Reinsurance News


London Market insurers’ 2020 profits cancelled out by Covid losses, says Fitch

31st March 2021

A majority of London Market insurers are reported by Fitch Ratings to have fallen to either a loss or a very slight profit in 2020, as pandemic-related costs offset most underwriting and investment profits. Despite investment returns having recovered well in the second half of 2020, Fitch states that returns were ... Read the full article

Lara Frankovic to lead general liability team at Hiscox

30th March 2021

Specialist global insurer Hiscox has announced the appointment of Lara Frankovic as Line Underwriter – General Liability. Reporting to Hiscox London Market's Divisional Director for Casualty, Matthew Webb, Frankovic will lead a four-strong general liability underwriting team, focusing primarily on large US domiciled accounts. Frankovic joined Hiscox in March 2019 as Senior ... Read the full article

Hiscox promotes Isha Patel to Head of Direct Commercial, UK

11th March 2021

Specialist global insurer and reinsurer Hiscox has appointed Isha Patel as Head of Direct Commercial within Hiscox UK. Patel joined Hiscox in 2013 and has since overseen operations, finance and sales with roles in both the Hiscox Retail business units (Hiscox UK and DirectAsia) and Hiscox London Market. She was appointed regional ... Read the full article

Hiscox falls to 2020 loss on COVID-19 reserves

3rd March 2021

COVID-19 reserves of $475 million, net of reinsurance, has pushed insurer and reinsurer Hiscox to a loss of $268.5 million for full-year 2020, against income of more than $53 million in 2019. The majority of the company's pandemic claims relate to event cancellation business, with the second largest chunk concerning business ... Read the full article

Hiscox appoints Emily Taylor as Line Underwriter

24th February 2021

Global insurer Hiscox has appointed Emily Taylor as Line Underwriter, Marine and Energy Liability. Taylor joined Hiscox last year as an underwriter for marine and energy liability, having previously spent four years as Class Underwriter Energy Liability at AXA XL. She will report to Mike Southgate, Divisional Director for Marine, Energy and ... Read the full article

Hiscox hires Stéphane Flaquet as Chief Transformation Officer

5th February 2021

Specialist insurer Hiscox has appointed Stéphane Flaquet as its Chief Transformation Officer for the Group. In this new role Flaquet, who currently serves as CEO of Hiscox Europe, will be responsible for overseeing the delivery of the Group’s multi-year, cross-geography transformation programmes. He will work alongside business units as well as functions ... Read the full article

Hiscox adds Aimee Nolan to lead London Market cargo underwriting

3rd February 2021

Specialist insurer Hiscox has appointed Aimee Nolan to lead its London Market cargo team as Cargo Line Underwriter. Nolan will be based in London and reports to Mike Southgate, Divisional Director for Marine, Energy and Specialty. She will manage a cargo team of four underwriters with additional support in pricing and exposure ... Read the full article

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

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