Hiscox Ltd. announced that Ben Walter, the current CEO of Hiscox USA, will relocate to London to take up the newly created role of CEO Hiscox Global Retail. He will be succeeded as CEO Hiscox USA by Steve Langan, the current CEO of Hiscox UK & Europe, who will relocate to New York.
Both appointments are effective on July 1, 2018 and are subject to regulatory and immigration approvals.
Walter will lead the group’s retail operations, including Hiscox UK & Ireland, Hiscox Europe, Hiscox USA and Hiscox Special Risks. He will focus on driving product innovation and growth across the group’s retail operations, where Hiscox said it expects plenty of growth opportunities.
Langan will focus on driving Hiscox USA’s next phase of growth, drawing on his experience of building retail brands around the world, both at Hiscox and previously at Diageo and Coca Cola. He will also remain chief marketing officer for the group.
“Hiscox’s growth in retail markets, particularly over the last 10 years, has changed the shape of our business,” said Bronek Masojada, Hiscox group chief executive officer.
He said the company is no longer a Lloyd’s player with retail operations on the side. Consequently, the business needs to be able to respond to the “huge opportunity ahead” in the retail insurance sector, Masojada added.
“Our retail businesses span 12 countries and are at different stages of their journey, but they share similar challenges and opportunities such as brand building, leveraging scale and digitization. These appointments will help us continue on our path of building a group which can thrive at all stages of the insurance cycle,” he went on to say.
Both Walter and Langan will remain on the executive committee and Hiscox will begin the process of recruiting a new UK & Ireland CEO in the autumn, the company said.