Hiscox ratings upgraded to A

RNS Number : 7227D

Hiscox Ltd

18 September 2008

 



Press Release

Hiscox ratings upgraded to A by A.M. Best

Hamilton, Bermuda, 17 September, 2008 -- A.M. Best Co. have announced today an upgrade to the financial strength rating of Hiscox Insurance Company (Bermuda) Limited ('Hiscox Bermuda'), Hiscox Insurance Company (UK) Limited ('Hiscox UK') and Hiscox Insurance Company (Guernsey) Limited ('Hiscox Guernsey') to A (Excellent) from A- (Excellent). It has also affirmed a financial strength rating of A (Excellent) for Hiscox Syndicated Limited ('Hiscox Syndicate 33') and Hiscox Insurance Company Inc ('Hiscox USA').  

In addition, the issuer credit ratings (ICR) of Hiscox Bermuda, Hiscox UK and Hiscox Guernsey have been upgraded to 'a' from 'a-'. The ICR for Hiscox Syndicate 33 has been affirmed at 'a+' and 'a' for Hiscox USA.

According to A.M. Best, the financial strength of the business areas 'is supported by excellent consolidated risk-adjusted capitalisation of Hiscox Limited, the group's ultimate parent holding company.'  The outlook for all ratings is stable. 

Bronek Masojada, Chief Executive of Hiscox commented: 'We are pleased with the rating upgrades and affirmations from A.M. Best.  It is particularly satisfying to receive this upgrade in these unsettled times. Our strategy of balancing our large international business with smaller regional business gives us financial flexibility, which is recognised in this rating.'

ENDS

For further information:

Hiscox Ltd
Robin Mehta, Company Secretary, Bermuda	[phone]
Jennifer Crowl, Director of Communications, London	[phone]
Maitland	[phone]
Suzanne Bartch
Richard Farnsworth

Notes to editors:

Hiscox, headquartered in Bermuda, is a international specialist insurance group listed on the London Stock Exchange. There are three main underwriting parts of the Group - Hiscox Global Markets, Hiscox UK and Europe, and Hiscox International.  Hiscox Global Markets underwrites 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 licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.  

For further information, visit www.hiscox.com

 

END

 

 

MSCUWVNRWBRKARR