Hiscox CUO Richard Watson steps down after 33 years; race begins for successor

Specialist insurer Hiscox's chief underwriting officer (CUO) Richard Watson is stepping down from his position after 33 years with the carrier.

Watson will step down from the board of Hiscox on December 31, 2019 and will continue as an advisor and serve on subsidiary boards.

Hiscox said a successor will be announced following a review of internal and external candidates.

Watson joined Hiscox in 1986, having previously worked for Sedgwick and Hogg Robinson. He was appointed managing director of Hiscox Global Markets in 2005, and the underwriter of Syndicate 33 from 2006 to 2009. In 2009, Watson moved to New York and served as the chief executive officer for Hiscox USA for three years. He returned to London in 2012 and became CUO for the Hiscox Group.

Bronek Masojada, group chief executive, said: “Richard’s instinct, determination and straightforward approach epitomises the underwriting culture that lies at the heart of Hiscox. He has steered us through a period of profound change in the rating environment and developed a first class underwriting function in the Group.

"Prior to becoming Chief Underwriter, Richard’s career has 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, added: “I have thoroughly enjoyed working with Richard during his tenure at Hiscox and would like to thank him for his outstanding contribution. 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 Ltd. All of us on the Board, and throughout the Company, wish him every success for the future.”

Watson said: “After 33 years I feel the time is right for me 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 £80 million. Today we are global specialist insurer with operations in Retail, Global Speciality and Reinsurance. Hiscox has 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.”

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