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How did we get to be the business we are today? Take a stroll through the key moments in our history over the last 20 years.
New Bermuda office opens
On Monday 17th February, 2020, our Bermuda colleagues moved into a stunning new office situated in the heart of the reinsurance business hub in Hamilton. When designing the office, the goal was to create a space that felt free-flowing and open, encouraged collaboration across teams, supported our passion for the environment, and was a functional and comfortable work setting. It was also critical that the space could serve for formal occasions, such as when the Hiscox Board have their Board meetings, whilst still maintaining the community feel that’s so important to Bermudian culture.
Andrew Dolphin appointed Director of Underwriting - London
In September 2019, Andrew Dolphin was promoted to the position of Director of Underwriting - London. With 17 years of experience working across the business, he has helped grow our business capability on different fronts, from analytics and underwriting to our underwriting platform development and ensuring pricing rigour across multiple lines. Previously Andrew held the position of Chief Operating Officer and became a member of the Hiscox Re & ILS Executive team in September 2018.
Chris Lee appointed Chief Operating Officer
Chris serves as Chief Operating Officer for Hiscox Re & ILS, initially joining the team in 2019 as Head of Insight. Prior to Hiscox, he served as COO for Leif and Dev Bootcamp, two technology startups pioneering new business models in the fintech and immersive software development education spaces, respectively. Earlier in his career, Chris was on the investment team at Chicago Growth Partners, a growth-oriented private equity firm, and was an associate at Lincoln International, an M&A advisory investment bank. Chris received his MBA from The Wharton School, and his bachelor of science degree from Washington & Lee University.
Andrew Hughes appointed Managing Principal of Hiscox ILS
In July 2019, Andrew Hughes was promoted to the role of Managing Principal of Hiscox ILS and became a member of the Hiscox Re & ILS executive team. Andrew is responsible for overseeing the strategic direction of the ILS business, ensuring we are meeting investor demand for high-quality, innovative products. He joined the Hiscox ILS team in September 2015 as General Counsel and Chief Compliance Officer.
K&R product launched
In January 2019, Hiscox Re and Hiscox Special Risk worked together to create a bespoke K&R product.
New Hiscox ILS fund launched
In January 2019, Hiscox ILS launched a new fund which allows investors to access insurance lines for the first time. The fund is supported by a top-tier investor who will access a more diverse insurance and reinsurance portfolio with less focus on pure property catastrophe risk. The fund began underwriting on 1 January 2019.
An adventurous partnership forms between Hiscox Re & ILS and Richard Parks
In December 2018, we announced a new 18-month partnership between Hiscox Re & ILS and Richard Parks. As part of this exciting and collaborative partnership, we supported Richard’s efforts during Team Quest – an expedition to ski solo, unsupported and unassisted from the coast of Antarctica to the South Pole.
Liz Breeze appointed as Chief Financial Officer
Liz joined Hiscox in 2012 as the Hiscox Group’s technical accountant, which included advising on the set up of the insurance-linked strategies business (Hiscox ILS). In 2014, she became Head of Finance for the Hiscox UK retail business. She returned to Bermuda when she was promoted to Chief Financial Officer of Hiscox Re & ILS in June 2018.
Hiscox expands cyber offering with new industry loss warranty product
First-of-its-kind cyber industry loss warranty product launched in March 2018, which helps address uncertainty around cyber tail risk for reinsurers. This product responds to an aggregation of cyber losses throughout the year and helps address the uncertainty around cyber tail risk for reinsurers.
Megan McConnell joins Director of Underwriting - London
Megan joined Hiscox in March 2018 from Paraline (formerly ICAT), where she was Active Underwriter of Syndicate 4242 and Special Purpose Arrangement 6123. As Director of Underwriting – London, Megan oversees the underwriting team in London and plays a leadership role in the team’s ambitions to innovatively match reinsurance risk with capital. In September 2019, Megan McConnell relocated to Manhattan to take on the role of Chief Underwriting Officer for Hiscox USA.
Adam Szakmary joins as Director of Underwriting – Bermuda
Adam joined Hiscox Re & ILS in October 2017, as Director of Underwriting in Bermuda. Adam's reinsurance career began in 2004 as an underwriting and risk analytics advisor. In 2015, he became CEO and Director of Montpelier’s asset management platform Blue Capital Management Limited. As Director of Underwriting – Bermuda, Adam oversees the underwriting team in Bermuda and focuses on advancing product innovation to support smart growth.
Mike Krefta becomes CEO of Hiscox Re & ILS
In August 2017, Mike Krefta became CEO of Hiscox Re & ILS. He previously served as Chief Underwriting Officer, and in his new leadership role relocated from London to Bermuda. He also joined the Hiscox Executive Committee.
Hiscox FloodXtra product launch
With flood now being the most common natural disaster in the US, the flood protection gap is still a big problem. In 2017, Hiscox Re & ILS launched FloodXtra, a US primary flood product designed to help address the flood insurance gap and enabling its ILS investors to access sources of flood risk.
Hiscox Re & ILS rebrand
To reflect the growth of the Hiscox Re and Hiscox Re Insurance-Linked Strategies (ILS) business areas, the brands are repositioned externally as Hiscox Re & ILS.
Collateralised reinsurance ILS capability launch
On 1 January 2017, Hiscox launched collateralised reinsurance insurance-linked strategies (ILS) capability, in addition to an expansion of its fully-fronted ILS fund structures. To reflect the growing independence of this area of the business, the ILS team rebranded from Kiskadee Investment Managers to Hiscox Re Insurance-Linked Strategies (now known as Hiscox ILS).
Rob Caton appointed to the Hiscox Re & ILS Executive Team
Rob Caton is the Group Head of Underwriting Risk and Reinsurance and sits on the Hiscox Re & ILS Executive Team. He also is the Group's Catastrophe Management, Reinsurance Purchase, and Capital Modelling Committees. Since joining Hiscox in 1999, he has led a number of analytics and modelling teams within the Group.
Collateralised reinsurance ILS capability launch
Kiskadee Investment Managers, Hiscox Re’s Insurance-Linked Strategies operation (now known as Hiscox ILS), launches Cardinal Re Ltd; a Bermuda domiciled Special Purpose Insurer designed to transform collateralised insurance and reinsurance risk into a security more suited for capital market investors.
Mike Krefta announced Chief Underwriting Officer of Hiscox Re
Hiscox Re appoints Mike Krefta as Chief Underwriting Officer, leading its underwriting teams in London and Bermuda. Mike is promoted to CEO of Hiscox Re & ILS in August 2017.
Richard Lowther joins as Chief Operating Officer for Hiscox ILS
As Chief Operating Officer for Kiskadee (now known as Hiscox ILS), Richard Lowther is responsible for the development of the overall infrastructure of the business as well as day-to-day operations. Richard became a member of the Hiscox Re & ILS Executive team in 2016 and his role title was changed to Managing Principle of Hiscox ILS in 2019.
First day of Hiscox Re business unit
On 6 May 2013, Hiscox Re London officially leaves the Hiscox London Market business unit. Jeremy Pinchin is appointed CEO and Hiscox Re runs as an independent separate business unit.
Special Purpose Syndicate 6104 formed
Following the decision to close Panther Re for 2008, Hiscox formed Special Purpose Syndicate 6104 to participate on a proportion of its reinsurance catastrophe business written by Syndicate 33. With capacity provided by third-party capital, 6104 has been a great success and remains in place today.
Hiscox creates the first sidecar of a Lloyd’s syndicate
Hiscox creates the first sidecar of a Lloyd’s syndicate with the formation of Panther Re, a separately capitalised $360m entity participating on a share of Syndicate 33’s catastrophe reinsurance book
Opened the Hiscox Bermuda office
The Hiscox Bermuda office is opened. Hiscox plc moves its country of domicile to Bermuda from the United Kingdom, adopting the name Hiscox Ltd. It also become a primary office for our reinsurance business.
First catastrophe bond at Lloyd's
Hiscox launched the first ever catastrophe bond transaction at Lloyd’s, Agatha Re, providing Hiscox Syndicate 33 with a new source of catastrophe reinsurance protection for earthquake events in the USA. This innovation led to many more in the market allowing Lloyd’s to offer more protection to those living in catastrophe prone locations.
Look back over some of the key milestones in our history so far.