Hiscox to end writing political risk

Hiscox has informed the market that it will no longer be operating in political risk. A representative from the company told reporters that the decision was taken in response to the continued challenges in the market. The company also said that although they were profitable in this area they were small and they only had a limited appetite for growth. The current risk team at Hiscox includes political risk and credit risk line underwriter Claire Simpson and underwriters Victoria Padfield and Russell Fisher. This area of business had reportedly reached a point where it was no longer sustainable to continue operations. Hiscox divides political violence and political risk into separate underwriting teams. The (re)insurer is sticking with its political violence and terrorism line.