3rd Dec 2008 07:06
Hiscox Expands International Business
Hamilton, Bermuda (3 December 2008): Hiscox Ltd (HSX:L), the international specialist insurer, announces that it is expanding its US business and refocusing its reinsurance portfolio to take full advantage of market opportunities. The Group also announces a rating upgrade by Standard & Poor's to A from A-.
In the US, the Group's Terrorism, Media and Technology, small ticket D&O and Equine teams are being strengthened with 10 key appointments. Hiscox will also set up new lines in Property, Construction and Inland Marine insurance. The Group will also enhance the service it currently provides to the Latin American Kidnap and Ransom market with a new team based in Miami.
In addition to Hiscox's existing offices in Armonk, Manhattan, Chicago, Geneva (Illinois), San Francisco, the Group plans to have established offices in Lexington, Boston, Kansas City (Missouri), Miami and Los Angeles by the end of 2009.
In view of the above expansion, the Board has looked at the most efficient allocation of capital and decided to close the Bermuda based specialist reinsurance and insurance team established earlier this year. This will not have any material impact on Hiscox International's 2009 business plan. Hiscox's treaty reinsurance business in Bermuda will continue under the leadership of Rob Childs.
Hiscox has also received a rating upgrade on Hiscox Insurance Co. Ltd. from Standard & Poor's to A from A-. Standard & Poor's based their upgrade on Hiscox's strong recent operating performance, diversified business structure and strong capitalisation.
Bronek Masojada, Chief Executive, said: "The tide is continuing to turn in our favour. In the last few weeks we have been presented with a number of excellent opportunities to enhance our local expertise and we are taking full advantage of them."
ENDS
For further information:
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Hiscox Ltd |
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Robin Mehta, Company Secretary, Bermuda |
+1 441 278 8300 |
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Kylie O'Connor, Director of Communications, London |
+44 (0) 20 7448 6656 |
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Maitland |
+44 (0) 20 7379 5151 |
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Suzanne Bartch |
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Richard Farnsworth |
Notes to editors:
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox Global Markets, Hiscox UK and Europe and Hiscox International. Hiscox Global Markets 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. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited and Hiscox Syndicates Ltd are regulated by the Financial Services Authority. For further information, visit www.hiscox.com
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