Lloyd's of London insurers may become targets for Bermuda-based rivals according to the chief executive of Hiscox.
According to reports, Bronek Masojada said that Lloyd's businesses have fared better this year than some of the Bermuda companies because they have better diversified business platforms and that these Bermuda players may re-evaluate their positions.
Masojada said that Bermuda operations may seek to limit their losses from catastrophes by diversifying the range of risks they underwrite. One solution to this would be buying Lloyd's insurers that cover a wide array of exposures.
He said potential acquirers would be among the "class of 2001" Bermuda companies that were set post 9/11. These include Aspen Insurance, Axis Capital and Montpelier Reinsurance among others.
But Bermudian insurers set up only this year may also look to buy at Lloyd's to limit their exposure to natural disasters, he said.
Hiscox did not rule out the possibility of it being an acquisition target itself.
