New service to fill gap in the market
London, UK (18 February 2013)– Hiscox today announced the opening of Hiscox Private Client, which will operate as a wholly-owned tied agency working exclusively with Hiscox products.
Research commissioned by Hiscox* revealed that the majority of high net worth customers don’t use a high net worth insurer. The new agency has been established in response to this market opportunity, and in particular to demand from specialist commercial brokers who don’t have in-house private client expertise but who want to offer their clients a Hiscox home insurance policy.
Peter Blackmore, founder of broker Blackmore Borley commented on the new agency, “Many of our commercial clients also represent private client opportunities and this enables those clients to enjoy a similarly high level of service to that which they already enjoy on their commercial insurance.”
Justin Gott, Head of Art & Private Client at Hiscox, explains, “Research shows that 80% of high net worth customers don’t use a high net worth insurer. That’s a big business opportunity for brokers and specialist insurers. We know that many of these clients want to be with Hiscox but want the personal service and guidance of a broker, and I want to make that happen.”
The Hiscox Private Client team comprises James Standen, a Senior Underwriter who is moving over to the new agency from his current underwriting role with Hiscox in London and new starter David Raw, previously a director with Henderson Insurance Brokers in Leeds. Based in the Hiscox York office, David will develop business in the North of England.
David Raw commented, “Coming from a broker background I am well aware of Hiscox’s reputation as a forward thinking brand. It’s a competitive market and brokers are increasingly under pressure to offer customers more of what they want. Hiscox Private Client presents a valuable opportunity to commercial brokers to offer a broader range of products to both existing and new customers, and this can only be great news. Hiscox listens to its partners and responds to market needs, which is just one reason I wanted to join this new venture.”
For further information please contact:
+44 (0) 20 7448 6619
+44 (0) 203 440 5803
+44 (0) 203 440 5804
About Hiscox Private Client
Hiscox Private Client (HPC) is a trading name of Hiscox Underwriting Limited which is authorised and regulated by the Financial Services Authority. HPC provides private client insurance services and is an agent for Hiscox Insurance Company Limited and Hiscox Syndicates Limited.
To contact Hiscox Private Client, brokers should call James Standen on 0207 448 6802 or mobile 07920 199 322 ([email protected]) or David Raw on 0113 205 1049 or mobile 07880 315 173 ([email protected]).
*About the Research
Research was based on buildings/contents insurance and was conducted by Future Foundation across a HNW Consortium research base: 1,500 respondents 18+ (February 2012).
About Hiscox UK
Hiscox offers a range of business insurance policies to cover the liabilities and property risks of small businesses and consultants in the UK, as well as profession-specific policies that you can tailor to suit the risks that your business faces. Hiscox also provides specialist insurance cover for homes and their contents, valuables and collections.
For more information, visit www.hiscox.co.uk
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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