Hiscox, the FTSE 250 and Lloyd's of London insurer, has appointed Aki Hussain as its new chief financial officer (CFO) this morning - poaching the chartered accountant from rivals Prudential.
Hussain spent seven years at the Pru after starting his career with big four accounting firm, KPMG, and will be responsible for developing Hiscox's financial products and overseeing its investments, the Bermuda-based insurance firm confirmed.
Bronek Masojada, chief executive of Hiscox, said:
Aki will be an excellent addition to our executive team, bringing first class financial services experience, strong regulatory exposure, and a fresh perspective. I believe we can learn a great deal from Aki and look forward to welcoming him aboard.
Hussian, who has also worked in senior positions at Lloyds Banking Group and the forerunner to Virgin Media, NTL, is expected to join Hiscox, where, as top bean counter, he will take a seat on the board in the second half of 2016. He said:
Hiscox has a strong track record of excellent underwriting, delivering good returns to shareholders, and targeting profitable growth. I'm delighted to be joining Hiscox and look forward to contributing to the realisation of Hiscox's ambitions.
Hiscox shares closed yesterday at 911p - up 14 per cent over the last year. The firm has had a presence in the London insurance industry since 1901, though it moved its legal domicile from the UK to Bermuda in 2006.