AGM Statement

Hiscox PLC 21 June 2005 HISCOX PLC BOARD CHANGES AND AGM STATEMENT Hiscox plc ('Hiscox'), will make the following announcements today at its Annual General Meeting. Board changes ------------- We are pleased to announce that Sir Mervyn Pedelty and Mr Adrian Auer will join the board as non-executive directors on 1st July 2005. Sir Mervyn Pedelty was Chief Executive of The Co-operative Bank plc, Co-operative Financial Services Limited and the Co-operative Insurance Society Limited. Adrian Auer was Group Finance Director of RMC Group plc, and he will succeed Stephen Hall as Chairman of the Audit Committee. They bring strong financial and business acumen to the board, and in the case of Sir Mervyn, a broad experience of corporate governance. Further information on Sir Mervyn Pedelty and Adrian Auer is set out in the notes at the end of this statement. Stephen Hall is to retire as a non-executive director at the end of the year after 10 years on the Board. The Board wishes to express its appreciation of his valuable contribution to the development of the Group. Trading statement ------------------ Hiscox's businesses have made a good start to the year. Market conditions have become more competitive, as expected, but a continued focus on profitable, disciplined underwriting and careful risk selection is serving us well. Hiscox Global Markets, the international business trading through Lloyd's, has reduced its presence in segments such as big ticket property and non-US catastrophe reinsurance where rates have eased. This has been counter-balanced, in part, by expansion in areas where rates have risen, such as offshore energy and marine reinsurance, and by our focus on smaller specialty risks. We are currently in the Lloyd's business planning process and we expect that we will apply for a further reduction of Syndicate 33's capacity for 2006 to £650m (2005: £775m). Hiscox UK has shown strong profitability in the first half. Conditions remain stable in high net worth personal lines. In Professions and Specialty Commercial, given the pricing pressure at the top end of the market, we continue to target smaller risks with success. In May this year we launched an online professional indemnity product for small and sole trader businesses in the IT and marketing professions. Hiscox Europe is making progress, with increased profitability. We have recently announced the appointment of Marc van der Veer as Managing Director for this business unit. The Group has made further senior appointments with Tim Hardcastle joining as Group IT Director and Jeremy Pinchin as Group Claims Director. Both IT and claims are vital to our business. It is pleasing to have two new excellent people to lead these areas. Robert Hiscox, Chairman of Hiscox plc, said: 'Earnings from the peak of the market are flowing through strongly and will continue to do so for some time. Overall, rates in the Global Markets areas are still strongly profitable despite some much publicised weakening in certain classes. Our specialist retail businesses are making a growing contribution to the profitability of the group. Our strategy was designed to flatten the cycle, and it is working.' Hiscox will report its interim results on Monday 12th September. For further information: ------------------------ Hiscox plc Bronek Masojada Chief Executive 020 7448 6012 Stuart Bridges Finance Director 020 7448 6013 Kylie O'Connor Group Communications 020 7448 6656 The Maitland Consultancy Philip Gawith 020 7379 5151 Suzanne Bartch 020 7399 5151 Notes to editors ---------------- 1.Hiscox plc's AGM takes place today at 11 am at 1 Great St Helen's, London, EC3A 6HX. 2. Sir Mervyn Pedelty was Chief Executive of The Co-operative Bank plc (from 1997 to 2004) and of Co-operative Financial Services Limited and the Co-operative Insurance Society Limited (from 2002-2004). He was also a Director and Deputy Chair of Unity Trust Bank plc from 1997-2004, and a Director of the Association of British Insurers from 2002-2004; he is also a previous Council Member of the British Bankers' Association. Other current appointments include: Chairman of the FTSE4Good Policy Committee, a Director of Business in the Community and a member of the DWP Employer Task Force on Pensions. Mr Adrian Auer was Group Finance Director for the RMC Group plc from 2001-2005. Mr Auer is also Chairman of Readymix plc. Other directorships include, Bespak plc, Foseco plc, Filtrona plc and Shanks plc. Hiscox confirms there is no information to be disclosed under the requirements of Listing Rule 16.4(b) in relation to either appointment. 3. Hiscox plc is a specialist insurance group listed on the London Stock Exchange where it has a market capitalization of circa £500 million. There are three main underwriting parts of the Group - Global Markets, UK and International Retail. The Global Markets business underwrites, via Syndicate 33, mainly internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licenses of Lloyd's. The UK business offers a wide range of specialist insurance for professionals and business customers, as well as high net worth individuals. It has regional offices in Birmingham, Glasgow, Leeds, Maidenhead and Colchester. The European business has offices in Paris, Amsterdam, Munich, Brussels and Guernsey and writes mainly high value household business and some specialist professional indemnity business. Guernsey underwrites kidnap and ransom business and fine art. For further information, go to www.hiscox.com This information is provided by RNS The company news service from the London Stock Exchange
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