- move will complement Hiscox's existing ILS activity already exceeding $1bn AuM
London, UK, (12 September, 2016): Hiscox is to build a collateralised reinsurance insurance linked securities (ILS) capability to be launched on 1 January 2017, in addition to an expansion of its fully-fronted ILS fund structures. To reflect the move and the growing range of ILS products it can offer, the ILS team is to rebrand under Hiscox Re Insurance Linked Strategies. Hiscox Re Insurance Linked Strategies will continue to provide capacity to Hiscox Re - which remains the primary contact for reinsurance brokers and clients.
With assets under management now exceeding US$1bn and a near three year track record, Hiscox Re Insurance Linked Strategies’ ambition to develop a collateralised reinsurance ILS capability will complement its existing single investor funds and managed accounts, in addition to its two successful Kiskadee flagship funds.
Commenting on the development, Jeremy Pinchin, Hiscox Re CEO, said: “We are beginning to write the next chapter of our already hugely successful ILS business. The intended launch of a collateralised reinsurance ILS capability will add further options to investors, clients and brokers whilst being complementary to our existing funds.”
Richard Lowther as Chief Operating Officer and Michael Jedraszak as Chief Investment Officer for Hiscox Re Insurance Linked Strategies, both reporting directly to Pinchin, will continue to lead the development of the business.
Commenting on the rebrand, Lowther added: “While the rebrand under Hiscox Re Insurance Linked Strategies reflects the growing independence of this area of our business, our mandate continues to be to provide attractive and diverse ILS investment opportunities for our investors which also meet the broader needs of Hiscox Re’s clients. The new collateralised reinsurance ILS capability will help do exactly that.”
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Notes to editors
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.
The Hiscox Group employs over 2,200 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.