Hamilton, Bermuda (16 August 2012) -- Hiscox Ltd (HSX:L), the international specialist insurer, confirms that Fitch Ratings has upgraded Hiscox Group's (Hiscox) core entities' Insurer Financial Strength (IFS) ratings to 'A+'. Fitch has also upgraded all Hiscox’s holding companies’ Long-term Issuer Default Ratings (IDRs) to 'A-'. The Outlooks on all the ratings are Stable.
Stuart Bridges, Group Finance Director of Hiscox commented: “This upgrade is pleasing and is a vindication of our strategy. Hiscox is a resilient business, the balance we have achieved between regional retail businesses and large ticket catastrophe risks allows us to adjust to changing market dynamics and maintain stability and profitability over time.”
In its statement, Fitch said that the rating upgrades reflect Hiscox’s strong capital position and continued track record of profitability. Fitch noted that the stability of earnings has been aided by a diversified business mix, combining volatile and more stable-performing lines of business, and said it views Hiscox’s active cycle management positively.
For further information:
|Jeremy Pinchin, Company Secretary||+1 441 278 8300|
|Kylie O’Connor, Head of Communications||+44 (0) 207 448 6656|
|Clemmie Raynsford||+44 (0)20 7404 5959|
Notes to editors
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market 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.
For further information, visit www.hiscox.com.
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