Global insurer and reinsurer Hiscox has announced that its Chief Executive Officer (CEO), Bronek Masojada, will be retiring from the company at the end of the year and will be succeeded by Aki Hussain, effective January 2022.
Hussain joined Hiscox in 2016 and currently serves as the company’s Chief Financial Officer (CFO), and also Chair of Hiscox Re & ILS.
Masojada will be leaving the carrier after 28 years of service, having joined in 1993 when Hiscox was just a Lloyd’s underwriter. He was named CEO of Hiscox in 2000 and by the year 2020, the re/insurer had become an established international insurer with a market cap of around £3 billion.
During his tenure, Hiscox has created leading digital insurance businesses in the UK, US, and Europe which now account for nearly $600 million of gross written premiums.
Masojada will continue to serve as CEO until the end of 2021 to ensure a smooth transition while Hiscox searches for a new CFO.
As CFO, Hussain is responsible for ensuring the firm’s ongoing capital strength, overseeing the investment portfolio of $7.63 billion and leading a team of 250 finance experts across multiple geographies.
Before joining Hiscox, he served as CFO of Prudential plc. UK & Europe. Earlier in his career, he held several other senior roles in the financial services, media and telecoms sectors, serving as Finance Director for the Consumer Bank division at Lloyds Banking Group, and Finance Director for the Consumer division of NTL (now Virgin Media).
His appointment as CEO followed a full and independent process led by the Nominations and Governance Committee, supported by a leading search firm.
Robert Childs, Hiscox Group Chairman, commented: “I would like to thank Bronek for his outstanding contribution to the Hiscox Group. His energy and passion to move the business forward has resulted in three decades of strong growth and transformed Hiscox into a leading diversified specialist insurer with a great future ahead of it.
“We are delighted that Aki will be our new CEO and the Board were unanimous in endorsing this appointment. Aki’s ambition, drive and knowledge of the Hiscox Group, combined with his many years’ experience delivering for a variety of financial services organisations, makes him well placed to capture the many opportunities ahead.”
Masojada said: “It has been an incredible privilege to lead Hiscox and be part of its journey over the last 28 years. The business is on a very strong footing with market conditions the best we have experienced for many years and the time is right to hand over to new leadership. I have worked closely with Aki for the last five years, and his impressive banking, telecoms and media experience make him a great choice to lead the business.
“I look forward to delivering our half year results on the 3rd of August and building on the strong performance we set out in the Q1 trading update.”
Hussain added: “I am honoured to be taking over the leadership of this dynamic company. I am excited about the long term potential of our business, we have exceptional talent, a market leading position and a strong balance sheet.
“I would also like to thank Bronek for getting us here. The Group’s strategy of balance and diversification creates opportunities across all our business divisions. In big-ticket lines where rates are hardening, we have market-leading operations with decades of underwriting pedigree, while our long-term investment in digital trading means we are well poised to benefit from the explosive opportunity in retail.”