Hiscox shuffles two executives as it concentrates on global retail

The FTSE 250 company said Ben Walter, CEO of Hiscox USA, would relocate to London to take up the newly-created role of CEO at Hiscox Global Retail, with effect from 1 July.

Walter would lead the Group's retail operations, including Hiscox UK & Ireland, Hiscox Europe, Hiscox USA and Hiscox Special Risks.

The Hiscox board said he would focus on driving product innovation and growth across the group's retail operations, where it saw “plenty of opportunity”.

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

Continuing to build the Hiscox brand and presence in the US market would be “critical” to its success, the board explained.

Langan would 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.

It said he would also remain chief marketing officer for the group.

“Hiscox's growth in retail markets, particularly over the last 10 years, has changed the shape of our business,” said group chief executive officer Bronek Masojada.

“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.”

Masojada said the company’s retail businesses spanned 12 countries, and were at different stages of their journey although they shared 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.”

Both Walter and Langan would remain on the executive committee, and Hiscox said it would begin the process of recruiting a new UK & Ireland CEO in the autumn.