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Hiscox announces CFO Aki Hussain as next CEO
22nd Jul 2021 08:53
(Sharecast News) - Hiscox has appointed Chief Financial Officer Aki Hussain to replace Bronek Masojada, who is retiring as chief executive after 21 years.
The Lloyd's of London insurer said Masojada would leave at the end of 2021 and that Hussain would take over in January.
Hussain joined Hiscox as CFO in 2016 from Prudential where he was CFO for the UK and Europe. He has also run the financial divisions of Lloyds' consumer bank and NTL, which is now Virgin Media.
Masojada took over as CEO five years after Hiscox listed its shares with a market value of £150m and turned it into a FTSE 250 company with a valuation of £3bn. The past year has been marred by a dispute with policyholders over payments for business interruption during the pandemic. After losing a court case, Hiscox set aside £341m for pandemic payouts and agreed to pay 400 business customers.
Masojada said: "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. 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."
Hiscox shares, down 12% in 2021, rose 0.7% to 877p at 09:48 BST.
The Lloyd's of London insurer said Masojada would leave at the end of 2021 and that Hussain would take over in January.
Hussain joined Hiscox as CFO in 2016 from Prudential where he was CFO for the UK and Europe. He has also run the financial divisions of Lloyds' consumer bank and NTL, which is now Virgin Media.
Masojada took over as CEO five years after Hiscox listed its shares with a market value of £150m and turned it into a FTSE 250 company with a valuation of £3bn. The past year has been marred by a dispute with policyholders over payments for business interruption during the pandemic. After losing a court case, Hiscox set aside £341m for pandemic payouts and agreed to pay 400 business customers.
Masojada said: "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. 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."
Hiscox shares, down 12% in 2021, rose 0.7% to 877p at 09:48 BST.