Hiscox plc, a provider of specialty insurance based in the U.K., has opened a new U.S.-based underwriting operation offering cover for small and mid-size US professional service businesses outside the Fortune 1000.
Hiscox USA, based in Armonk, N.Y., has opened its doors with 15 underwriters and professionals. Hiscox USA will initially offer Professional Indemnity insurance via brokers. Within the next six months the company will extend the product offering to include Terrorism, Technology, Media, Telecoms (TMT) and Fine Art insurances.
“Hiscox has a long history of providing excellent products and first class service to brokers. I’m looking forward to developing our team and broker network, introducing them to our specialist coverage,” said Robert Childs, chairman of Hiscox USA. “While the U.S. already accounts for 40 percent of Hiscox’s business today, primarily through our Lloyd’s business, we want to expand our footprint in the U.S. market.”
Hiscox USA plans to build up its operation over the next three years.
Ed Donnelly, president of Hiscox USA, will oversee the Armonk operations. Donnelly has over 21 years of underwriting experience from positions at AIG and Professional Indemnity Agency (PIA).
“We’ve fitted out a great new office and recruited excellent staff. We’ve incorporated Hiscox USA into the US – everything is in place and we’re ready to do business,” Donnelly said.
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