Hiscox is set to ramp up its high net worth (HNW) motor book after picking up Chubb’s ex-motor chief to drive its expansion.
Ashley Cole, former lead underwriter for motor and household at Chubb, will be responsible for building the insurer’s motor strategy to compliment its core household HNW offering.
Glen Caton, UK commercial director at Hiscox, said: “The motor side [of our high net worth proposition] is tiny at the moment and largely consists of Lloyd’s Syndicate 606 and classic cars, which is a very, very niche area.
“We are always looking at ways to innovate within our high net worth division and the strength of our proposition with [Cole’s] experience in the motor market will help us to consider what is appropriate to strengthen our position and how.”
The appointment of Cole follows a recent flurry of activity in the HNW and mid net worth (MNW) sectors.
Norwich Union (NU) launched a HNW product, Distinct, in May in order to take on sector leaders Chubb and Hiscox.
Meanwhile, Zurich and AXA launched their own offerings for the MNW sector this year.
Hiscox has strengthened its non-marine operations after buying a portfolio of kidnap and ransom business from Aon.
The agreement comes after Aon’s decision to restructure its Aon crisis management division to focus on servicing business from the company’s network of global offices.
