Hiscox

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 |access-date=31 May 2008}} 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=https://www.nytimes.com/1966/12/13/archives/new-chairman-named-by-lloyds-of-london.html|title=New Chairman Named By Lloyd's of London|date=13 December 1966|work=The New York Times|access-date=3 June 2008}} 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=https://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|access-date=4 June 2008}}

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=https://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 |access-date=5 June 2008 |archive-url=https://web.archive.org/web/20050912202219/http://www.telegraph.co.uk/htmlContent.jhtml?html=%2Farchive%2F1997%2F07%2F22%2Fcxmktrep.html |archive-date=12 September 2005 |url-status=dead }} Following the purchase of a 28% stake in the company by Chubb Corporation in 1998,{{cite news|url=https://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 |access-date=5 June 2008 |archive-url=https://web.archive.org/web/20051130113637/http://www.telegraph.co.uk/htmlContent.jhtml?html=%2Farchive%2F1998%2F12%2F23%2Fcnhis23.html |archive-date=30 November 2005 |url-status=dead }} the company fought to remain independent, successfully rebuffing two takeover offers by 2001.{{cite news|url=https://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|access-date=5 June 2008}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}} 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|access-date=5 June 2008}}

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.{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article643489.ece|archive-url=https://web.archive.org/web/20110612053104/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article643489.ece|url-status=dead|archive-date=12 June 2011|title=Omega to follow Hiscox to tax-free haven|last=Seib|first=Christine|date=19 September 2006|work=The Times|access-date=5 June 2008 | location=London}} 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".[http://www.utalkmarketing.com/pages/Article.aspx?ArticleID=14154&Title=Hiscox_hands_SEO_account_to_VCCP_Search Hiscox hands SEO account to VCCP Search] {{Webarchive|url=https://web.archive.org/web/20090608164806/http://www.utalkmarketing.com/pages/Article.aspx?ArticleID=14154&Title=Hiscox_hands_SEO_account_to_VCCP_Search |date=8 June 2009 }}. Retrieved 16 August 2009

File:The Hiscox Building, Stonebow, York (29th August 2020).jpg.]]

In March 2014 Hiscox acquired direct-to-consumer online operation DirectAsia{{cite web|url=http://www.postonline.co.uk/post/news/2331786/hiscox-announces-direct-asia-acquisition|title=Hiscox announces Direct Asia acquisition|date=3 March 2014 |publisher=Post on line|access-date=28 March 2015}} and in October 2014 Hiscox USA launched a new brand platform "Encourage Courage".{{cite web|url=http://www.adweek.com/news/advertising-branding/business-insurer-surprisingly-applauds-risk-taking-161048|title=Doremus Launches 'Encourage Courage' Campaign for Hiscox Insurance |work=Adweek|date=28 October 2014 |access-date=28 March 2015}}

In 2020, Hiscox forecast its Covid-19 claims would reach $387m net of reinsurance. In January 2021 it added a further $48 million to its estimate for COVID-19 losses. This followed the UK Supreme Court’s ruling in favour of Hiscox customers who had challenged the company’s decision to exclude coronavirus-related disruptions from its business interruption policies. One of the judges, Lord Briggs said, commenting on the insurers' argument, "The cover apparently provided for business interruption caused by the effects of a national pandemic type of notifiable disease was in reality illusory, just when it might have been supposed to have been most needed by policyholders."{{cite web|url=https://news.sky.com/story/covid-19-supreme-court-backs-small-firms-over-business-interruption-insurance-claims-12188322|title=COVID-19: Supreme Court backs small firms over business interruption insurance claims|date=15 January 2021|publisher=Sky News|access-date=17 February 2022}} "That outcome seemed to me to be clearly contrary to the spirit and intent of the relevant provisions of the policies in issue."{{Cite web|last=Guerry|first=Yannick|title=Rate rises fuel premium income growth for Hiscox|url=https://www.insurancetimes.co.uk/news/rate-rises-fuel-premium-income-growth-for-hiscox/1435263.article|access-date=2021-01-16|website=Insurance Times|language=en}}{{Cite web|date=2021-01-15|title=Hiscox adds $48mn to Covid-19 BI losses following Supreme Court judgement - Reinsurance News|url=https://www.reinsurancene.ws/hiscox-adds-48mn-to-covid-19-bi-losses-following-supreme-court-judgement/|access-date=2021-01-16|website=ReinsuranceNe.ws|language=en}}{{Cite web|date=2021-01-15|title=Small businesses win Covid insurance payouts after UK supreme court victory|url=http://www.theguardian.com/business/2021/jan/15/small-businesses-win-covid-insurance-payouts-after-uk-supreme-court-victory|access-date=2021-01-16|website=The Guardian|language=en}}

In August 2020 Hiscox’s Ben Walter maintained that its reputation was unaffected by its handling of business interruption claims from UK small businesses,{{Cite web|url=https://www.postonline.co.uk/commercial/7662616/no-evidence-of-reputation-hit-to-business-says-hiscox-global-retail-ceo|title=No evidence of reputation hit to business, says Hiscox global retail CEO: Post online|date=3 August 2020 |access-date=2020-08-03}} but Chief Executive Bronek Masojada said in Hiscox’s 2020 preliminary results “Hiscox has undoubtedly suffered some brand damage this year.”.{{Cite web|url= https://www.hiscoxgroup.com/sites/group/files/documents/2021-03/Hiscox_Ltd_preliminary_results_31_December_2020.pdf|title=Hiscox preliminary results 2020}}

Fast forward to 2023 and the annual report said “The UK broker commercial business continued to enjoy excellent retention, illustrating the underlying quality of the business and the loyalty of our customers. However, new business growth was below Management expectation, particularly in the fourth quarter. This was primarily due to a delay in the activation of several broker distribution deals signed in the latter part of the year.” {{cite web |title=Hiscox 2023 annual report |url=https://www.hiscoxgroup.com/sites/group/files/2024-03/Hiscox_report_and_accounts_2023_1.pdf}}

Extinction Rebellion and other environmental campaign groups targeted Hiscox in March 2024.{{Cite web|title=Manchester campaigners join global fight demanding insurers take action on climate |url=https://aboutmanchester.co.uk/manchester-campaigners-join-global-fight-demanding-insurers-take-action-on-climate/ |access-date=22 May 2024|date=1 March 2024 |website=About Manchester |language=en-GB}}

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|access-date=9 June 2008}} For companies, cover types include property, marine, aerospace, professional indemnity, hacker, product recall 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|access-date=9 June 2008}}

{{reflist}}

• [http://www.hiscoxgroup.com Official corporate website]

{{FTSE 100 Index constituents}}

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Category:Financial services companies established in 1901

Category:Insurance companies of Bermuda

Category:1901 establishments in England

Category:Companies listed on the London Stock Exchange

Category:Companies in the FTSE 100 Index