High net worth insurer Chubb Europe has not ruled out looking for another acquisition, after a failed bid for rival Hiscox earlier this year.

Personal lines manager for the UK and Ireland John Sims told Insurance Times the insurer was still "looking to grow aggressively".

He said Chubb, which has operated in the UK for five years, had been investing ahead of time to ensure it would boost its 40,000 policyholders in the next year.

"There is nothing to suggest that we will not still continue to look for acquisitions," he said.

In January, the company, which owns 28% of Lloyd's insurer Hiscox, put in a £310m bid to buy the remaining 72%.

The offer was rebuffed after the Hiscox board said it "significantly undervalued" the company.

Sims said he would be watching with interest the new entrants to the high net worth market, Groupama and Zurich.

He said: "It is good to have competition and it would be bad for brokers if we were a monopoly.

"But in high net worth, you have to pay claims perfectly from day one, as you do not get a second chance. That is why lots of companies have dabbled in it and failed."