Wednesday, 17 January, 2018

Insurance: Hiscox sets up European subsidiary in Luxembourg

Insurance: Hiscox sets up European subsidiary in Luxembourg Insurance: Hiscox sets up European subsidiary in Luxembourg
Laurie Berry | 10 May, 2017, 01:39

Earlier this month, Luxembourg, already a major asset management and financial services hub in Europe, said it was in talks with firms including banks, asset managers, insurance companies and fintech companies which wanted to set up shop.

The insurer said its European business comprises 350 staff, across seven of the EU countries, including offices in Paris, Frankfurt and Amsterdam.

Hiscox said it would hire a team in Luxembourg covering core functions such as compliance, risk and internal audit in Luxembourg to complement its existing structure.

Hiscox had shortlisted Luxembourg and Malta as potential EU bases but said on Tuesday that Luxembourg had been chosen for its pro-business position, strong regulatory base and central European location.

The process of establishing the new unit will begin immediately, the firm said, with completion expected in advance of March 2019 in order to "ensure a seamless transition for our customers, brokers and business partners".

Record turnout expected as South Korea votes for new leader
He also calls for the United States to bring back tactical nuclear weapons to South Korea after withdrawing them in the 1990s. Moon's comfortable margin of victory belies a deep ideological and generational divide in the country of 51 million people.

The company had told Reuters in February that it was in talks with regulators in Luxembourg and Malta over setting up a new insurance base to service European Union clients after Britain leaves the bloc.

The company made the Luxembourg announcement alongside first quarter results, which showed gross premiums rose 17% to £751.2 million.

Commenting on rates, the company noted that in 2017 so far, there has been "no improvement in the rating environment in big-ticket business, where a continuation of a lack of major loss events, excess capital and strong competition continues to put pressure on rates".

“Hiscox London Market continues to face challenging conditions. Hiscox Re and ILS are finding opportunities.

Hiscox Re and the ILS business saw “single-digit rate decreases across the board” during January renewals, Hiscox said. Downward pressure was stronger in the global book, while declines in United States property reinsurance rates have slowed. "We remain disciplined and are carefully navigating our way forward", said Chief Executive Bronek Masojada. "In specialty and casualty reinsurance rates are relatively flat".

Recommended

  • South Koreans vote for new president

    She denies wrongdoing - although she has repeatedly apologised - and is standing trial on charges of bribery and abuse of power. Mr Moon wants to increase contact with the North in contrast to ex-leader Park Geun-hye who cut nearly all ties.
    Euro strengthens as 'pro-business' Macron wins French presidency

    Euro strengthens as 'pro-business' Macron wins French presidency

    Her tie-up with Nicolas Dupont-Aignan was seen as ending the FN's pariah status among parties closer to the mainstream. The voters of France acted responsibly and decently on Sunday. "I will be at the head of this combat", she said.
    Paul Ryan visits New York school run by charter advocate

    Paul Ryan visits New York school run by charter advocate

    Harlem resident Mildred Rotondo told the Observer , "I feel great, girl"-meaning that she wasn't intimidated by Ryan's presence". Moskowitz announced in November that she was taking herself out of the running to serve as education secretary.
  • Trump to embark on maiden visit to Vatican, Israel, Saudi Arabia

    Trump to embark on maiden visit to Vatican, Israel, Saudi Arabia

    Moreover, his choice of early stops upended recent presidential tradition of visiting Canada or Mexico before venturing elsewhere. Officials say the Saudis started the conversation after the election - saying they saw opportunities with Trump and his vision.

    SU history teacher explains the history of Cinco de Mayo

    Cinco de Mayo in the United States marks the anniversary of the Battle of Puebla in 1862, a tradition initiated by George W. Former president Obama had hosted his Cinco de Mayo festivity each and every year during his presidency.

    AAP lied about funds to EC: BJP

    I am going to file FIRs against the person from whom I have learned to fight against corruption and to take a stand for the truth. Widening his net on Tuesday, suspended AAP leader Kapil Mishra levelled fresh allegations against the party leadership.
  • Paris Police Move 1600 from Refugee Tent Camps

    Paris Police Move 1600 from Refugee Tent Camps

    More than 1.1 million refugees, majority fleeing war and poverty in the Middle East and North Africa, flocked to Europe in 2015. Last November, police cleared a camp located near Paris' Stalingrad metro station, where 3,800 migrants were living.
    Conte says Spurs have had title advantage over Chelsea

    Conte says Spurs have had title advantage over Chelsea

    We must be ready to fight, ready to find the right way to take three points". Conte's men play Middlesbrough on Monday and West Brom on Friday.
    Chaos at Florida airport after Spirit flights canceled

    Chaos at Florida airport after Spirit flights canceled

    In a statement , Spirit officials said they're "shocked and saddened" by the Fort Lauderdale mayhem, according to NBC Miami . The pilots' group said it wasn't engaged in a job action, adding that its members were trying to help restore operations.
  • More severe storms hit South

    Anyone who is found injured is taken to Canton High School where a triage center was set up and ambulances are on standby. Threats for severe thunderstorms and possible tornadoes are in place for most of the states in the region till Monday.

    GOP's new health care plan will only hurt consumers, experts say

    Under the AHCA, an insurance company would not be able to deny insurance coverage to someone due to their pre-existing condition. Chris Collins of NY , admitted publicly to not reading the entire GOP health care bill before voting on it.

    'Of no interest to Milan' - Mirabelli denies scouting Madrid's Morata

    The Blues chief is urging the Chelsea board to back his judgement ahead of next season's push to land the Champions League crown. He may face further frustration tonight when Real face Atletico in their Euro semi-final second leg at the Vicente Calderon.

Tom Price defends Medicaid cuts in new health care bill On Sunday, he urged Republican senators to not fail the American people. Price commented on CNN's " State of the Union ". Priebus was on "Fox News Sunday".

Towergate's owners to create new United Kingdom insurance broking group Towergate's owners to create new United Kingdom  insurance broking group Rescued insurer Towergate is to merge with four other businesses in a deal that will form one giant new player in the United Kingdom insurance industry.

British PM May vows energy price cap if re-elected British PM May vows energy price cap if re-elected Theresa May has decided that an energy cap fits her political goal and has confirmed she will wear it into this election campaign. Introducing a cash limit is the most radical of options that had been under consideration by the government.

Car bomb in Thailand's Muslim-dominated south wounds dozens Car bomb in Thailand's Muslim-dominated south wounds dozens The likely culprits are Muslim insurgents, fighting to separate the deep south from the rest of Buddhist Thailand. The explosion occurred at one of Thailand's Big C shopping centers, a major grocery and retail chain.

Macron wins French vote for presidency Yes, Emmanuel Macron, the president-elect who won almost two out of three votes cast Sunday, portrayed himself as an outsider. If he can tackle all these ambitious tasks successfully there is a fair chance that he may help in uniting the French people.

Health chief defends cutting nearly $1T from Medicaid The agency said an earlier version of the Republican proposal would leave 24 million people without insurance in 10 years. "They are going to be living in the emergency rooms again", potentially driving up health care costs, Kasich predicted.

FIFA request info from Manchester United in look into Paul Pogba's transfer FIFA request info from Manchester United in look into Paul Pogba's transfer Though FIFA were keen to stress this is not a formal investigation, they have confirmed they are looking into the matter further. Juventus are first in the Italian Serie A as they are inches awy from winning a 6th consecutive league title.

Eating dairy does not raise risk of death, study finds Eating dairy does not raise risk of death, study finds The findings suggest fermented dairy products may even potentially slightly lower the risk of having a heart attack or stroke.

National Football League announces New Orleans Saints preseason game times National Football League  announces New Orleans Saints preseason game times That is the only chance for the national audience to check out Myles Garrett, Jabrill Peppers and the ballyhooed rookie class. We've known about the opponents for a considerable amount of time, but were given roundabout dates for some matchups.

Lawsuit accuses Minnesota bishop of suppressing abuse report Lawsuit accuses Minnesota bishop of suppressing abuse report Bishop Michael Hoeppner and the Diocese of Crookston are being sued for coercion in connection with a child sex abuse case. Benedict Monastery in Crookston, but has been suspended from all public priestly activity until this matter is resolved.

Chris Froome knocked off bike by hit-and-run driver during training Chris Froome knocked off bike by hit-and-run driver during training A picture shows the bike's wheels buckled and warped with the saddle twisted following the incident - although he was unharmed. Anti-Froome banners have also been seen along the Tour de France circuit while he even had urine thrown in his face in 2015.

Global rollout of LG X power2 begins this month Global rollout of LG X power2 begins this month Just like the X-Men that LG tries to tie up with, each LG X exhibits a single distinct feature inspired by a flagship feature. Other specifications on the handset include a choice of 1.5GB or 2GB of RAM, 16GB of storage and a microSD card slot.

Teacher accused of kidnapping teen in court in Tennessee Teacher accused of kidnapping teen in court in Tennessee Federal prosecutors filed a motion Tuesday asking that Cummins be detained until his trial. A detention and preliminary hearing has been set for Friday at 1 p.m.

De Niro rips arts cuts in Trump budget De Niro rips arts cuts in Trump budget He told Behar that his comments were "only a symbolic thing", adding that "it wasn't like I was going to go find him and punch him in the face".

New York Rangers know that Ottawa can't handle physical play The Rangers have scored first in every game and have outscored the Senators 18-15, including 4-1 on special teams. Henrik Lundqvist remains a steady presence in net for the Rangers and he should give NY a chance to win today.