THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
Hamilton, Bermuda (21 July 2021): Specialist global insurer Hiscox announces today that after 21 years as Group Chief Executive, Bronek Masojada has informed the Board of his intention to retire at the end of the year. Following a thorough succession process, the Board is delighted to announce that it has appointed Aki Hussain, currently Group Chief Financial Officer, as Group Chief Executive from January 2022, subject to regulatory approval.
Robert Childs, Hiscox Group Chairman, commented: “I would like to thank Bronek for his outstanding contribution to the Hiscox Group. His energy and passion to move the business forward has resulted in three decades of strong growth and transformed Hiscox into a leading diversified specialist insurer with a great future ahead of it.
“We are delighted that Aki will be our new CEO and the Board were unanimous in endorsing this appointment. Aki’s ambition, drive and knowledge of the Hiscox Group, combined with his many years’ experience delivering for a variety of financial services organisations, makes him well placed to capture the many opportunities ahead.”
Bronek Masojada, Hiscox Group Chief Executive Officer, commented: “It has been an incredible privilege to lead Hiscox and be part of its journey over the last 28 years. The business is on a very strong footing with market conditions the best we have experienced for many years and the time is right to hand over to new leadership. I have worked closely with Aki for the last five years, and his impressive banking, telecoms and media experience make him a great choice to lead the business.
“I look forward to delivering our half year results on the 3rd of August and building on the strong performance we set out in the Q1 trading update.”
Aki Hussain, Hiscox Group Chief Financial Officer, commented: “I am honoured to be taking over the leadership of this dynamic company. I am excited about the long term potential of our business, we have exceptional talent, a market leading position and a strong balance sheet.
“I would also like to thank Bronek for getting us here. The Group’s strategy of balance and diversification creates opportunities across all our business divisions. In big-ticket lines where rates are hardening, we have market-leading operations with decades of underwriting pedigree, while our long-term investment in digital trading means we are well poised to benefit from the explosive opportunity in retail."
Bronek will remain in place until the end of the year allowing for a smooth transition while a search for a new Group CFO is conducted.
Aki’s appointment followed a full and independent process led by the Nominations and Governance Committee, supported by a leading search firm. This involved a global search and the assessment of internal and external candidates.
After working for McKinsey & Co, Bronek joined in 1993 as Managing Director when Hiscox was a Lloyd’s underwriter, with fewer than 200 people in one location. Hiscox listed on the London Stock Exchange in 1995 with a market cap of £150 million. Bronek was appointed CEO in 2000 and by 2020, mainly through sustainable, organic growth Hiscox had become a balanced international insurance Group with a market cap of around £3 billion. During his tenure Hiscox has pursued a diversification strategy, and established itself as a leading multi-market, multi-channel insurance and reinsurance company. Under Bronek’s leadership, Hiscox has built leading digital insurance businesses in the UK, US and Europe which now account for nearly $600 million of gross written premiums. Throughout his career he has championed the modernisation of the insurance industry, serving as Deputy Chairman of Lloyd’s, President of the Insurance Institute of London and Master of the Worshipful Company of Insurers. He has been on the Board of the Association of British Insurers since 2012. He is currently Alderman for the Ward of Billingsgate in the City of London.
Aki joined Hiscox in 2016 as Chief Financial Officer for the Group. He was appointed to the Hiscox Board in 2016 and is also Chair of Hiscox Re & ILS. He is responsible for ensuring the Group’s ongoing capital strength, overseeing the Group’s investment portfolio of $7.63 billion and leading a team of 250 finance experts across multiple geographies. Recently, Aki successfully delivered a complex, multi-year finance transformation programme to overhaul outdated legacy systems and vastly improve financial insight and reporting across the Group.
Aki has over 15 years of financial services experience gained across insurance, accounting and banking. Prior to joining Hiscox, he was Chief Financial Officer of Prudential plc. UK & Europe. He has also held a number of other senior roles in the financial services, media and telecoms sectors, serving as Finance Director for the Consumer Bank division at Lloyds Banking Group, and Finance Director for the Consumer division of NTL (now Virgin Media).
Aki is also a Chartered Accountant, having trained with KPMG. Aki has a BA degree in Accounting and Finance from the University of Leeds, an ACA from the Institute of Chartered Accountants in England and Wales and is a Fellow of the ICAEW. In addition, he serves as an Independent Non-Executive Director and Audit Committee Chair at Visa Europe Limited.
The notifications set out above are made in accordance with the UK version of the EU Market Abuse Regulation (2014/596/EU) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. This announcement is being made on behalf of the Company by Marc Wetherhill, Group Company Secretary.
For further information:
Kylie O’Connor, Group Communications Director, London +44 (0)20 7448 6656
Tom Burns, Brunswick +44 (0)20 7404 5959
Simone Selzer, Brunswick, +44 (0)20 7404 5959
Investors and analysts
Yana O’Sullivan, Group Head of Investor Relations, London +44 (0)20 3321 5598
Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8300
Notes to editors
1. Aki Hussain will receive an annual salary of £750,000 and a pension allowance of 10% of salary, which is aligned to the pension allowance for the Group's workforce. He will be able to participate in the Company's existing annual incentive plan and long-term incentive plan, consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in 2020.
2. Remuneration arrangements relating to the departure of Bronek Masojada will be in accordance with the Remuneration Policy approved by shareholders at the Company's AGM in 2020 and will be disclosed in the Directors' Remuneration Report to be contained in the Company's Annual Report and Accounts for the year ending 31 December 2021.
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that.
For more information, visit www.hiscoxgroup.com.
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