Reinsurance News
Hiscox
Investments help Hiscox to profit, London Market, Hiscox Re & ILS challenged
29th July 2019
Global insurer and reinsurer Hiscox has reported that its H1 2019 profit before tax increased slightly to $168 million, despite the firm's group combined ratio weakening to 98.8% as loss deterioration from prior year events hit its London Market and Hiscox Re & ILS segments. At $168 million, Hiscox's profit increased ... Read the full article
Hiscox develops new coverage for ships seized by foreign governments
23rd July 2019
Hiscox, the specialist global insurer, has developed a new insurance product that provides coverage for ships seized by a foreign government. The product, called Malicious Vessel Seizure, will provide Loss of Hire costs and the services of Control Risks, a crisis management consultancy. The announcement follows the seizure of a British-flagged ... Read the full article
Andrew Hughes promoted to Managing Principal of Hiscox ILS
23rd July 2019
Global insurer and reinsurer Hiscox has announced the promotion of Andrew Hughes to Managing Principal of Hiscox ILS, subject to Department Immigration and Bermuda Regulatory Approval. Hughes has been with Hiscox ILS in Bermuda since 2015, serving as General Counsel and Chief Compliance Officer. Hiscox notes that during his time with the ... Read the full article
Hiscox remains confident in its reserving practices: CFO Hussain
19th July 2019
Global insurer and reinsurer Hiscox remains confident in its reserving philosophy and will continue to have positive reserve run-off at the half-way point of 2019, according to Chief Financial Officer (CFO) Aki Hussain. Hiscox announced last week in a trading statement that it had strengthened its reserves for Typhoon Jebi ... Read the full article
Hiscox’s hurricane Michael loss creep flowed to aggregate reinsurance in Q2
15th July 2019
Loss creep from 2018's hurricane Michael was largely passed on to the reinsurance providers or retrocessionaires backing Hiscox's aggregate protection in the second-quarter of the year, the company confirmed to us today. Hiscox revealed in a trading update on Friday that its catastrophe losses had continued to creep in the ... Read the full article
Hiscox strengthens Jebi & Michael reserves
12th July 2019
Global insurer and reinsurer Hiscox Ltd. has announced an expected impact of $40 million in the first-half of 2019 as a result of further strengthening its reserves for Typhoon Jebi and Hurricane Michael. The firm expects to record profit before tax of between $150 million and $170 million for the ... Read the full article
Hiscox CUO Richard Watson announces departure from role
27th June 2019
Richard Watson, the Chief Underwriting Officer (CUO) of global insurer and reinsurer Hiscox, has announced that he will retire from his role after 33 years. Watson is to step down from the Board of Hiscox Ltd on December 31st, 2019 and will continue to serve as an advisor to the firm, ... Read the full article
Hiscox releases free-to-use Cyber Exposure Calculator tool
18th June 2019
Global specialist insurer Hiscox has announced the launch of its Cyber Exposure Calculator, an online tool designed to help companies estimate the potential financial impact of a cyber attack. The calculator, which is free to use, provides a number of insights into the types of cyber attacks a business may face. Results ... Read the full article
20% increase in cyber security spending, finds Hiscox report
31st May 2019
Results from Hiscox’s 2019 Cyber Readiness report show cyber security spending across 5,400 organisations increased significantly from the previous year, with total expenditure reaching $7.9 billion. After adjusting for the increased size of the study group in this year’s report, the total spend represents a rise of just under 20% on ... Read the full article
Hiscox launches London market cyber product
30th May 2019
Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article
Hiscox uncertain if mid-year rate increases will be adequate
7th May 2019
Global insurer and reinsurer Hiscox saw its gross written premiums increase by 0.6% in the first-quarter of 2019, as a decline in the reinsurance & insurance-linked securities (ILS) segment offset growth in the retail and London market segments. At the same time, the re/insurer is unconvinced mid-year rate increases will ... Read the full article
London Market discipline pays back Hiscox in 2018
25th February 2019
Hiscox has reported that its profit before tax increased substantially in 2018 to $137.4 million despite the impacts of catastrophes on its reinsurance and insurance-linked securities (ILS) business, driven mainly by the improved performance of its London Market operations. Overall, Hiscox saw its profit increase three-fold to more than $137 million ... Read the full article
Hiscox leads $58mn funding for insurtech platform CoverHound
5th February 2019
Global specialist insurer Hiscox has led a $58 million Series D funding round for CoverHound, a property and casualty (P&C) insurance platform for digital distribution. Additional investors included insurance providers Chubb, Aflac Ventures and MS&AD, who CoverHound entered a strategic alliance with earlier this month. CoverHound worked with Allen & Company ... Read the full article
Hiscox appoints Bob Thaker CEO of UK business
17th December 2018
Specialist global insurer Hiscox has appointed Bob Thaker as its new UK Chief Executive Officer (CEO), effective March 2019. Thaker has been with the company since 2010 and held a number of senior roles during that time, having joined as Head of Strategy before going on to serve as Group Chief ... Read the full article
Hiscox targets European growth with INSTANDA InsurTech partnership
14th December 2018
Specialist re/insurer Hiscox has announced a new partnership with InsurTech firm INSTANDA to further its European growth strategy. Working together, the parties plan to explore opportunities for further growth across Hiscox’s commercial and personal lines business, through multiple distribution and service channels. “We are always looking to take a progressive approach to ... Read the full article