Hiscox Ltd, the international specialist insurer, announced today that it has agreed to sell its US animal mortality business to Markel Service, Incorporated.
The business which operates under the American Live Stock name and provides both equine and livestock cover, will be transitioned to Markel subject to receipt of required regulatory approvals and compliance with regulatory requirements. It is due to be completed October 1, 2010, subject to customary closing conditions. Hiscox will retain the insurance company acquired in 2007 and the admitted licences it has in 50 US states.
Hiscox will also be withdrawing from the inland marine market in response to tough market conditions. The combined income of these two lines of business was less than $20 million in 2009.
Hiscox will focus its resources on its core E&O, Specialty and Property lines and will continue to develop its US business through its offices in Armonk, Atlanta, Chicago, Kansas City, Los Angeles, New York, Miami and San Francisco.
Source : Hiscox News Release
