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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Hiscox Ltd       

HISCOX LTD

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2011HISCOX LTD : Hiscox secures lower collateral
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Hiscox Ltd : Hiscox secures lower collateral

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11/22/2011 | 03:45am EDT



Hiscox secures lower collateral requirement from New York regulator



Hamilton, Bermuda (22 November, 2011) - Hiscox Insurance Company (Bermuda) Limited ("Hiscox Bermuda"), a subsidiary of the international specialist insurer Hiscox Ltd (LSE:HSX), has announced it has been awarded Certified Reinsurer status by the New York Department of Financial Services. Hiscox Bermuda's secure financial strength rating means it is now permitted to post collateral of 20% of loss reserves rather than 100%, as was previously required. 


New York is one of a number of US states to follow Florida's lead by reducing collateral requirements for non-US reinsurers that are highly rated and financially sound, with the intention of increasing available reinsurance capacity for US cedants. Hiscox Bermuda was permitted by the Florida insurance regulator to reduce its collateral requirements in October 2010.


Krystalle Tobin, Chief Financial Officer, Hiscox Bermuda, said: "We are delighted the New York Department of Financial Services has granted Hiscox Bermuda with Certified Reinsurer status. Reducing collateral requirements improves the reinsurance market for local insurers looking for more capacity and choice. With the National Association of Insurance Commissioners (NAIC) recently passing the credit for reinsurance model law changes, we are optimistic that other states will move to implement similar reduced collateral requirements."


Hiscox Bermuda is rated "A" by AM Best and Fitch Ratings.

Ends


For further information please contact:


Hiscox

Kylie O'Connor

Krystalle Tobin

+44 (0)20 7448 6656

+1 441 278 8321

kylie.oconnor@hiscox.com

krystalle.tobin@hiscox.bm









About Hiscox


Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites 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, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.

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