Hamilton, Bermuda (21 December 2021) – Hiscox Ltd (LSE:HSX), the international specialist insurer, today announces the appointment of Paul Cooper as Group Chief Financial Officer, subject to regulatory approval.
Paul has over 25 years financial services experience including across both the retail and Lloyd’s insurance markets. He is currently Interim Group CFO at M&G Plc, the FTSE 100 asset manager and life insurer, where he is responsible for the planning, implementation, and management of all finance activities. He is also CFO for The Prudential Assurance Company.
Prior to M&G, Paul held a number of senior roles in financial services including at Lloyd’s insurer Canopius where he was Group CFO, becoming CEO of the Managing Agency in 2017. Paul served as Finance Director for Hiscox UK and Europe from 2006-2011 during a key phase in its growth. He was an insurance partner at Ernst & Young LLP from 2011-2013 and trained as a chartered accountant at PricewaterhouseCoopers.
Aki Hussain, Hiscox Group CEO designate, said: “The depth and breadth of Paul’s insurance knowledge makes him a great addition to the executive team. His broad commercial acumen as well as his audit, regulatory and capital markets experience will help us capture the many opportunities ahead. I am very pleased Paul is joining Hiscox and look forward to welcoming him back.”
Paul Cooper added: “I am delighted to be returning to Hiscox. The Group has a fantastic heritage and an exciting future. Market conditions are excellent and there is significant opportunity for profitable growth in all of the Group’s major markets. I look forward to building on this in the months and years ahead.”
Paul’s start date will be confirmed in due course, and at that time he will join the Hiscox Ltd Board. He is currently a board member of the ABI and a non executive director of Aspen Insurance UK Ltd and Aspen Managing Agency Limited.
As announced on 18 November Liz Breeze will act as Hiscox Group CFO from 1 January 2022 on an interim basis.
For further information:
Investors and analysts
Marc Wetherhill, Group Company Secretary +1 441 278 8300
Yana O’Sullivan, Group Head of Investor Relations, London +44 (0)20 3321 5598
Kylie O’Connor, Group Communications Director, London +44 (0)20 7448 6656
Simone Selzer, Partner, Brunswick +44 (0)20 7404 5959
Notes to editors
Paul will receive an annual salary of £525,000 and a pension allowance of 10% of salary, which is consistent with the wider UK 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. His maximum bonus opportunity will be set at 300% of salary, with a 2022 PSP award of up to 250% of salary to be awarded shortly after joining.
Paul will also receive awards to compensate for remuneration arrangements forfeited on leaving his previous employer. These will remain subject to performance conditions where appropriate and mirror the form and time horizons of forfeited awards.
All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in 2020. Further detail will be set out in the Directors' Remuneration Report.
There are no other details that are required to be disclosed in respect of the appointment of Paul Cooper under 9.6.13R of the Listing Rules of the Financial Conduct Authority.
Paul David Cooper is Interim Group Chief Financial Officer of M&G Plc. Paul also serves as CFO for The Prudential Assurance Company. In the past he occupied the position of Group Chief Financial Officer at Canopius AG, Group Chief Financial Officer & Director at Arrow Global Group Plc, Finance Director at Hiscox Insurance Company and Partner at Ernst & Young LLP. In addition, he is a board member of the ABI and a non executive director of Aspen Insurance UK Ltd and Aspen Managing Agency Limited.
Paul is a qualified Chartered Accountant, having trained with PricewaterhouseCoopers. He holds a BA degree in Economics from Manchester University.
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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