Hiscox sells US animal mortal

RNS Number : 6108S

Hiscox Ltd

14 September 2010

 



Hiscox sells US animal mortality business

Hamilton, Bermuda (14 September, 2010) - Hiscox Ltd (LSE: HSX), the international specialist insurer, announced today that it has agreed to sell its US animal mortality business to Markel Service, Incorporated (Markel).

The business which operates under the American Live Stock name and provides both equine and livestock cover, will be transitioned to Markel subject to receipt of required regulatory approvals and compliance with regulatory requirements.  It is due to be completed October 1, 2010, subject to customary closing conditions.  Hiscox will retain the insurance company acquired in 2007 and the admitted licences it has in 50 US states.

Hiscox will also be withdrawing from the inland marine market in response to tough market conditions. The combined income of these two lines of business was less than $20 million in 2009.  

Hiscox will focus its resources on its core E&O, Specialty and Property lines and will continue to develop its US business through its offices in Armonk, Atlanta, Chicago, Kansas City, Los Angeles, New York, Miami and San Francisco.   

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Contacts

Hiscox
Charles Dupplin, Company Secretary, Bermuda	[phone]
Adeola Ajayi, Group Communications, London	[phone]
Kylie O'Connor, Group Communications, USA	[phone]
Maitland	[phone]
Anthony Silverman
Rebecca Mitchell

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites 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.

 

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