Simon Williams, Hiscox London Market head of marine and energy and chairman of the IUMI Offshore Energy Committee, has left Hiscox, the company has confirmed. Williams was reported to underwrite a maximum line size of around $80m. Williams was also chairman of the Lloyd’s Market Association’s Joint Rig Committee until 2011.
Marine & Energy made up 5% of Hiscox Group’s £1.67bn in net earned premiums for 2016, but the company’s latest annual report accepted that marine & energy was one of its most challenged divisions, although it added that the sector was still producing excellent returns. ” Due to rate reductions, a lack of new business, and the continuing depression in oil prices, we are actively managing our business in these lines. The cargo team we hired in 2016 is already bringing us new opportunities and we will cautiously grow in 2017. We have avoided some of the large cargo losses in the market”, the group said.