Bronek Masojada will retire from his role as chief executive officer (CEO) of Hiscox at the end of 2021.
Hiscox’s board has selected Aki Hussain, its group chief financial officer and chair of Hiscox Re & ILS, to succeed him as group CEO from January 2022, subject to regulatory approval.
Hussain joined Hiscox in 2016 as CFO for the group and was appointed to the Hiscox board the same year. He has over 15 years of financial services experience gained across insurance, accounting and banking. Before joining Hiscox he was CFO of Prudential UK & Europe. He also served as finance director for the consumer bank division at Lloyds Banking Group and finance director for the consumer division of NTL (now Virgin Media).
Masojada has been CEO at Hiscox for 21 years. He started his career at McKinsey & Co, before joining Hiscox in 1993 as managing director, when it was a Lloyd’s underwriter with fewer than 200 people in one location. Hiscox listed on the London Stock Exchange in 1995 with a market cap of £150 million. By 2020, under his leadership, it had become a balanced international insurance Group with a market cap of around £3 billion.
He has been on the board of the Association of British Insurers since 2012 and is currently Alderman for the Ward of Billingsgate in the City of London.
He will remain in place until the end of the year allowing for a smooth transition while a search for a new Group CFO is conducted.
Robert Childs, Hiscox group chairman, said: “I would like to thank Bronek for his outstanding contribution to the Hiscox Group. His energy and passion to move the business forward has resulted in three decades of strong growth and transformed Hiscox into a leading diversified specialist insurer with a great future ahead of it.”
Masojada said: “It has been an incredible privilege to lead Hiscox and be part of its journey over the last 28 years. The business is on a very strong footing with market conditions the best we have experienced for many years and the time is right to hand over to new leadership. I have worked closely with Aki for the last five years, and his impressive banking, telecoms and media experience make him a great choice to lead the business.”
Hussain said: “I am honoured to be taking over the leadership of this dynamic company. I am excited about the long term potential of our business, we have exceptional talent, a market leading position and a strong balance sheet.”
Hussain’s appointment followed a full and independent process led by the nominations and governance committee, supported by a leading search firm. This involved a global search and the assessment of internal and external candidates.
Hiscox, Bronek Masojada, Aki Hussain, Robert Childs