Hiscox
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Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.
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Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity. -
Gross written premiums (GWP) for the reinsurance and ILS division increased by 6.1 percent for the first nine months of the year to reach $823.6mn.
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Joanne Musselle will take over from retiring CUO Richard Watson at year-end.
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Megan McConnell is moving to become CUO for Hiscox USA, with her London role replaced by Andrew Dolphin.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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The ILS fund, which contains insurance and reinsurance risk, continues to attract investors.
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The rate of increase has slowed since the start of the year.
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The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
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The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
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He became CUO in 2012, having also served in a range of roles including CEO of Hiscox USA, underwriter of Syndicate 33, and MD of Hiscox Global Markets.
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Firming market an opportunity for the growing ILS fund, according to the analysts.
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