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Hiscox

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

Hiscox selects Praedicat for London Market casualty risk modelling

14th July 2020

Specialist global insurer Hiscox has licensed Praedicat's AI-driven liability cat risk modeling platforms CoMeta and Oortfolio for use within its London Market casualty business. Praedicat’s AI technology is designed to mine peer-reviewed published scientific literature to extract signals of emerging risk, map these risks to commercial activity, and quantify losses that ... Read the full article

Hiscox launches variable consortium for challenging general liability risks

3rd July 2020

Specialist insurer Hiscox has partnered with RKH Reinsurance Brokers on a new variable consortium with a maximum line of over $20 million. It will cover a wide range of general liability risks Hiscox considers 'hard to place' such as wildfire, trucking and construction. Hiscox says the variable structure allows Hiscox and its consortium ... Read the full article

Hiscox & Thimble partner on short-term liability insurance offering

17th June 2020

Global re/insurer Hiscox has announced a new partnership with Thimble designed to provide small businesses with short-term liability insurance, available by the hour, day or month. Thimble was established in 2016 by Jay Bregman and Eugene Hertz and has sold more than 100,000 policies to small businesses across the U.S. via ... Read the full article

Nielsen appointed CFO of Hiscox London Market & Hiscox Syndicates

16th June 2020

Global specialist insurer and reinsurer Hiscox has named Christian Nielsen as Chief Financial Officer (CFO) for Hiscox London Market and Hiscox Syndicates Limited. Currently, Nielsen serves as CFO at Hiscox UK and as a Director of Hiscox Insurance Company Limited (HIC), the group's UK carrier. He first joined the firm in 2015 ... Read the full article

Hiscox Action Group launches £40m arbitration claim

16th June 2020

Mishcon de Reya, the law firm representing the Hiscox Action Group, has triggered the arbitration clause in nearly 350 policyholders’ contracts and is targeting a £40 million payout. The Hiscox Action Group consists of Hiscox clients whose coronavirus-related business interruption claims have been rejected. Mishcon says the total number of policyholders and ... Read the full article

Reduced Florida exposure the “most prudent course” despite higher rates: Hiscox

15th June 2020

Despite reports of some meaningful rate increases across the property catastrophe reinsurance sector at the mid-year renewals, Hiscox's Ross Nottingham has warned that improvements could be offset by the rise in the cost of risk in Florida. After consecutive heavy loss years, some fairly significant loss creep and low interest rates, ... Read the full article

Fitch upgrades Hiscox outlook after capital raise

12th May 2020

Fitch Ratings has revised the outlook on Hiscox and its core entities to stable from negative to reflect the company’s recent £375 million capital raise. Hiscox completed the capital raise last week through the issuance of 57,693,425 new Ordinary Shares. The proceeds will be used to “to respond to future ... Read the full article

Hiscox pleased with strong investor support as capital raise completes

7th May 2020

Specialist re/insurer Hiscox has welcomed the strong support it received from both existing shareholders and new investors for its recently completed capital raise. Alongside its first-quarter 2020 trading statement, Hiscox confirmed plans to raise approximately £375 million through the non-pre-emptive placement of new ordinary shares of 6.5 pence each in ... Read the full article

Hiscox reports 2% growth in Q1, expects COVID-19 to drive rate hardening

6th May 2020

Specialist insurer and reinsurer Hiscox has reported gross written premium (GWP) growth of 2% to $1.18 billion for the first-quarter of 2020, driven by solid growth in the firm's Retail and London Market units, somewhat offset by a planned decline in Hiscox Re & ILS. Broken down, and the re/insurer has ... Read the full article

Hiscox confirms capital raise, cites reinsurance opportunities

6th May 2020

Hiscox has announced that it plans to raise around £375 million in a share issuance that the company says will enable it “to respond to future growth opportunities and rate improvement” in the US wholesale and reinsurance markets. The confirmation comes after speculation about the re/insurer's liabilities from the COVID-19 ... Read the full article

Hiscox undecided on capital raise, expects hardening reinsurance markets

29th April 2020

Insurer and reinsurer Hiscox has said that it believes the Group has enough capital to meet the expected liabilities from the COVID-19 coronavirus pandemic, and, is confident the uncertainty being caused will lead to rate hardening across US wholesale and reinsurance markets. The announcement from the specialist re/insurer comes after speculation ... Read the full article

Hiscox forecasts up to $175mn in COVID-19 payouts

22nd April 2020

Specialist re/insurer Hiscox is expecting to pay up to $150 million in net claims, should disruption caused by restrictions on travel and mass gatherings continues for a six month period from March. In the event that these coronavirus-related restrictions are extended beyond six months, Hiscox expects that these claims could increase ... Read the full article

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