Hiscox Limited - Appointment of Joint Active Underwriter
Argenta Comment: We congratulate Paul on his appointment to this new role and wish him every success. The bifurcation of the London market team into insurance and reinsurance divisions is a reaction to the rapid pace of change within the reinsurance sphere and the emergence of new forms of competition from the insurance linked securities sector.
HISCOX PRESS RELEASE
Hamilton, Bermuda (22 April 2013) -- Hiscox (LSE:HSX), the international specialist insurer, today announced changes to its Hiscox London Market business and Syndicate 33.
Paul Lawrence will become Chief Underwriting Officer of Hiscox London Market Insurance, a newly created division, and joint Active Underwriter of Syndicate 33 alongside Russell Merrett. Russell will continue leading the London Market Reinsurance business and Paul will join Russell on the Board of Hiscox Syndicates Limited. Paul’s appointments are subject to regulatory approval.
This separation of insurance and reinsurance product lines will allow Paul to oversee the growth and development of the London Market Insurance lines (Property, Casualty, Marine & Energy, and Aviation, Space & Specialty). Hiscox is exploring how its London and Bermudian reinsurance teams can work more closely together (while operating within requisite regulatory, legal and tax frameworks) to take advantage of market opportunities. Hiscox aims to have a new reinsurance structure in place in time for the January 2014 renewal season.
Paul Lawrence has worked at Hiscox since 1992, most recently as Head of Property but also within the personal accident, contingency, fine art, classic cars, UK and European household teams.
Sasa Brcerevic will also join our London Market Insurance team in June as Chief Operating Officer. Sasa will move from his current role as Head of Field for Hiscox USA. In his new role, Sasa will be responsible for the non-underwriting functions of this business including claims, HR, operations and IT as well as insurance broker relations. Sasa joined Hiscox in May 2011, prior to this he worked for the Boston Consulting Group.
Bronek Masojada, Hiscox Chief Executive, commented: “The changes we are making within the London Market business are designed to help us develop greater client focus and respond with speed to market opportunities. Paul has shown great leadership and discipline while navigating our Property division through tough trading conditions, skills that will help him take our London Market Insurance lines to the next level.
“Sasa Brcerevic is an excellent addition to our London Market team and brings with him great strategic thinking and detailed knowledge of the US insurance market.”