RSA and CNA settle with ExCel in BI case – reports

Four firms remain in dispute's appeal

RSA and CNA settle with ExCel in BI case – reports

Insurance News

By Terry Gangcuangco

Insurers RSA and CNA have reportedly settled with the owner of exhibition space ExCel London following their 2023 loss in a business interruption (BI) test case in the Commercial Court.

Last year, Mr Justice Jacobs ruled against the insurers in the COVID-19 BI test case that focussed on ‘at the premises’ (ATP) disease cover. The claim by London International Exhibition Centre Plc served as the lead, while five other BI actions took part.               

At the time, Mr Justice Jacobs said none of the insurers’ arguments in support of the contrary conclusion were persuasive. Following the judgment in June 2023, five of the six insurers in the ExCel claim – Allianz, CNA Insurance, Aviva, Zurich, and Chubb Europe – sought to appeal the decision. RSA did not move to appeal.

Now, according to The Insurer and Insurance Insider, RSA and CNA settled with the London International Exhibition Centre for an undisclosed amount – leaving the other four to move forward in the dispute, unless they are working on confidential settlements of their own.

Stewarts, which acted for the venue operator, previously said: “The judgment could potentially affect hundreds of thousands of policyholders based on previous FCA (Financial Conduct Authority) estimates as to the extent to which ATP cover was purchased.”

Aside from ExCel, the test case also featured claims by Hairlab, Muscleworks, and Bodylines Fitness against Ageas; Mayfair Banqueting against AXA; Kaizen Cuisine, My Time Fine Fair, and Umberto’s Restaurant against HDI Global; Why Not Bar & Lounge against Zenith Insurance and QIC Europe; and PizzaExpress Group, PizzaExpress (Restaurants), Bookcash Trading, Agenbite, and PizzaExpress Jersey against Liberty Mutual Insurance Europe and XL Insurance Company.

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