Hamilton, Bermuda (22 April 2016) - Hiscox Ltd (LSE:HSX), today announces that Hamayou Akbar ('Aki') Hussain will join the Hiscox Group as Group Chief Financial Officer.
Aki will join Hiscox from Prudential plc, where he spent seven years; latterly as Chief Financial Officer of Prudential UK & Europe. He sits on the Board of the Prudential Assurance Company Limited, the main UK insurance operating company.
Prior to Prudential, Aki held a number of senior roles in the financial services, telecoms and media sectors. He was Finance Director for the Consumer Bank division at Lloyds Banking Group until 2009, and before that he was Finance Director for the Consumer division of ntl (now Virgin Media) until 2006.
Aki is a chartered accountant, having trained with KPMG, and brings 20 years of experience to Hiscox, where he will lead and further develop the finance function, and oversee its investments. It is expected that Aki will join Hiscox in the second half of the year once his current contractual commitments are fulfilled. At that time he will join the Hiscox Ltd board.
Bronek Masojada, Group CEO, said: "Aki will be an excellent addition to our executive team, bringing first class financial services experience, strong regulatory exposure, and a fresh perspective. I believe we can learn a great deal from Aki and look forward to welcoming him aboard."
Aki added: "Hiscox has a strong track record of excellent underwriting, delivering good returns to shareholders, and targeting profitable growth. I'm delighted to be joining Hiscox and look forward to contributing to the realisation of Hiscox's ambitions."
There are no other details that are required to be disclosed in respect of the appointment of Aki Hussain under 9.6.13R of the Listing Rules of the Financial Conduct Authority.
For further information please contact:
Jeremy Pinchin, Company Secretary +1 441 278 8300
Kylie O'Connor, Head of Group Communications +44(0)20 7448 6656
Notes to editors
Hamayou Akbar ('Aki') Hussain
Aki's remuneration package includes an annual basic salary of £450,000. All terms and conditions of Aki's remuneration are in line with the Hiscox Executive Director Remuneration Policy. In lieu of forfeited long-term incentive plan awards from Prudential, Hiscox will compensate Aki with awards of an equivalent face value. These will vest in line with the timing of Prudential awards and will be subject to the Hiscox Performance Share Plan (PSP) performance conditions. For 2016 Aki will be granted awards over 75,000 Hiscox shares subject to the rules of the PSP and the performance condition, which will be measured over the 2016, 2017, and 2018 financial years and these will vest in 2019, but will be required to be held (net of taxes) for a further two years. Aki will also be eligible for a bonus in respect of the 2016 financial year. Full details of Aki's remuneration arrangements will be outlined in the Annual Report and Accounts for 2016.
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting divisions in the Group - Hiscox London Market, Hiscox Re and Hiscox Retail (which includes Hiscox UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand, DirectAsia). Hiscox underwrites internationally traded, bigger ticket business and reinsurance through Hiscox Re and Hiscox London Market. Through its retail businesses in the UK, Europe and the US Hiscox offers a range of specialist insurance for professionals and business customers, as well as homeowners. For further information, visit www.hiscoxgroup.com.
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