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Richard Watson will step down as chief underwriting officer of Hiscox Ltd. on Dec. 31.
Mr. Watson, who has been with the insurer for 33 years, will continue as an advisor and serve on subsidiary boards, the Hamilton, Bermuda-based company said in a statement Thursday.
A successor will be announced following a review of internal and external candidates, the company stated.
Prior to becoming chief underwriter, Mr. Watson was CEO of Hiscox Global Markets and CEO of Hiscox USA.
“Richard’s instinct, determination and straightforward approach epitomizes the underwriting culture that lies at the heart of Hiscox,” Bronek Masojada, group chief executive, said in the statement. “He has steered us through a period of profound change in the rating environment and developed a first class underwriting function in the Group.”
(Reuters) — Lloyd’s of London insurer Hiscox Ltd. on Monday reported a profit for the year that beat market expectations and said its business was ready for Britain’s planned departure from the European bloc.