We are a leading specialist insurer with:
- balance that creates opportunity throughout the cycle;
- strong financial performance;
- a transparent approach to risk;
- specialist expertise that is valued by our customers.
A balanced portfolio that creates opportunity throughout a cyclical market
Hiscox’s strategy is to balance the more volatile catastrophe-exposed insurance and reinsurance with steady local specialty insurance. Our diversity by product and geography gives us great flexibility, particularly in a tough commercial environment. We are able to grow and shrink the catastrophe-exposed lines according to market conditions. Our local specialty insurance business tends to be steadier throughout the insurance cycle and we have successfully grown our retail lines by 9.3% year-on-year over the last five years.
Strong financial performance
Hiscox has a strong record of top-line growth with a focus on ROE. Performance highlights between 2009 and 2013 include:
- increased gross written premiums by 1 8.4% to £1.7 billion;
- healthy combined ratio averaging 88.7%;
- delivered average ROE of 16.9%;
- maintained a progressive dividend policy with compound growth of 8.8%;
- returned additional £278 million of capital.
A transparent approach to risk
The very business of insurance is managing risk. The understanding of risk is intrinsic to every level of decision-making in the Group. We devote a great deal of expertise to understanding the impact of global events and model these rigorously. We also draw on over 100 years of experience in insurance to assess these risks.
Catastrophes such as hurricanes and earthquakes could hit at any time, and naturally would have an impact on our business. Therefore twice a year, in our analysts’ presentations and on our website, we publish estimates of what the Group’s losses would be should such a catastrophe occur.
Specialist expertise that is valued by our customers
We are market leaders in many of our specialist areas and our customers value the expertise and cover we provide.
What our customers have said about us:*
- in France, 98% of small business customers found Hiscox service excellent or good;
- in the USA, 96% of small business customers surveyed would recommend us;
- small business customers gave Hiscox UK an average of 4.77 out of a possible rating of 5 for service satisfaction;
- home insurance customers gave Hiscox UK an average of 4.5 out of a possible 5 for service satisfaction.
Hiscox was awarded ‘Best Small Business Insurer’ as voted for by Start Your Business Magazine for the fifth year in a row. Our claims service was recognised by Post Magazine and the Insurance Times, winning Personal Lines Team of the Year as well as the UK Claims Excellence Award. Hiscox London Market’s Terrorism team received Underwriting Team of the Year at the Insurance Day London Market Awards 2013.
The quality of our people has been a key ingredient in our success
Hiscox’s reputation for innovation and dynamism is built in large part on the energy, professionalism, commitment and expertise of our employees. In September 2013, Hiscox conducted its sixth global employee engagement survey. Open to all permanent members of staff, it looks at how connected employees feel to Hiscox, their managers, their teams and their role. Hiscox continues to have high employee engagement, averaging in the top 75th percentile when compared with over 200 companies worldwide. Of particular note is that 92% of staff are proud to work for Hiscox. 95% of Hiscox employees also responded favourably to the question ‘I believe in the values at Hiscox'. Why invest in Hiscox? Hiscox Ltd Report and Accounts 2013