Hiscox has announced that it will be relocating its Bermuda-based specialist reinsurance and insurance team to "take full advantage of market opportunities" in the United States.
The international specialist insurer announced on December 3 that it would shut down the reinsurance and insurance arms of its operation which is currently run from Bermuda and expand its presence in the US market in five states. In addition to Hiscox’s existing offices in Armonk, Manhattan, Chicago, Geneva (Illinois), and San Francisco, the group plans to establish offices in Lexington, Boston, Kansas City (Missouri), Miami and Los Angeles by the end of 2009.
“The tide is continuing to turn in our favour. In the last few weeks we have been presented with a number of excellent opportunities to enhance our local expertise and we are taking full advantage of them," said Bronek Masojada, Hiscox Chief Executive.
Hiscox has underlined that the move will not have a material impact on Hiscox International’s 2009 business plan. The firm's treaty reinsurance business in Bermuda will continue under the leadership of Rob Childs.
The insurer moved to Bermuda in December 2006 to take advantage of the more favourable tax regime in the jurisdiction compared with the United Kingdom, and it subsequently de-listed from the London Stock Exchange (LSE). The move was also aimed at targeting the prominent US market.
Hiscox currently operates from twelve offices in Amsterdam, Bermuda, Brussels, Cologne, Dublin, Guernsey, London, Madrid, Munich, New York, Paris, Lyon, Stockholm and Lisbon.
Meanwhile, Hiscox Insurance Co. Ltd. has recently received a rating upgrade from Standard & Poor’s to A from A-. The upgrade was deemed justified by the organization because of the firm's "strong recent operating performance, diversified business structure and strong capitalization."
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