Insurer focuses on the US
Hiscox has made 10% of its Bermuda operation redundant as it looks to re-focus on its US business. The specialist insurer will open five more offices in the US by the end of next year and strengthen a number of its US-based teams, including terrorism, media and technology. Hiscox will close its Bermuda specialist reinsurance and insurance team, less than a year after it was established. The three members of the team have been made redundant. The insurer’s treaty reinsurance business in Bermuda, which has 27 staff, will continue to operate.