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Hiscox Limited
Traded asLSEHSX
HeadquartersHamilton, Bermuda
Key people
Robert Hiscox (Honorary President), Robert Childs (chairman), Bronek Masojada (CEO)
ProductsSpecialty property, casualty, kidnap and ransom, marine, aerospace, hacker, product recall and political risk insurance
Revenue£2,658.5 million (2018)[1]
£171.6 million (2018)[1]
£128.0 million (2018)[1]
Hiscox is an underwriter at the Lloyd's of London insurance market.

Hiscox Ltd. 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 companies and high-net-worth individuals, as well as cover against such risks as hacking, kidnapping and satellite damage. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.


The roots of the company lie with the Roberts agency, which commenced underwriting marine insurance at the Lloyd's market in 1901.[2] 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.[2] Hiscox was elected chairman of Lloyd's in 1967,[3] the same year his son Robert joined the group's Syndicate 33 as an underwriter of fine art and personal accident insurance.[2] 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.[4]

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).[2] Expansion beyond the London market followed in 1989 with the formation of a third subsidiary, Hiscox Underwriting, specifically for this purpose.[2] Roberts & Hiscox and related interests were demerged in 1994, leaving the company as merely an underwriter and manager of syndicates.[2] Having previously listed on the Alternative Investment Market, Hiscox plc transferred to the main market of the London Stock Exchange in July 1997.[5] Following the purchase of a 28% stake in the company by Chubb Corporation in 1998,[6] the company fought to remain independent, successfully rebuffing two takeover offers by 2001.[7] Chubb subsequently sold off its interest in Hiscox in 2004.[8]

In 2005, the company opened a Bermuda office, writing a mix of worldwide reinsurance and retail business. The following year Hiscox plc moved its country of domicile from the United Kingdom to Bermuda, adopting the new name Hiscox Ltd.[9] For 2009, the company increased its marketing budget from £400,000 to £10 million and launched a mass media campaign with the strap line "as good as our word".[10]

In March 2014 Hiscox acquired direct-to-consumer online operation DirectAsia[11] and in October 2014 Hiscox USA launched a new brand platform "Encourage Courage".[12]

In 2017, Hiscox moved their UK broker channel business to a new operating model and IT system, leading to Chief Executive Bronek Masojada stating in the report and accounts that year “The commercial team is already benefiting from improved conversion, pricing and service, and our underwriters now have more time to spend with brokers and work on complex risks”.[13] A year later in the 2018 report and accounts, Chief Executive Bronek Masojada reports “In the broker channel, IT change dominated the agenda this year and growth was lower than in previous years. Adapting to our new system with new ways of working has caused some indigestion and had a knock-on effect to our usual standards of service to our brokers and customers.” [14]

Neither a return to the usual standards of service, nor the planned improvements beyond these, were realised in Q1 2019, as described in the interim trading statement with Bronek Masojada saying “In the broker channel, we have successfully piloted a new operating model which is now being rolled out across the UK. We are on track to commence the transition of our high net worth business onto the new system in the second half of the year as planned, and service standards are expected to return to normal once these changes are fully embedded. We expect growth to remain subdued until these changes take full effect.” [15]


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.[16] For companies, cover types include property, marine, aerospace, professional indemnity, hacker, product recall and political risk insurance as well as reinsurance.[17]

Shareholder structure[edit]

As at 28 February 2011, Invesco Limited was the largest shareholder in Hiscox with a 14.04% stake. Massachusetts Financial Services Company (5.15%) and Ruane, Cunniff & Goldfarb Inc. (5.10%) were the other institutions to hold more than 5% in the company.[18]


  1. ^ a b c "Preliminary Results 2018" (PDF). Hiscox. Retrieved 3 March 2019.
  2. ^ a b c d e f "History". Hiscox. Retrieved 31 May 2008.
  3. ^ "New Chairman Named By Lloyd's of London". The New York Times. 13 December 1966. Retrieved 3 June 2008.
  4. ^ Wynn, Sheridan (10 September 2006). "Business Interview: Robert Hiscox, Chairman, Hiscox". The Independent on Sunday. Retrieved 4 June 2008.
  5. ^ Eakin, Jan (22 July 1997). "The Market: Fall continues in heavy trading". The Daily Telegraph. Archived from the original on 12 September 2005. Retrieved 5 June 2008.
  6. ^ Cave, Andrew (23 December 1998). "US insurer buys stake in Hiscox". The Daily Telegraph. Archived from the original on 30 November 2005. Retrieved 5 June 2008.
  7. ^ Edwards, Simon (21 March 2001). "Hiscox rejects Chubb takeover". The Daily Telegraph. Retrieved 5 June 2008.
  8. ^ "Chubb sells Hiscox stake". Investors Chronicle. 16 April 2004. Retrieved 5 June 2008.
  9. ^ Seib, Christine (19 September 2006). "Omega to follow Hiscox to tax-free haven". The Times. London. Retrieved 5 June 2008.
  10. ^ Hiscox hands SEO account to VCCP Search. Retrieved 16 August 2009
  11. ^ "Hiscox announces Direct Asia acquisition". Post on line. Retrieved 28 March 2015.
  12. ^ "Doremus Launches 'Encourage Courage' Campaign for Hiscox Insurance". Adweek. Retrieved 28 March 2015.
  13. ^ "Hiscox Ltd Report and Accounts 2017" (PDF).
  14. ^ "Hiscox Ltd Report and Accounts 2018" (PDF).
  15. ^ "Hiscox Ltd Q1 2019 Trading Statement".
  16. ^ "Personal Insurance". Hiscox. Retrieved 9 June 2008.
  17. ^ "Commercial Insurance". Hiscox. Retrieved 9 June 2008.
  18. ^ "Investors: Major shareholders". Hiscox. Retrieved 12 April 2011.

External links[edit]