We are committed to ensuring that we comply with the provisions of the Modern Slavery Act.
As such, we take a zero tolerance approach to slavery or human trafficking in our supply chains or in any part of our business.
Read our Modern Slavery Statement.
Modern slavery statement (text for screen readers)
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through our retail businesses in the UK, Europe, Asia and the USA, 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 & ILS.
Our values guide our business: to have courage and integrity, to show ownership, to connect with our stakeholders and, above all, to be human. At the heart of our business is a restless spirit to challenge convention in our industry, and in ourselves, to always do better. These values underpin a reputation we have earned for decent behaviour in everything we do, which we firmly believe is good for the morale of our staff and for the results of the business.
We have a number of policies that mitigate the risk of slavery and human trafficking and during 2022 we strengthened this with enhanced processes for contracts involving significant expenditure and a mandatory Supplier Code of Conduct which requires suppliers to act in congruence with our zero tolerance approach to slavery and human trafficking and our values relating to good corporate citizenship more broadly. We are guided by the principles of the UN’s Universal Declaration of Human Rights and the International Labour Organisation’s core labour standards.
We aim to maintain a culture that encourages employees to raise any concerns relating to malpractice or wrongdoing, including issues related to slavery and human trafficking, without threat of unfair treatment as a result. If an employee has a serious concern relating to the operation of the business, we have a whistleblowing policy and whistleblowing procedures that enable that person to confidentially raise their concern with senior management. Employees also have the option to raise their concern with the Chair of the Hiscox Ltd Audit Committee.
In addition, all staff worldwide can access free, confidential advice from Public Concern at Work in relation to any concerns about possible malpractice or wrongdoing in the workplace.
We are committed to ensuring that slavery and human trafficking do not exist within any part of our business or our supply chains. Although we procure services from a wide range of suppliers who support us in the fulfilment of insurance claims and carrying out our business activities, based on our risk assessment we consider the exposure to slavery and human trafficking related supply chain risk to be limited by a low reliance on sectors, countries or regions which are at heightened risk of slavery and human trafficking. However, in keeping with our commitment to ensuring that modern slavery and human trafficking does not take place in any part of our business or supply chain, we continue to mitigate the supply chain risk by strengthening our supply chain practices.
In addition to undertaking appropriate due diligence of suppliers as part of the on-boarding process, and at regular intervals thereafter, we have additional controls for contracts with suppliers that represent our most significant expenditure. During 2022, we also implemented the Financial Services Qualification Scheme operated by Hellios, a market leading supplier due diligence community which is used by over 50 other Financial Services organisations. We have also laid the foundations for implementing EcoVadis, a global ESG platform, which is set to go-live in 2023. Both of these partnerships enhance our supplier due diligence assessments with particular focus on modern slavery.
We will not support or engage suppliers where we are aware of slavery or human trafficking in such suppliers’ business or supply chains.
Hiscox is committed to maintaining a culture of integrity, transparency and accountability to ensure compliance with all applicable laws.
Our business is answerable to all its stakeholders, not simply our investors, and we believe that the benefits of being a good corporate citizen go far beyond the bottom line. We strongly believe in the rule of law and we are committed to comply with all relevant international and local laws wherever we operate. We expect the same from our business partners, contractors, agents and joint ventures to do the same. All our employees undertake annual mandatory regulatory training which includes specific content on raising concerns within the business. In 2021 there were no suspected cases of Modern Slavery reported through the Whistleblowing channel, however we remain diligent in monitoring our business and suppliers to ensure slavery and human trafficking do not feature in our business or supply chain.
During 2022, we also reviewed the training requirements for the business relating to modern slavery and human trafficking and have subsequently contracted with an external company to deliver an enhanced and focused modern slavery training module to our business leaders and other targeted areas of the business including the procurement team and risk management function. This will be delivered in in the first half of 2023.
A statement relating to the previous financial year will be published on an annual basis and published on the Hiscox Group website, www.hiscoxgroup.com.
Hiscox Group CEO
27 June 2023
This Policy has been approved by the Hiscox Ltd Board of Directors.
Entities to which this statement applies: Syndicate 33; Syndicate 3624; Syndicate 6104; Hiscox Dedicated Corporate Member Limited; Hiscox Underwriting Group Services Limited; Hiscox Syndicates Limited; Hiscox Insurance Company Limited; Hiscox Holdings Limited; Hiscox PLC; Hiscox Insurance Holdings Company Limited; and Hiscox Société Anonyme.