London, UK – Hiscox, the international specialist insurer, will this month launch a trial of the RI3K trading service for part of its 2009 reinsurance purchases.During the trial, Hiscox is asking brokers to place a portion of its reinsurance program via RI3K. Participating brokers include Benfield, Willis and Guy Carpenter. Aon, who also places reinsurance for Hiscox, already uses the RI3K service. If the test is successful, Hiscox will next year use the exchange to place the majority of its reinsurance program.
The trial builds on Hiscox’s current use of the exchange to transact some of its property, marine and reinsurance business, underwritten through Syndicate 33.
Bronek Masojada, Chief Executive Officer, Hiscox said: “We continue to explore opportunities where electronic trading can support our business. I think that electronic trading of insurance and reinsurance is inevitable. Over time, we hope that such initiatives will help us create efficiencies within our business and support our work on placement transparency and contract certainty."
Alex Letts, Chief Executive, RI3K, said: “This is early days in the Hiscox trial, so the L-plates remain firmly on, but this is nevertheless a powerful message to the industry. Hiscox is not sitting on its hands, but has decided to get empirical evidence of its own about how electronic trading can help increase certainty and reduce risk around the trading process."
ENDS
For further information:
Hiscox Ltd
Rebecca Olejnik, Group Communications Manager +44 (0) 207 448 6332
Notes to editors
About Hiscox
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox Global Markets, Hiscox UK and Europe and Hiscox International. Hiscox Global Markets underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited and Hiscox Syndicates Ltd are regulated by the Financial Services Authority. For further information, visit www.hiscox.com.