Reinsurance News


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

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

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