Hiscox long-serving CEO Masojada to exit — replacement revealed
Specialist global re/insurer Hiscox has confirmed that after 21 years as group chief executive, Bronek Masojada (pictured) has informed the board of his intention to retire at the end of the year.
Bronek was appointed CEO in 2000. Under his leadership, Hiscox established itself as a leading multi-market, multi-channel insurance and reinsurance company with a market cap of around £3 billion, and built leading digital insurance businesses in the UK, US and Europe which now account for nearly $600 million of gross written premiums.
“It has been an incredible privilege to lead Hiscox and be part of its journey over the last 28 years," said Masojada. "The business is on a very strong footing with market conditions the best we have experienced for many years and the time is right to hand over to new leadership."
Masojada will remain in place until the end of the year allowing for a smooth transition while a search for a new group CFO is conducted — as Aki Hussain has been named as his successor.
Hussain, currently group chief financial officer, will become the group chief executive of Hiscox from January 2022, subject to regulatory approval.
Hussain joined Hiscox in 2016 as CFO for the Group. He was appointed to the Hiscox Board in 2016 and is also chair of Hiscox Re & ILS.
Hiscox said his appointment followed a "full and independent process" led by the Nominations and Governance Committee, including a global search and the assessment of internal and external candidates.
Hussain has over 15 years of financial services experience gained across insurance, accounting and banking. He is currently responsible for ensuring the Hiscox Group’s capital strength, overseeing the Group’s investment portfolio of $7.63 billion and leading a team of 250 finance experts across multiple geographies.
The insurer highlighted that Hussain recently successfully delivered a complex, multi-year finance transformation programme to overhaul outdated legacy systems and vastly improve financial insight and reporting across the Group.
Prior to joining Hiscox, Hussain was CFOof Prudential UK & Europe. He has also held a number of other senior roles in the financial services, including serving as finance director for the Consumer Bank division at Lloyds Banking Group, and finance director for the Consumer division of NTL (now Virgin Media).
Masojada said: "I have worked closely with Aki for the last five years, and his impressive banking, telecoms and media experience make him a great choice to lead the business."
Robert Childs, Hiscox Group chairman, commented: “I would like to thank Bronek for his outstanding contribution to the Hiscox Group. His energy and passion to move the business forward has resulted in three decades of strong growth and transformed Hiscox into a leading diversified specialist insurer with a great future ahead of it.
“We are delighted that Aki will be our new CEO and the Board were unanimous in endorsing this appointment. Aki’s ambition, drive and knowledge of the Hiscox Group, combined with his many years’ experience delivering for a variety of financial services organisations, makes him well placed to capture the many opportunities ahead.”
Hussain added: “I am honoured to be taking over the leadership of this dynamic company. I am excited about the long term potential of our business, we have exceptional talent, a market leading position and a strong balance sheet.
“I would also like to thank Bronek for getting us here. The Group’s strategy of balance and diversification creates opportunities across all our business divisions. In big-ticket lines where rates are hardening, we have market-leading operations with decades of underwriting pedigree, while our long-term investment in digital trading means we are well poised to benefit from the explosive opportunity in retail."
Prior to joining Hiscox, Masojada served as deputy chairman of Lloyd’s, president of the Insurance Institute of London and Master of the Worshipful Company of Insurers. He has been on the Board of the Association of British Insurers since 2012. He is currently Alderman for the Ward of Billingsgate in the City of London. Throughout his career he has championed the modernisation of the insurance industry.
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