Hiscox (HSX.L) Shares Collapse 0.25%: What Caused The Recent Decline?

Hiscox is dipping 0.25% in today’s trading session. The price is trading at 869.6 GBP. The prior price was enclosed at 871 GBP and opened at 882GBP. Since then, the company has gained 2.2 GBP.  Hiscox shares dropped severely in the middle of April of 2020 when the price fell from 1333 GBP to 685.4 GBP. As we can see, the price almost halved just in few months. Recently, it has been improving its share prices by slowly climbing the stock. Last month, Hiscox announced that it had reached an arbitration agreement with a group of policyholders for business disruption damages caused by the British government’s COVID-19 lockdown last year. Hiscox was one of the top commercial insurers to lose a test case brought by the Financial Conduct Authority (FDA) on behalf of policymakers in the United Kingdom.

In March, Hiscox said it had set aside $475 million for pandemic-related claims and that the insurance company had suffered as a result of the high-profile court action. Hiscox was not the only company that suffered from policy wordings as it affected dozens of other insurance businesses.

Paul Meyer

Part-Time Reporter. Paul could do better in his engineering profession where he became a real pro. However, he chose the finance field to find a tranquil environment in his career. Today he creates a good number of great content for our team.

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