Hamilton, Bermuda (27 June, 2019) - Hiscox Ltd, the international specialist insurer, today announces that Richard Watson has informed the Board of his decision to retire from his role as Chief Underwriting Officer of the Company after 33 years. He will step down from the Board of Hiscox Ltd on 31 December 2019 and will continue as an advisor and serve on subsidiary boards. A successor will be announced in due course, following a review of internal and external candidates.
Bronek Masojada, Group Chief Executive, said: "Richard's instinct, determination and straightforward approach epitomises the underwriting culture that lies at the heart of Hiscox. He has steered us through a period of profound change in the rating environment and developed a first class underwriting function in the Group. Prior to becoming Chief Underwriter, Richard's career has encompassed multiple lines of business in insurance and reinsurance culminating in becoming CEO of Hiscox Global Markets before moving to serve as CEO of Hiscox USA during its formative years. Richard's occasionally gritty contributions to our strategic conversations made us address issues we might otherwise have preferred to overlook. He has served with distinction and can be extremely proud of his contribution and legacy."
Robert Childs, Chairman, said: "I have thoroughly enjoyed working with Richard during his tenure at Hiscox and would like to thank him for his outstanding contribution. As a Board member for the last five years, we have benefitted greatly from his experience and judgement and we are pleased that he will continue to serve as Chairman of Hiscox Re & ILS and on the board of Hiscox Syndicates Ltd. All of us on the Board, and throughout the Company, wish him every success for the future."
Richard Watson said: "After 33 years I feel the time is right for me to retire. I am extremely proud of the business we have built and the talented team I leave behind. When I first joined the company, we were fewer than 30 people underwriting around £80 million. Today we are global specialist insurer with operations in Retail, Global Speciality and Reinsurance. Hiscox has a strong position in the market and plenty of opportunity ahead. I am grateful to Robert and Bronek for all their support, I look forward to serving Hiscox in a more non-executive role, and I will continue to take a keen interest as a shareholder."
Ends
For further information please contact:
Hiscox Ltd
Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8321
Kylie O'Connor, Head of Communications, London +44 (0)20 7448 6656
Ryan Thompson, Investor Relations Manager, London +44 (0)20 7448 6522
Brunswick
Tom Burns +44 (0)20 7404 5959
Simone Selzer +44 (0)20 7404 5959
Notes to editors:
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.
The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that.
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