Hiscox's head of marine and energy, Simon Williams, has left the company, according to a spokesperson. The Bermuda-based insurer didn’t provide any further comment regarding his replacement.
Marine and energy line of business represented 5% of Hiscox’s total group controlled income of £2.67bn in 2016. Hiscox’s marine and energy business is one of the most challenged divisions, the company said in the annual report, adding that it continues to deliver “excellent” profits.
The marine and energy liability and hull accounts were broadly flat in 2016, with some reductions in the upstream energy book. Due to rate reductions, a lack of new business and the continuing depression in oil prices, Hiscox is actively managing its business in these lines. The cargo team hired in 2016 is bringing Hiscox new opportunities, the company said, adding that it plans to “cautiously” grow the business in 2017.