Hiscox Ltd Richard Watson - Retirement (5479D)
June 27 2019 - 2:01AM
UK Regulatory
TIDMHSX
RNS Number : 5479D
Hiscox Ltd
27 June 2019
Retirement of Richard Watson, Hiscox Chief Underwriting
Officer
Hamilton, Bermuda (27 June, 2019) - Hiscox Ltd ("Hiscox" or "the
Company") (LSE:HSX), 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 GBP80
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. For more information, visit www.hiscoxgroup.com.
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END
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