Hiscox: Everything you need to know
Corporate headquarters: Chesney House, 96 Pitts Bay Road, Pembroke HM 08, Bermuda
Employees: 3,000 staff in 35 offices
Gross written premiums 2021: US$4,269.2 million
Net premiums earned 2021: US$2,919.9 million
Underwriting profit 2021: US$215.6 million
Hiscox is an international insurance group that is headquartered in Bermuda, and originated as a niche Lloyd’s underwriter. The company balances its catastrophe-exposed business with less volatile local specialty business.
Its big-ticket businesses (the biggest insurance risks that the company underwrites, which are normally traded internationally and through a broker) include Hiscox London Market and Hiscox Re & ILS, while its Hiscox Retail business (smaller or more specialist risks where Hiscox works with its clients either directly or through a broker) encompasses Hiscox USA, Hiscox UK, Hiscox Europe, Hiscox Special Risks, and DirectAsia.
Hiscox in the news
June 2016: Hiscox won’t return to UK after Brexit
November 2016: Hiscox sees premiums grow despite rate pressure
October 2017: Hiscox introduces product to address flood insurance gap
November 2017: Hiscox announces results for first nine months of the year
February 2018: Hiscox in London trial over data protection breach
August 2018: Hiscox Re & ILS names new North America chair
November 2018: Hiscox Re & ILS boosts leadership line-up
November 2018: Hiscox reveals latest numbers and Brexit update
June 2019: Hiscox launches cyber exposure calculator
July 2019: Hiscox: The Ferrari of cybersecurity is no good without a driver
July 2019: New Hiscox marine solution leaves port
November 2019: Hiscox backs Pikl in sharing economy insurance scheme
November 2019: Hiscox shares slip with fears of casualty claims
December 2019: Hiscox may lose FTSE 100 status
January 2020: Hiscox London Market to digitalise underwriting process
January 2020: Hiscox introduces new chief investment officer
January 2020: Hiscox boosts tech insurance offering
January 2020: Hiscox secures agreement with risk analytics software company CyberCube
May 2020: Hiscox confirms capital raise amid COVID-19
June 2020: Hiscox Action Group set to intervene in FCA test case
July 2020: Hiscox and RKH team up for new variable consortium
August 2020: Hiscox sees combined ratio soar
September 2020: Hiscox creates new crisis management division
November 2020: Hiscox warns of profit hit if COVID-19 outbreak continues into next year
April 2021: Hiscox names Robert Dietrich as Europe chief
July 2021: Hiscox boss Bronek Masojada retiring – names Aki Hussain as successor
August 2021: Hiscox to bring in Helen Rose as finance chief for London Market unit
December 2021: Hiscox names Paul Cooper as group chief financial officer
January 2022: Hiscox welcomes Matthew Wilken as new underwriting chief
February 2022: Hiscox UK appoints Jon Dye as CEO
Key people as of 2021
Aki Hussain – Group CEO
Hussain joined Hiscox in 2016 as chief financial officer for the Hiscox Group, before becoming Group CEO in January 2022. Prior to joining Hiscox, he held several senior roles in the financial services, telecoms, and media industries. Hussain spent seven years at Prudential plc, serving as chief financial officer for the firm’s UK and European operations. He was also finance director for the consumer bank division at Lloyd’s Banking Group until 2009 and prior to that was finance director for the consumer division of ntl (now Virgin Media). Hussain is a chartered accountant, having trained with KPMG.
Joanne Musselle – Group chief underwriting officer
Musselle came onboard at Hiscox in 2002, though she had many years of insurance experience before then from her work at AXA and Aviva in the UK and Asian markets. She started at Hiscox as a technical underwriting manager in professions and specialty commercial, and later moved to work for the group as business improvement manager. In 2006, Musselle joined Hiscox Group’s claims unit as head of claims strategy and then achieved the position of head of UK claims. She took on the CUO position for Hiscox UK and Ireland in July 2012 and became CUO of Hiscox Retail in July 2017. At the end of 2019, she was appointed CUO for Hiscox Group.
In 2019, Hiscox’s mental health and wellbeing employee network WeMind took a top prize when it was named winner of the Outstanding Employee Network award at the 2019 European Diversity Awards. More broadly, according to the Hiscox Group’s 2018 Annual Report, the company works on creating environments where its employees can succeed.
In its 2018 global employee engagement survey, Hiscox employees reported that 86% of them were proud to work for the firm, 94% said they believed in the company’s corporate values, and 80% said they would recommend Hiscox as a great place to work. Hiscox has also ranked seventh in Glassdoor’s annual Employees’ Choice Awards for the UK’s Best Places to Work in 2018.