Hiscox sells animal mortality business to Markel
Hiscox is to sell its US animal mortality business, which operates under the American Live Stock name and provides both equine and livestock cover, to Markel.
The sale is due to be completed 1 October. Hiscox will retain the insurance company acquired in 2007 and the admitted licences it has in 50 US states.
Hiscox will also be withdrawing from the inland marine market in response to tough market conditions. The combined income of these two lines of business was less than $20m in 2009.
Hiscox said it will focus its resources on its core E&O, Specialty and Property lines and will continue to develop its US business through its offices in Armonk, Atlanta, Chicago, Kansas City, Los Angeles, New York, Miami and San Francisco.
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