Specialist insurer Hiscox has shut down its political risk operations, and its team of three underwriters have left the company.
A spokesperson for Hiscox tells GTR that the decision was taken in response to on-going challenges in the market and to seek other opportunities.
The firm was profitable in the area, but could not sustainably continue its operations.
“This is a small line of business for us, and other markets have invested more, so we have decided to focus on other specialty areas,” she says.
The insurer plans to devote more investment to areas such as cyber risk and will also continue its political violence and terrorism business.