Hiscox Expands In US, Makes Raft Of Appointments

Rachel Walsh

4 December 2008

Hiscox, the international specialist insurer, is to expand its US business and refocus its reinsurance portfolio to take full advantage of new market opportunities.

In the US, the Group’s Terrorism, Media and Technology, small ticket Director & Office and Equine teams are being strengthened with 10 key appointments. The insurers told WealthBriefing these appointments were made from across the market and named them as follows.

Ed Mazman, who will work on the Boston-based Property team; John Tutera, who will work on the Construction team in New York; Steve Silverman to work on the Inland Marine team in Boston; Robert Cruz is now on the Terrorism team in New York and Christie Deardorf and Cheech Bradford are part of the Media E&O team in Kansas City.

Jim Whetstone will focus on Technology E&O in Chicago. Chris Leisz and Robert Gadaleta are on the Director and Officer insurance team in New York.

Joe Carr now works on the Equine team in Lexington, Kentucky and Walter Ceballos and Natasha Vet join the Kidnap and Ransom team in Miami. Further details of these appointments will be released next week.

Hiscox will also set up new lines in Property, Construction and Inland Marine insurance.

The group will also enhance the service it currently provides to the Latin American Kidnap and Ransom market with a new team based in Miami.

In addition to Hiscox’s existing offices in Armonk, Manhattan, Chicago, Geneva and San Francisco, the group plans to have established offices in Lexington, Boston, Kansas City , Miami and Los Angeles by the end of 2009.

In view of the above expansion, the board has looked at the most efficient allocation of capital and decided to close the Bermuda based specialist reinsurance and insurance team established earlier this year.

This will not have any material impact on Hiscox International’s 2009 business plan. Hiscox's treaty reinsurance business in Bermuda will continue under the leadership of Rob Childs.

“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 chief executive Bronek Masojada.

Hiscox, is still headquartered in Bermuda and listed on the London Stock Exchange. There are three main underwriting parts of the Group – Hiscox Global Markets, Hiscox UK and Europe and Hiscox International.

Hiscox Global Markets underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s.

Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.