Hiscox Global Markets has reduced its presence in segments such...
Hiscox will today announce that Sir Mervyn Pedelty and Adrian Auer are to join the board as non-executive directors on 1 July 2005.
At its general meeting Hiscox will also announce the retirement of Stephen Hall as a non-executive director at the end of the year after 10 years on the board.
The company is expected to report a good start to the year despite more competitive market conditions.
Hiscox Global Markets has reduced its presence in segments such as big ticket property and non-US catastrophe reinsurance, where rates have eased.
In a statement today it said there will be a reduction of Syndicate 33's capacity for 2006 to £650m from £775m in 2005.
Hiscox UK has shown strong profitability in the first half, it said, adding that conditions remain stable in high net worth personal lines.
Hiscox said it would continue to target smaller risks in professions and the specialty commercial market given the pricing pressure at the top end of the market.
