Global insurance and reinsurance firm Hiscox has announced the promotion of Andrew Hughes to the role of Managing Principal, Hiscox ILS.
Hughes, who has been General Counsel and Chief Compliance Officer at Hiscox’s insurance-linked securities (ILS) and collateralised reinsurance unit Hiscox ILS since 2015, will take on the role subject to Department of Immigration and Bermuda Regulatory approval.
In his time at Hiscox ILS, Hughes has assisted in the units growth into a leading ILS fund manager and provider of collateralised reinsurance products.
In the Managing Principal role, he will be responsible for overseeing the strategic direction of Hiscox’s ILS business, to ensure that investor demands for high-quality, innovative products are met, the company said.
Mike Krefta, CEO of Hiscox Re & ILS, commented on the promotion, “It’s an exciting time at Hiscox ILS as we strive to meet sustained investor demand for high-quality, innovative and diversified solutions. Andrew’s tenacity and leadership qualities are exactly what we need to drive our ILS business forward so I am delighted with this appointment.”
Hughes added, “I’m looking forward to building on the strong foundations laid over the last 5 years at Hiscox ILS. Our funds are performing well and we have a great team in place with some interesting product initiatives in train.”
Prior to joining Hiscox, Hughes was employed by Queensland Investment Corporation (QIC), the Queensland, Australia government owned investor and a large long-term specialist manager in alternative asset classes with roughly US $60 billion under management.
Before that Hughes worked at King & Wood Mallesons, advising on structured finance and securitisation transactions.
Hughes appointment comes soon after the news that Chief Operating Officer and Managing Principal Richard Lowther was moving on from the firm.