Management Changes

RNS Number : 7976Q

Hiscox Ltd

20 April 2009

 



Hiscox announces changes to its US and Global Markets management team

Hamilton, Bermuda (20 April 2009) -- Hiscox (LSE:HSX), the international specialist insurer, today announced that due to its recent expansion in the US, the Group structure has been reorganised along geographic lines and the US management team has been strengthened. The following changes have been made.

• In the USA, all Hiscox business will be managed as a single operation under the leadership of Richard Watson who was previously Managing Director of Hiscox Global Markets. He will relocate to New York as CEO of Hiscox USA. Ed Donnelly will continue as President and Robert Childs will remain Chairman. Richard Watson joined Hiscox in 1986 and has underwritten a variety of lines of business including political risks, property, marine, reinsurance, professional indemnity and specie.  

• Hiscox's Lloyd's operation will now focus purely on the London Market and as such the Global Markets business as it was formerly known will be renamed Hiscox London Market. Russell Merrett has been promoted to the role of Managing Director, Hiscox London Market. Russell joined Hiscox in 1997 as line underwriter for reinsurance.  Since 2005 he has been divisional head of reinsurance, Hiscox's largest business area by premium income.  

• The Hiscox Global Markets hubs in Paris and New York will now form part of the European and USA businesses respectively.  

As previously announced, Robert Childs has returned to London from Bermuda. He now serves the Group as the Chief Underwriting Officer and Chairman of Hiscox USA. Charles Dupplin has already assumed leadership for Hiscox Bermuda.  Steve Langan will remain Managing Director of Hiscox UK, and Steve Camm will continue as Managing Director of Hiscox Guernsey.  Michael Gould will continue as acting Managing Director of Hiscox Europe.  

It is anticipated that in terms of financial reporting, the Group's segmental analysis and its disclosure will remain unchanged for the time being. 

Bronek Masojada, Chief Executive of Hiscox said: 'We have expanded in the US and we now have over 150 staff and 10 offices there. We are strengthening our management in the US with the appointment of Richard Watson to CEO of Hiscox USA.  We remain committed to London and have promoted Russell Merrett to Managing Director of Hiscox London Market.'

ENDS

For further information:

Hiscox Ltd
Robin Mehta, Company Secretary	[phone]
Kylie O'Connor, Head of Communications	[phone]
Maitland	[phone]
Suzanne Bartch
Richard Farnsworth

Notes to Editor

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. Hiscox Insurance Company Limited, Hiscox Underwriting Limited and Hiscox Syndicates Ltd are regulated by the Financial Services Authority. For further information, visit www.hiscox.com.

 

END

 

 

MSCGUUWWCUPBGMM