Reinsurance News


Hiscox able to absorb COVID-19 BI losses: S&P

20th January 2021

Hiscox's capitalisation can absorb additional COVID-19 business interruption losses despite earnings impact, says global ratings agency S&P Global Ratings. S&P believes the Supreme Court's recent COVID-19 BI decision has further depressed Hiscox Group's earnings. The U.K.'s Financial Conduct Authority brought forward a test case to determine whether certain holders of business ... Read the full article

Industry split over Supreme Court BI ruling

19th January 2021

With the re/insurance industry still coming to terms with the UK Supreme Court's recent business interruption ruling, we polled our industry contacts and had 270 responses on whether or not they agreed with the outcome. Despite a slim majority siding with the decision to uphold the original High Court ruling, responses ... Read the full article

Hiscox adds $48mn to Covid-19 BI losses following Supreme Court judgement

15th January 2021

Specialist re/insurer Hiscox has said that after the Supreme Court's ruling in favour of insureds earlier today in the appeal of the business interruption (BI) insurance test case, it has added a further $48 million, net of reinsurance, to its 2020 estimate for COVID-19 BI losses. This morning, the UK ... Read the full article

Nexus acquires marine business from Hiscox MGA

6th January 2021

Independent specialty Managing General Agent Nexus Group has acquired the marine business (HMM) from Hiscox MGA. The purchase was via an asset purchase into Millstream Underwriting, a Nexus Group company specialising in consumer insurance. HMM was originally established in 2012 and underwrites yachts and the marine trades industry. Hiscox will continue to provide underwriting ... Read the full article

Hiscox names Tom Shewry as CFO for UK business

15th December 2020

Specialist global insurer Hiscox has announced the appointment of Tom Shewry as Chief Financial Officer for its UK business and Hiscox Insurance Company Limited. Reporting to Hiscox UK’s CEO, Bob Thaker, Shewry has spent over 20 years in general insurance working in a variety of commercial roles. He joined Hiscox in 2018 ... Read the full article

Hiscox USA expands Ask Kodiak partnership

16th November 2020

API platform provider Ask Kodiak has expanded its partnership with Hiscox and will now support its direct small commercial product appetite and eligibility in the US. Kodiak's platform is designed to allow insurers to store, update, and share information with any distribution partner for maximum efficiency and quote-to-bind speed. By communicating the product ... Read the full article

Rate improvements help Hiscox to grow top line

2nd November 2020

Specialist re/insurer Hiscox has reported a 2% increase in gross written premiums over the first nine months of 2020, helped by strong rate improvements across both its primary and reinsurance business. GWP stood at $3,262.4 million for 9M 2020, compared with $3,212.6 million for the same period last year. This included 7% ... Read the full article

Louise Marling named COO of Hiscox UK

29th October 2020

Global insurer and reinsurer, Hiscox, has announced the appointment of Louise Marling as Chief Operating Officer (COO) for Hiscox UK. Marling initially joined Hiscox UK in December of 2019 as Interim Change Director, having previously served as COO at William Russell, a global health insurance provider. Since joining the firm, she has ... Read the full article

Hiscox adds Yana O’Sullivan as head of investor relations

27th October 2020

Specialist re/insurer Hiscox has announced the appointment of Yana O’Sullivan as Head of Investor Relations. O’Sullivan is a senior investor relations and strategy leader, with over 15 years’ experience. She started her IR career at Standard Chartered Bank before leaving for the investor relations team at Friends Life Group, now part of ... Read the full article

Hiscox Re & ILS names Kathleen Reardon as CEO

21st October 2020

Specialist insurer and reinsurer Hiscox has announced that Kathleen Reardon is to succeed Mike Krefta as Chief Executive Officer (CEO) of Hiscox Re & ILS, subject to regulatory approval. Reardon most recently served as the CEO of Hamilton Re, the reinsurance arm of Bermuda-based Hamilton Insurance Group. She spent her early ... Read the full article

Insurers estimate additional COVID-19 BI costs after UK High Court judgement

15th September 2020

Global re/insurers have responded to the UK's High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional COVID-19 business interruption (BI) claims. Earlier today, the UK court passed its judgement on the Financial Conduct Authority’s (FCA) BI insurance test case, ruling in favour ... Read the full article

Hiscox combines crisis related expertise into new division

7th September 2020

Global insurer and reinsurer Hiscox has announced the launch of a new Crisis Management unit within its London Market business, a move designed to bring together the firm's crisis related expertise to meet the evolving needs of clients. The new Crisis Management division will include kidnap and ransom (K&R), Security Incident ... Read the full article

FCA test case could have ramifications for reinsurance losses: Hiscox

3rd August 2020

Hiscox has stated that the outcome of The Financial Conduct Authority (FCA) test case may have an impact on the inwards reinsurance portfolio written by its reinsurance and ILS business. Some of Hiscox's clients are primary insurers operating in the UK market and may be impacted by the judgment. However, given the uncertainty ... Read the full article

Mike Krefta to leave Hiscox, insurance sector in 2021

3rd August 2020

Specialist insurer Hiscox has announced that Mike Krefta will be leaving the company in 2021 after nearly four years as CEO of Hiscox Re & ILS in Bermuda. Krefta is said to be returning to the UK and will be pursuing interests outside of the insurance sector. He departs after nearly 17 ... Read the full article

Hiscox falls to H1 loss, as Covid-19 reserves rise to $232m

3rd August 2020

Hiscox Group, the specialist insurance and reinsurance underwriter, has fallen to a $138.9 million loss for the first-half of 2020, as it lifted its Covid-19 reserves to $232 million across the group. Previously, Hiscox had estimated that it faced roughly $150 million in claims from the Covid-19 pandemic, but this ... Read the full article

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