27th Jun 2019 08:18
(Alliance News) - Hiscox Ltd said Thursday its chief underwriting officer is stepping down from the role after spending 33 years with the insurer.
Richard Watson informed the company of his decision to retire and will step down from Hiscox's board on December 31.
He is expected to continue in an advisory capacity and continue to serve on the company's subsidiary boards.
The Bermuda-incorporated insurance provider said a successor will be named in "due course". Hiscox said it will review internal and external candidates.
"As a board member for the last five years, we have benefited greatly from Richard's experience and judgement, and we are pleased that he will continue to serve as chair of Hiscox Re & ILS and on the board of Hiscox Syndicates Ltd," said Hiscox Chair Robert Childs.
Watson added: "Hiscox has a strong position in the market and plenty of opportunity ahead. I am grateful to Robert and [Chief Executive] Bronek for all their support, I look forward to serving Hiscox in a more non-executive role, and I will continue to take a keen interest as a shareholder."
In May, Watson sold GBP797,443 in shares in Hiscox. He disposed of 50,000 shares at a price of 1,595 pence each.
Shares in the FTSE 100-listed insurer were down 1.1% Thursday morning at 1,677.00 pence each.
Related Shares:
Hiscox