Hiscox
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The equity research firm cuts its EPS forecasts for the carrier but lifts the share price target. -
A direct P&C turnaround and a narrowing of the loss in the scaled-back reinsurance division are eclipsed by hefty contingency losses within the specialty division.
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Hiscox’s decision to adjust its exposure in US casualty retail classes has been welcomed by analysts, who nevertheless warned that it will slow the carrier’s recovery.
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Isha Patel has worked at the carrier since 2013 and was previously area director of the south.
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The carrier has admitted to errors in select cases but stressed that its $475mn loss figure remains unchanged.
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An entrepreneur running an escape room business wins the sum after media intervention.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
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Pandemic claim reserves remained unchanged at $475mn, as CEO Bronek Masojada promised a switch from “resilience to opportunities” in 2021.
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Derrick Potton and Alex Fell will work on business development and management liability respectively.
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The appointment follows the expected departure of Phil Furlong to expansive insurer ERS.
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We assess the hurdles facing the marquee specialty insurance franchise, including staff retention and the fallout from the UK BI saga.
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Competition has ramped up over the last two years and now represents a threat to returns.
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