Lloyd's insurer Hiscox has announced that Chubb Insurance has granted it the renewal rights of the insurer's book of continental European high net worth business.
The agreement has been reached in exchange for commission payments based on the actual amount renewed with Hiscox.
The deal will take effect from 1 May and the new business will form part of Hiscox's international retail operations.
Chubb has decided to re-focus its offering to the ultra high net worth sector (accounts with annual premiums of
Euro 10,000 or more) in mainland Europe.
Chairman Robert Hiscox said: "This deal is excellent news for Hiscox. It is in line with our strategy of developing our retail business in mainland Europe, where we believe there are huge opportunities for growth and profit."
