 12:10

The continuing share drops might be a clue though

[danielinnes74] 15/4/2020 12:10

Ok I am a car cleaner and making it up

[windsor430] 15/4/2020 11:49

Do you read bulletins Daniel? Everyone professes to be an expert or have industry expertise!!!!

[danielinnes74] 15/4/2020 11:43

For the avoidance of doubt I have a vague idea of what I’m taking about as its been my vocation for a few decades now.

[windsor430] 15/4/2020 11:32

And what’s your problem with that oh-undeniable-insurance-expert-to-whom-me-must-all-obey?

[effortless cool] 15/4/2020 11:30

The bit of the FCA letter windsor quoted:

"Based on our conversations with the industry to date, our estimate is that most policies have basic cover, do not cover pandemics and therefore would have no obligation to pay out in relation to the Covid-19 pandemic. While this may be disappointing for the policyholder we see no reasonable grounds to intervene in such circumstances".

The bit he didn't quote:

"In contrast, there are policies where it is clear that the firm has an obligation to pay out on a policy. For these policies, it is important that claims are assessed and settled quickly. A key objective of the FCA is to ensure that financial pressures on policyholders are not exacerbated by slow payment, rather, such claims should be paid as soon as is possible. This is consistent with the wider objective of the authorities to support business and consumers during the current crisis. If there are reasonable grounds to pay part of a claim but not to make the payment of such claims in full, we would like you and your Board to adopt an approach of making an interim payment. Many firms are already doing this. If you disagree with doing so, we would like you to send to us the grounds for reaching that decision including how you believe it represents a fair outcome for customers. Your firm’s decision is likely to help inform our assessment of its culture".

For the avoidance of doubt, I am not short HSX or, indeed, anything else.

[windsor430] 15/4/2020 11:19

I appreciate that Effortless, but FCA are obviously responding to Hiscox PR coverage aren’t they? Be a sausage and admit you recognise that. You & me can argue on here all we like about wording - much like the people going to the press & the Hiscox call centre teams. Highly paid lawyers & experts (not bulletin board shorters like your good self) will dictate the outcome.

[harleymaxwell] 15/4/2020 11:10

Their policy wordings often give wider coverage than peers

[effortless cool] 15/4/2020 11:07

windsor, you are clueless.

"Most business interruption policies" is not what is relevant here; the "Hiscox business interruption policy" is what matters, and that is quite different to "most".

[bulltradept] 15/4/2020 10:55

What are yours?