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2014 – 2024: a decade in D&O

Date of event is between (YYYY-MM-DD)

Hiscox binds its first D&O policy

Hiscox events

Hiscox London Market bound its first D&O policy; a publicly traded software company. Hiscox has since gone on to work with over 1,800 separate insureds and written over 5,000 D&O policies.

Brazilian fraud exposed

Global events

‘Operation Carwash’ was launched to target alleged government corruption in Brazil, bringing to light a huge fraud at several companies in Brazil including state-owned Brazilian multinational giant Petrobras.

Big valuations

Global events

Alibaba launched what is still the largest US IPO in history, raising $22bn.

 

US health technology company Theranos reached a peak valuation of $10bn - it would cease to exist by the end of the decade.

Hiscox pays its first D&O claim

Hiscox events

In 2017 Hiscox paid its first D&O claim - $5m in relation to a Biotech Section 11 SCA. Hiscox has gone on to pay over a quarter of a billion dollars in D&O claims and handled over 3,000 claim notifications.

SCAs filed continue to rise

Global events

In 2017, the number of US federal SCAs had risen to 427.

Hiscox starts writing Australian D&O

Hiscox events

Hiscox started to write Australian D&O business on a primary basis. 

Cyan decision upheld

Global events

The US Supreme Court unanimously upheld the Cyan decision, affirming that state courts retain concurrent jurisdiction over 33 Act claims and therefore increasing risk for companies listing on a US exchange

A decade high for SCAs

Global events

The number of US federal SCAs rose to a decade high of 431.

$3bn settlement for Petrobras SCA

Global events

The Petrobras SCA, following on from 2014’s Operation Carwash, became the fifth largest settlement of all time at over USD 3B.

First COVID related SCAs filed

Global events

In March of 2020, following the global pandemic the first COVID related securities class actions were filed. 

SPACs peak

Global events

The boom for SPACs (Special Purpose Acquisition Companies) peaked with over 600 SPAC IPOs (in 2014, of those 300 companies launching an IPO on a US stock exchange, less than 20 were SPACs).

COVID SCAs keep filing

Global events

COVID related SCAs continue to be filed taking the total to over 65.

 

Over 2,000 Securities class actions were filed in total over the decade with an average settlement of USD 35M

Hiscox crosses $250m of claims paid

Hiscox events

Hiscox crosses $250m of claims paid.

Hiscox hits 150 mark for IPO

Hiscox events

Hiscox has insured over 150 companies going through an IPO process.

1,500 up for Hiscox

Hiscox events

In a decade, Hiscox has been the primary insurer on almost 1,500 D&O policies.

COVID SCAs keep filing

Global events

COVID related SCAs continue to be filed taking the total to over 65

 

Over 2,000 Securities class actions were filed in total over the decade with an average settlement of USD 35M