Hiscox underwriting chief retires but retains position on reinsurance and ILS board

Richard Watson is to step down from his role as chief underwriting officer at Hiscox.

Watson will continue to serve as Chairman of Hiscox Re & ILS, and on the board of Hiscox Syndicates.

Watson has served the company for 33 years, having joined the company when it had fewer than 30 employees, underwriting around £80 million. He has served in various roles, including as CEO of Hiscox Global Markets and CEO of Hiscox USA. He has served on the company board of directors for the last five years.

He will step down from the board on December 31, but will continue as an advisor to the company.

A successor will be announced in due course, following a review of internal and external candidates, Hiscox said.

Bronek Masojada, the CEO at Hiscox, said his instinct, determination and straightforward approach epitomised the Hiscox underwriting culture. His “occasionally gritty contributions to our strategic conversations made us address issues we might otherwise have preferred to overlook,” he added.

Watson said: "I look forward to serving Hiscox in a more non-executive role, and I will continue to take a keen interest as a shareholder."