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Hiscox

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

Hiscox sees Covid-19-related business interruption exposure as limited

16th April 2020

Insurer and reinsurer Hiscox expects its exposure to any business interruption losses from the COVID-19 pandemic to be limited, while its Retail segment makes use of significant levels of reinsurance protection. The re/insurer has released a statement explaining that its core policy wordings do not provide coverage for BI as a ... Read the full article

London market re/insurers not immune to impacts of COVID-19: Peel Hunt

16th April 2020

London market insurers and reinsurers are certainly not immune to the economic fallout from the COVID-19 outbreak, with exposures to pandemic and the subsequent recession risks seen across the property, marine, casualty, and contingency classes, according to Peel Hunt. In recent industry notes, analysts at Peel Hunt have explored the potential ... Read the full article

Hiscox withdraws all financial targets for 2020, citing COVID-19

8th April 2020

Bermuda headquartered insurance and reinsurance firm Hiscox has withdrawn all its financial guidance and targets for 2020, citing the COVID-19 coronavirus pandemic. Hiscox also said this morning that it will not pay dividends in the currently challenging and uncertain environment. The company will not present a resolution to approve its 2019 final ... Read the full article

Hiscox reports decline in profit for 2019 amid elevated losses

2nd March 2020

Hiscox has announced a decline in profit to $53.1 million for the year ended December 31st 2019, while the firm's combined ratio weakened to 105.7% in the period on the back of elevated catastrophe losses. The insurer and reinsurer's profit fell from the $135.6 million posted a year earlier, and includes ... Read the full article

Hiscox comments on new cyber parametric transaction

21st January 2020

Specialist re/insurer Hiscox has released a statement commenting on its recent cyber parametric risk transfer deal, which was completed with help from Guy Carpenter and PCS. Announced earlier this month, the trade was transacted electronically on the AkinovA marketplace, with full regulatory oversight from the Bermuda Monetary Authority (BMA). The product ... Read the full article

Hiscox targets systemic cyber risk with CyberCube agreement

13th January 2020

Hiscox has entered into an agreement with cyber risk analytics firm, CyberCube, to leverage CyberCube’s Portfolio Management solution in order to produce better insight into potential systemic cyber risk. The agreement provides Hiscox with access to CyberCube’s technology, which will stress test the specialist re/insurer’s book of global commercial insurance business ... Read the full article

AkinovA completes cyber parametric trade with Hiscox & GC

9th January 2020

AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has completed its first cyber parametric instrument trade. Hiscox developed, structured and provided capital for this transaction, with Guy Carpenter (GC) acting as broker and PCS as the reporting agent. The deal was carried out electronically with regulatory oversight from ... Read the full article

Hiscox partners with Concirrus to drive digitalisation

8th January 2020

Hiscox London Market, one of the oldest Lloyd's of London syndicates, has entered into a partnership with InsurTech Concirrus in an effort to deliver progressive, analytics-based underwriting. Under the terms of this new multi-year deal, Hiscox is to embed Concirrus' behaviour-based data analytics platform, Quest Marine Hull. An announcement on the deal ... Read the full article

James Millard appointed Hiscox CIO

6th January 2020

Specialist global insurer Hiscox has appointed James Millard as the group’s Chief Investment Officer. Millard most recently served at Aberdeen Standard Investments (ASI), where he worked as co-head of Multi-Manager Strategies. Previously, he was Chief Investment Officer at Skandia Investment Group until its merger with Old Mutual Asset Managers, where he became ... Read the full article

Hiscox set to drop out of FTSE 100

2nd December 2019

Specialist re/insurer Hiscox is set to drop from the FTSE 100 this week as ongoing claims arising from hurricane Dorian and typhoons Hagibis and Faxai continue to dent profitability. The insurer last month set aside $165 million to cover the aforementioned storms and have seen its share price fall 12% since ... Read the full article

Hiscox expands partnership with insurtech INSTANDA

28th November 2019

Specialist re/insurer Hiscox has expanded its partnership with INSTANDA, the cloud-based digital insurance platform. This enhanced partnership is designed to build critical distribution through the deployment of the INSTANDA platform and has been extended to manage both direct-to-consumer and broker products in four countries. This announcement follows the successful launch of Hiscox’s ... Read the full article

Optio enters political risk market, backed by Hiscox

20th November 2019

Optio Group, which is comprised of MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services, has announced the launch of a political political risk proposition for foreign direct investors (FDIs) in higher-risk markets. In addition to the standard political risk perils of expropriation, war and forced abandonment, Optio will provide ... Read the full article

Hiscox pulls out of casualty reinsurance

18th November 2019

Global specialist re/insurer Hiscox has announced its intention to cease writing casualty reinsurance business, due to “ongoing, challenging market conditions.” Concerns over issues such as pricing and reserving mean that the company no longer considers this business to be sustainable. Instead, its reinsurance division, Hiscox Re & ILS, will continue to focus ... Read the full article

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