Global specialist insurer Hiscox announced its agreement to acquire a specialist insurtech business focused on addressing the insurance needs of small
businesses operating in sectors such as technology start-ups, life sciences and professional services.
As part of the transaction, Hiscox is acquiring Corix Insurance Services LLC and Vouch Insurance Company from Vouch Inc. subject to customary conditions and regulatory approvals.
This acquisition accelerates Hiscox USA’s plans to expand reach into new specialist customer segments, accord
ing to a company press release. As a result of the transaction, Hiscox will gain new U.S. broker technology.
Hiscox USA is a digital provider of small business specialty insurance and serves more than 600,000 customers through multi-channel distribution.
Vouch Inc. remains an independent insurance broker, now singularly focused on providing risk management services to companies across technology, life sciences, and professional services. As part
of the transaction, Hiscox and Vouch Inc. have agreed to a multi-year distribution deal.
Fenchurch Advisory Partners acted as Hiscox’s sole financial advisor on the transaction and Herbert Smith Freehills Kramer served as legal advisor. Deutsc
he Bank acted as Vouch Inc.’s sole financial advisor on the transaction and international law firm McDermott Will & Schulte served as legal advisor.
But on Monday, the nation's environment agency told the venture partners that the fine stands and that they now ha
ve 10 days to appeal against it, according to people with knowledge of the matter. The plan is to appeal but, if t
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hey don't, then payment will be required in 30 days, they said, asking not to be identified discussing specifics of the case.
NCOC said in a statement that it was “deeply troubled” by the decision, taken by the Atyrau Regional Ecological Department, part of the environment-prote
ction ministry, in relation to what the operator called an “unprecedented” fine.
The decision runs counter to recent court rulings that highlight serious flaws in the regional ecological authority’s process and also summarizes the production sha
ring agreement with the state, in addition to violating both national and international law, NCOC said.
It’s unclear on what authority the government has now pressed ahead with the fine, but the environment protection ministry said on Aug. 15 that its Atyrau department was addressing “procedural” shortcomings identified previously by the court.
Two weeks earlier, the Kashagan partners said an appeal court decision in the case, which appeared to overturn the fine, “confirms the correctness of NCOC’s sulfur management operations, which are carried out responsibly and in compliance with the laws of the Republic of Kazakhstan, and in line with applicable standards, and best practices.”