The development follows a series of strategic moves within the company, including the appointment of Sarah Bourdeau as the Head of Distribution in the US, a position she assumed a year ago. Bourdeau reports directly to Kevin Kerridge, the CEO of Hiscox USA.
In a statement provided to the press, Hiscox said: “The reorganisation reflects the changing shape of our business, which is prioritising customer service and utilising digital tools to support customer and partner journeys. This has resulted in a reduction of 42 roles. Where possible, impacted individuals have been offered the opportunity to work elsewhere in the business.”
Hiscox has been navigating a progressively competitive market landscape, with a particular focus on contractually mandated insurance policies purchased by businesses with one to five employees.
The news follows on from the report that AM Best has affirmed the A+ financial strength rating of Bermuda-based re/insurer Hiscox. The rating agency said it expects the company to continue its strong underlying performance despite suffering a net loss in 2022.
Last month Hiscox also released its seventh annual Cyber Readiness Report. The key finding from the report was that 53% of companies have admitted experiencing a cyber-attack, up from 48% last year. The median loss caused by these attacks is over $16,000, down from $17,000 last year. In the UK.
Author: Joanna England
