The Bermuda-based insurance company Hiscox Ltd is considering relocating its European office to Malta or Luxembourg from London to service its EU clients following Brexit. Hiscox has already been in contact with regulators ahead of the incorporation that is anticipated in the first half of 2017 while planning to launch operations before the end of 2018.
Hiscox provides insurance for everything from oil refineries to kidnappings. Many London-listed insurance companies have similar contingency plans for Brexit. Ship insurers, however, are rather looking to Luxembourg, Ireland and Cyprus according to industry sources.
Hiscox employs 300 people in its European business and underwrites £174,7 million in insurance premiums, the group as a whole employs 2000 people and underwrites £2.402 billion in gross premiums.