Announcement on WTC
Hiscox PLC
30 April 2004
Friday 30 April 2004
HISCOX PLC
Company Announcement On WTC Jury Verdict
The jury in Phase I of the Silverstein/WTC coverage trial returned a verdict
yesterday, Thursday 29th April 2004. The jury decided that the obligations of
the London Insurers who participated in the property insurance for the World
Trade Centre on September 11, 2001, were governed by the WilProp form. Prior
court rulings establish that the WilProp form provides a single occurrence limit
for all obligations arising out of the New York terrorist attack. Hiscox plc
had reserved on such a single occurrence basis and previously paid the insureds
its share of one full policy limit.
It is anticipated that the Silverstein parties will challenge the jury verdict
with post-trial motions and, possibly, requests for appeal to the United States
Court of Appeals for the Second Circuit. However, the appeals court decided in
2003 that the WilProp form applied to three domestic insurers and rejected the
Silverstein parties' challenge to those insurers on that issue.
Commenting on the outcome, Robert Hiscox, Chairman of Hiscox plc said:
'We are delighted that the New York jury agreed with our position that the loss
of the World Trade Centre was one occurrence under the terms of the policy
wording. On that belief, we paid the Silverstein parties our share of one full
single-occurrence limit in 2002. We want to pay losses swiftly and fairly: this
we have done and will continue so to do.'
- ends -
For further information:
Hiscox plc
Robert Hiscox Chairman 020 7448 6011
Bronek Masojada Chief Executive 020 7448 6012
Stuart Bridges Finance Director 020 7448 6013
Fiona Fong Director of Communications 020 7448 6447
The Maitland Consultancy
Suzanne Bartch 020 7379 5151
Notes to editors
1. Hiscox plc is a specialist insurance group listed on the London Stock
Exchange where it has a market capitalisation of circa £475 million. There are
three main underwriting parts of the Group - Syndicate 33 at Lloyd's, UK Retail
and International Retail business. Syndicate 33 underwrites mainly
internationally traded business in the London Market - generally large or
complex business which needs to be shared with other insurers or needs the
international licences of Lloyd's. The UK Retail business offers a wide range
of specialist insurance for professionals and business customers, as well as
high net worth individuals. It has regional offices in Birmingham, Glasgow,
Leeds and Maidenhead. The International Retail business has offices in Paris,
Amsterdam, Munich and Guernsey. The European offices write mainly high value
household business and some specialist professional indemnity business. The
Guernsey office underwrites kidnap and ransom business and fine art. For
further information, go to www.hiscox.com
This information is provided by RNS
The company news service from the London Stock Exchange
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