Hiscox has announced that agreement has been reached with Ascot on arrangements for it to offer renewal of certain insurance policies in Ascot's fine art business.

The policies, with an annual gross premium income of around $8m, were previously underwritten through Syndicate 1414 by Ascot.

The agreement follows a strategic decision taken by Ascot to withdraw from certain aspects of the business following the departure of Ascot's fine art underwriter.

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