First move in motor market following recruitment of ex-Chubb lead motor underwriter
Hiscox UK is to make its debut in the motor market with the launch of its first product later this year.
The insurer will begin rolling out the high net worth (HNW)?private motor product, which will provide cover for multiple vehicles, from April. An official launch is slated for August.
The product will initially be available to existing household customers and new prestige vehicle accounts.
The new product is the insurer’s first move into the motor sector after recruiting former Chubb lead motor and household underwriter, Ashley Cole, last year.
At the time Hiscox said Cole would be responsible for building the insurer’s motor strategy to complement its core household high net worth offering.
Hiscox UK managing director, Steve Langan said: “A lot of people do this type of product already. We just want to do it better.”
At present Hiscox offers a classic cars product, which is mainly underwritten via its Lloyd’s business.
Langan added that Hiscox UK would look to segment its household book further in 2008 and build a greater understanding of its customer base. “At the moment it is a one-size-fits-all approach to HNW. But the needs of a City trader are different to a company director.”
Meanwhile, Chubb announced this week that it has appointed Steve McGuinness, formerly head of motor for the NIG brand at RBS Insurance, as its new personal lines motor manager.
No Dublin office this year for Hiscox
Hiscox UK managing director Steve Langan has ruled out opening an office in Dublin in 2008.
Langan said the company had yet to achieve sufficient scale in the region to justify opening an office. 'A Dublin office is not a priority at the moment,' he said.
Last year, the insurer had been considering whether to expand its regional presence with an office in the city.
Langan said the decision not to open a Dublin office was not just about business volumes, but also the balance of business between commercial and personal lines.
'We would want more commercial lines business in Ireland before we go there,Â said Langan.
HiscoxÃ¢â‚¬â„¢s nine UK regional offices are in Birmingham, Bristol, Colchester, Glasgow, Leeds, London, Maidenhead, Manchester and Tunbridge Wells.
It currently services the Irish market from its office in Scotland.