Global insurer and reinsurer Hiscox has announced the promotion of Andrew Hughes to Managing Principal of Hiscox ILS, subject to Department Immigration and Bermuda Regulatory Approval.
Hughes has been with Hiscox ILS in Bermuda since 2015, serving as General Counsel and Chief Compliance Officer.
Hiscox notes that during his time with the firm he has played a key role in the expansion of the team and its capabilities in the insurance-linked securities (ILS) marketplace. Hiscox ILS currently has assets under management (AuM) of $1.5 billion, and in his new role, Hughes will be responsible for overseeing the strategic direction of the ILS operation.
Before Hiscox, Hughes worked for Queensland Investment Corporation, where he had a specialist focus on alternative asset class structuring and investments. He has also worked for King & Wood Mallesons, where he advised on structured finance and securitisation transactions.
Hughes replaces Richard Lowther, who had been working at Hiscox in ILS since 2014.
Mike Krefta, Chief Executive Officer (CEO) of Hiscox Re & ILS, said: “It’s an exciting time at Hiscox ILS as we strive to meet sustained investor demand for high-quality, innovative and diversified solutions. Andrew’s tenacity and leadership qualities are exactly what we need to drive our ILS business forward so I am delighted with this appointment.”
Hughes added: “I’m looking forward to building on the strong foundations laid over the last 5 years at Hiscox ILS. Our funds are performing well and we have a great team in place with some interesting product initiatives in train.”