Hiscox now has a shortlist of two for a new EU base and says Brexit is unlikely to impact the firm strategically. 

The insurer revealed record annual results this week, with profits soaring and its retail operations growing to represent half of the firm's business. The firm also revealed the two countries that could become its EU base post Brexit as either Malta or Luxembourg. 

Historically seen as a Lloyd's of London stalwart, half of Hiscox's business now comes from its retail arm, which has grown by double-digit percentages over recent years. 

Chief executive, Bronek Masojada said, "We're looking at Luxembourg and Malta. The European legal entity will be based in one of those two countries. This is a structural issue not a strategic issue. All we have to do is form a new insurance company. We've got two potential countries to do that in. That's going ahead full steam. I don't want to underestimate it but it's a largely mechanical process with lawyers and accountants at work."