Hiscox to Expand US Business

Hiscox Ltd., an international specialist insurer, announced that it is expanding its US business and refocusing its reinsurance portfolio to take full advantage of market opportunities.

The Group also noted that its ratings have been upgraded by Standard & Poor’s to ‘A’ from ‘A-‘ [See IJ web site – https://www.insurancejournal.com/news/international/2008/12/02/95943.htm].

Hiscox said that it is strengthening its US Group’s “Terrorism, Media and Technology, small ticket D&O and Equine teams,” with 10 key appointments. “Hiscox will also set up new lines in Property, Construction and Inland Marine insurance,” the bulletin continued. “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 its existing U.S. offices in Armonk, Manhattan, Chicago, Geneva (Illinois) and San Francisco, the Group plans to have established offices in Lexington, Boston, Kansas City (Missouri), Miami and Los Angeles by the end of 2009.

Hiscox added: “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.”

Chief Executive Bronek Masojada commented: “The tide is continuing to turn in our favor. 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.”

Source: Hiscox – www.hiscox.com