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Hiscox announced the earnings and the pending exit of the seat





Measure

2022

2021

Gross written premium (GWP)

$4.4 billion

$4.3 billion

Underwriting profit

$269.5 million

$215.6 million

Income before tax

$44.7 million

$190.8 million

Broken down by segment, the bulk of the company’s pre-tax income came from the Hiscox London Market, which posted a 23% increase in underwriting income for 2022.





Segment

2022 profit/(loss) before tax

2021 profit/(loss) before tax

Hiscox Retail

$(3.4 million)

$54.9 million

Hiscox London Market

$53 million

$104.8 million

Hiscox Re & ILS

$21.5 million

$98.5 million

Hiscox Retail consists of Hiscox UK, Hiscox Europe, Hiscox USA, and Hiscox Asia. On a constant currency basis, GWP at those operations grew 2.8%, 13.6%, 2.1%, and 12%, respectively.

“I am very pleased with the progress made across the group in 2022, as we delivered our strongest underwriting results in seven years,” said group chief executive Aki Hussain. “We have a refined strategy, a new experienced and energetic leadership team, we have made significant progress in rolling out new generation technology in the USA and Europe, and we enjoy our highest employee engagement score internally of 10 years.

“The outlook for 2023 is very positive. We are facing favorable market conditions in all our key markets; our talented teams supported by a strong balance sheet and financial flexibility are set to make the most of the significant opportunity in the future.”

Seat retirement

Apart from publishing its 2022 financials, Hiscox also announced the intention of chair Robert Childs to retire this year.

“After 37 years at Hiscox and 50 in the industry, I am very happy to be able to pass the baton on when the business is in a good place – good leadership, strongly capitalised, with favorable market conditions and great opportunities in future,” stated Childs, who was praised for his “very important” contribution during his tenure.

“An important job for any chairman is to oversee a chief executive transition, and I am delighted not only to ensure a seamless transition from Bronek to Aki but also to work more closely with Aki on… his first year as group CEO. Aki has brought new insights and built a strong talented executive team, and when the time comes, I will retire a happy shareholder.

No specific timeline was given, but it was announced that the search for a successor to the chair had begun.

“Rob has been instrumental in building Hiscox into a respected global brand and expert in navigating the business through multiple insurance cycles,” commented Hussain. “His extensive knowledge of Hiscox and the industry has greatly benefited the company.”

With customers around the world, Hiscox is managed by more than 3,000 people in 14 countries.

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