Hiscox

Infobox Company
company_name = Hiscox Limited
company_
company_type = Public (LSE|HSX)
foundation = 1946
location = Hamilton, Bermuda
key_people = Robert Hiscox (Chairman of the board), Bronek Masojada (CEO)
industry = Insurance
products = Specialty property, casualty, kidnap and ransom, marine, aerospace, hacker and political risk insurance
revenue = £1.083 billion (2007)cite web |url=http://miranda.hemscott.com/ir/hsx/ar_2007/download/pdf/ar_2007.pdf |title=Annual Report 2007 |publisher=Hiscox |accessdate=2008-05-26]
net_income = profit £191.2 million (2007)
operating_income = profit £245.3 million (2007)
num_employees = 850 (2007)
parent =
subsid =
homepage = [http://www.hiscox.com www.hiscox.com]
intl = yes

Hiscox Ltd. (LSE|HSX) is a Bermuda-incorporated insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at high net worth individuals and companies, as well as cover against such risks as hacking, kidnapping and satellite damage. The firm is a constituent of the FTSE 250 Index.

History

The roots of the company lie with the Roberts agency, which commenced
underwriting marine insurance at the Lloyd's market in 1901.cite web |url=http://www.hiscox.com/ViewCMSPage.aspx?navID=632a7c40-5ecb-4b23-aa8a-11478c2de30f |title=History |publisher=Hiscox |accessdate=2008-05-31] In 1946 Ralph Hiscox, who had joined the agency as an underwriter of non-marine insurance eight years earlier, formed the Roberts & Hiscox partnership for the purposes of managing syndicates at Lloyd's. Hiscox was elected chairman of Lloyd's in 1967, [cite news|url=http://select.nytimes.com/gst/abstract.html?res=F70D13F63E58117B93C1A81789D95F428685F9|title=New Chairman Named By Lloyd's of London|date=December 13, 1966|work=The New York Times|accessdate=2008-06-03] the same year his son Robert joined the group's Syndicate 33 as an underwriter of fine art and personal accident insurance. Robert Hiscox subsequently took over as head of the partnership in 1970 after the death of his father, and set about growing the size of the business. [cite news|url=http://www.independent.co.uk/news/business/comment/business-interview-robert-hiscox-chairman-hiscox-415299.html|title=Business Interview: Robert Hiscox, Chairman, Hiscox|last=Wynn|first=Sheridan|date=10 September, 2006|work=The Independent on Sunday|accessdate=2008-06-04]

In 1987 the firm reorganised - a holding company, Hiscox Holdings Ltd, was established for the group, which comprised the subsidiaries Hiscox Syndicates (for managing syndicates) and Roberts & Hiscox (for introducing and advising members of the Lloyd's market). Expansion beyond the London market followed in 1989 with the formation of a third subsidiary, Hiscox Underwriting, specifically for this purpose.

Roberts & Hiscox and related interests were demerged in 1994, leaving the company as merely an underwriter and manager of syndicates. Having previously listed on the Alternative Investment Market, Hiscox plc transferred to the main market of the London Stock Exchange in July 1997. [cite news|url=http://www.telegraph.co.uk/htmlContent.jhtml?html=/archive/1997/07/22/cxmktrep.html|title=The Market: Fall continues in heavy trading|last=Eakin|first=Jan|date=22 July, 1997|work=The Daily Telegraph|accessdate=2008-06-05] Following the purchase of a 28% stake in the company by Chubb Corporation in 1998, [cite news|url=http://www.telegraph.co.uk/htmlContent.jhtml?html=/archive/1998/12/23/cnhis23.html|title=US insurer buys stake in Hiscox|last=Cave|first=Andrew|date=23 December, 1998|work=The Daily Telegraph|accessdate=2008-06-05] the company fought to remain independent, successfully rebuffing two takeover offers by 2001. [cite news|url=http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2001/01/31/cnhis31.xml|title=Hiscox rejects Chubb takeover|last=Edwards|first=Simon|date=21 March, 2001|work=The Daily Telegraph|accessdate=2008-06-05] Chubb subsequently sold off its interest in Hiscox in 2004. [cite news|url=http://www.investorschronicle.co.uk/Companies/ByEvent/BoardroomNews/Inbrief/article/20040416/0f074a5a-e91a-11db-9f1b-00144f2af8e8/Chubb-sells-Hiscox-stake.jsp|title=Chubb sells Hiscox stake|date=16 April, 2004|work=Investors Chronicle|accessdate=2008-06-05]

In 2006, Hiscox plc moved its country of domicile from the United Kingdom to Bermuda, adopting the new name Hiscox Ltd. [cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article643489.ece|title=Omega to follow Hiscox to tax-free haven|last=Seib|first=Christine|date=19 September, 2006|work=The Times|accessdate=2008-06-05]

Products

The company sells both personal and commercial insurance cover in a range of areas: for individuals, Hiscox provides home and contents insurance for "higher value" houses, as well as classic car, fine art, bloodstock, kidnap and ransom and personal accident cover. [cite web|url=http://www.hiscox.com/ViewCMSPage.aspx?pageID=929ae819-a7cf-4cf2-a467-0ef8e6098345|title=Personal Insurance|publisher=Hiscox|accessdate=2008-06-09] For companies, cover types include property, marine, aerospace, hacker and political risk insurance as well as reinsurance. [cite web|url=http://www.hiscox.com/ViewCMSPage.aspx?pageID=929ae819-a7cf-4cf2-a467-0ef8e6098345|title=Commercial Insurance|publisher=Hiscox|accessdate=2008-06-09]

hareholder structure

As of 3 March, 2008, Invesco is the largest shareholder in Hiscox with a 15.1% stake. Jupiter Asset Management (6.4%) is the only other institution to hold more than 5% in the company.

References

External links

* [http://www.hiscox.com Official website]