Hiscox Regulatory News (HSX)

1 Oct 2008 12:17



Hiscox Europe - Management Change

Hamilton, Bermuda (1 October 2008) -- Hiscox announced today that Marc van der Veer, Managing Director, Hiscox Europe, will be leaving the Group. Michael Gould, Group Chief Operating Officer, will assume Marc's responsibilities with immediate effect.

Bronek Masojada, Chief Executive, Hiscox, commented, "I would like to thank Marc for the contribution that he has made to our business since joining in 2005. Thanks to his underwriting expertise and business development focus, Europe has expanded in size and profits. In 2004, it was an €86 million business with marginal profitability. Today it is on track to write €125 million with a combined ratio within our 95 to 98 per cent target. I have enjoyed working with Marc and I wish him all the best for his future endeavours.

"Since joining Hiscox this summer as Chief Operating Officer, Michael Gould has also been Chairman of the European Steering Group. Michael's continued leadership in this area will ensure we continue to focus on our business goals."

ENDS

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Notes to editors:

Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (HSX.L). 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, and tailored products for high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited and Hiscox Syndicates Ltd are regulated by the Financial Services Authority. For further information, visit www.hiscox.com.