Hiscox reveals management restructure to tap retail market growth

Specialist insurer Hiscox is changing its group management structure to build on growth momentum in its retail businesses, according to a Feb. 8 press release.

As part of the move, the company has made two senior appointments, and will begin the process of recruiting a new UK & Ireland CEO in the Autumn.

Ben Walter, CEO of Hiscox USA, will relocate to London to take up the newly created role of CEO Hiscox Global Retail, with effect from July 1, 2018. 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, where Hiscox sees plenty of opportunity.

Steve Langan, CEO of Hiscox UK & Europe, will relocate to New York to take up the role of CEO Hiscox USA, also effective from July 1, 2018. 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.

Commenting on the announcement, Bronek Masojada, Hiscox group CEO, said: "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."

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