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The carrier has also reserved EUR1.7bn for contingency and EUR1bn for BI Covid losses in total.
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SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
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The pandemic has underscored the strength of Lloyd’s trading resilience and shown the market’s ability to thrive in a digital environment, according to Hiscox CEO Bronek Masojada.
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The underwriter will specialise in D&O and commercial crime lines of business.
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The HDI and Hannover Re parent says it is targeting 2021 group net income in the upper range of its forecast.
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The carrier lifts premium by 17.1% at the April renewals.
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Hiscox’s London market rate rises decelerated from 20% in 2020 to 13% in Q1.
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The deal could be signed later this week or at the weekend, sources said.
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The catastrophe modeller made the estimate using a new climate change risk model.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
