Hiscox has announced two senior appointments as the Group evolves its management structure to build on growth momentum in its retail businesses.

Current CEO of Hiscox USA, Ben Walter, will relocate to London to assume the newly created role of CEO Hiscox Global Retail.

Walter will lead the Group's retail operations including; Hiscox UK & Ireland, Hiscox Europe, Hiscox USA and Hiscox Special Risks.

He will focus on driving product innovation and growth across the Group's retail operations.

Present CEO of Hiscox UK & Europe, Steve Langan, will relocate to New York to take up his new role of CEO Hiscox USA.

Langan will focus on driving Hiscox USA's next phase of growth, drawing on his experience of building retail brands around the world, both at Hiscox and previously at Diageo and Coca Cola. He will also remain chief marketing officer for the Group.

Subject to regulatory and immigration approvals, both roles are effective from 1 July 2018.

Hiscox Group CEO, Bronek Masojada commented: "Hiscox's growth in retail markets, particularly over the last 10 years, has changed the shape of our business. We are no longer a Lloyd's player with retail operations on the side, and as our business evolves we need to be able to respond to the huge opportunity ahead.

"Our retail businesses span 12 countries and are at different stages of their journey, but they share similar challenges and opportunities such as brand building, leveraging scale and digitisation. These appointments will help us continue on our path of building a Group which can thrive at all stages of the insurance cycle."

Both Walter and Langan will remain on the executive committee and Hiscox will begin the process of recruiting a new UK & Ireland CEO later in the year.