by Ben Cook

Chubb has granted Hiscox the renewal rights on a portion of its continental Europe high net worth business.

In return, Chubb will receive commission payments based on the amount renewed by Hiscox.

The agreement applies to Chubb's personal lines accounts with annual premiums of less than 10,000 (£6,960) in Belgium, France, Germany, Holland and Spain.

Chubb Europe president and chief executive Chris Giles said: "We have been concentrating our efforts on securing a good home for this important group of policyholders with a well-regarded provider."

The agreement will take effect from 1 May 2003 and the new business will form part of Hiscox's international retail operations.

Hiscox chief executive Bronek Masojada said: "The deal is very good news for our retail business in mainland Europe."

"We will provide a seamless service to those Chubb customers and brokers who transfer their business to Hiscox."