NU Online News Service
Hiscox plc, a U.K. provider of specialty insurance, today announced the opening of Hiscox USA–its first underwriting operation in the United States–offering professional liability coverage to small and midsized businesses.
In the announcement, Hiscox identified the target businesses as those outside the Fortune 1000.
Hiscox said that professional liability business will be distributed through U.S. regional brokers.
The company noted it has been in business for 100 years, covering large internationally-traded businesses with specialty insurance. Hiscox said that its professional liability offerings to small and midsized businesses will fill in the gaps that "one-size-fits-all" business insurance policies often ignore.
Plans are to extend product offerings to include terrorism, technology, media, telecom and fine art insurance within the next six months, Hiscox added.
Robert Childs, chairman of Hiscox USA, said, "While the United States already accounts for 40 percent of Hiscox's business, primarily through our Lloyd's business, we want to expand our footprint in the U.S. market."
Ed Donnelly, president of Hiscox USA, said the U.S. operation, already incorporated into the United States with a staff of 15 underwriters in Armonk, N.Y., is "ready to do business."
Hiscox is not the only London-based specialty lines business to set up shop in the United States in recent years. Late in 2004, Beazley Group plc started a U.S. operation in Connecticut and started writing business last March, also targeting small and middle-market professional liability business.
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