Richard Watson steps down as Hiscox chief underwriting officer

Specialist insurance company Hiscox announced on Thursday that Richard Watson had informed the board of his decision to retire from his role as chief underwriting officer after 33 years.

The FTSE 100 company said he would step down from the board on 31 December, and would continue as an advisor and serve on subsidiary boards.

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

“Richard's instinct, determination and straightforward approach epitomises the underwriting culture that lies at the heart of Hiscox,” said group chief executive officer Bronek Masojada.

“He has steered us through a period of profound change in the rating environment and developed a first class underwriting function in the group.”

Masojada noted that, prior to becoming chief underwriter, Watson’s career had encompassed multiple lines of business in insurance and reinsurance, culminating in becoming CEO of Hiscox Global Markets before moving to serve as CEO of Hiscox USA during its formative years.

“Richard's occasionally gritty contributions to our strategic conversations made us address issues we might otherwise have preferred to overlook.

“He has served with distinction and can be extremely proud of his contribution and legacy.”

Robert Childs, chairman of the board, added that he had “thoroughly enjoyed” working with Watson during his tenure at Hiscox.

“As a board member for the last five years, we have benefited greatly from his experience and judgement and we are pleased that he will continue to serve as chairman of Hiscox Re & ILS and on the board of Hiscox Syndicates.

“All of us on the board, and throughout the company, wish him every success for the future.”

Richard Watson himself added that after 33 years, he felt the time was “right” to retire.

“I am extremely proud of the business we have built and the talented team I leave behind.

“When I first joined the company, we were fewer than 30 people underwriting around £80m.

“Today we are global specialist insurer with operations in retail, global speciality and reinsurance.”

Watson said Hiscox had a “strong position” in the market, and “plenty of opportunity” ahead.

“I am grateful to Robert and Bronek for all their support, I look forward to serving Hiscox in a more non-executive role, and I will continue to take a keen interest as a shareholder.”