Hiscox
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Swiss Re goes against the tide in expanding in cat, while specialty rates appear to be holding up better than expected. -
Shares in the carrier were down 3% as it disclosed $40mn of estimated losses from the Ukraine war.
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The carrier also announced a $116mn LPT for a casualty reinsurance run-off book its Re & ILS business.
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The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.
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Plus the latest executive moves and all the top stories from this week.
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CEO Kate Markham and CUO Paul Lawrence discuss the biggest changes to the business, including a near 40% reduction in binders exposure and a push to lead more business.
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The underwriter had worked at Hiscox since 2019 following a long stint at Ariel Re and predecessor entities.
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The carrier predicted an improved performance for Syndicate 33 in 2021 and a narrower 2020 loss for 6104.
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Despite the limited exposure overall, Hiscox said that it has some exposure on its terror and political violence book.
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The CEO said that Hiscox had ‘negligible’ exposure in Russia and property exposures in Ukraine were heavily reinsured.
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The positive set of results came after 2020 figures were heavily impacted by Covid-19 claims.
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Hiscox’s non-executive chairman Robert Childs has told a House of Lords London market inquiry how a new competitiveness objective could be measured.
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