Hiscox expands in the US
by Gill Montia
Story link: Hiscox expands in the US
Specialist insurer, Hiscox, is closing its specialist custom risk reinsurance team based in Bermuda, in favour of pursuing an expansion strategy in the US.
It now has plans to open five new offices in the US, where it will be setting up new lines in property, construction and inland marine insurance.
The group will also be making ten appointments within its terrorism, media and technology, small ticket D&O and equine teams, and there are plans to set up a new Miami-based team that will specialise in the Latin American kidnap and ransom market.
In addition to the new Miami office, Hiscox expects to have a presence in Lexington, Boston, Kansas City and Los Angeles by the end of 2009.
The insurer says it is confident that the closure of the specialist team in Bermuda will not have any material impact on its 2009 international business plan, adding that its treaty reinsurance business in Bermuda will continue under the leadership of Rob Childs.