Hiscox is fully operational in Bermuda and open for business. The new wholly-owned Bermudan insurance company, with $500m of capital in place, will underwrite a balanced portfolio of catastrophe reinsurance and internal group reinsurance.
Hiscox said the Bermudan operation is staffed by a team transferred from the head office in London. It said it plans to write $325m business in Bermuda next year, in addition to the $1.7bn in business the Hiscox Group will write in 2006.
Hiscox Bermuda chief executive, Robert Childs said: "We have a professional, experienced team on the ground in Bermuda with a proven track record and we are already seeing submissions from the reinsurance broking community. This is a new, exciting initiative for Hiscox."
