Unveiling Hiscox’s quarter three results today, CEO Bronek Masojada emphasised that the international specialist insurer is planning for a hard Brexit. Anna Tobin reports
Hiscox’s quarter three trading statement reveals that the business’s preparations for Brexit are well advanced. “Our new European subsidiary is fully operational and expected to start writing business from 1 January 2019,” revealed Masojada. Further on in the trading statement in a paragraph dedicated to Brexit, the huge cost that Brexit is having on the business is revealed.
“Our plans have always assumed a worst-case scenario ‘hard Brexit’ and we are prepared, irrespective of the outcome of the Government’s negotiations. The financial impact of re-organising the business in preparation for Brexit is $15 million (£11.52 million) across the Group in 2018, and we will inject incremental capital of approximately €40 million (£34.96 million) in the new entity.”