Chapter 3 51
Governance
Chapter 4 75
Remuneration
Chapter 5 107
Shareholder information
Chapter 6 113
Financial summary
Chapter 1 3
A balanced business
Chapter 2 17
A closer look
40 Hiscox Ltd Report and Accounts 2020
Stakeholder engagement
We have a diverse range of stakeholders whose engagement is
critical to our continued success. We engage with, consider and
respond to our stakeholders’ needs at various levels of the Group,
up to and including Board level.
Regular investor dialogue
We maintain regular dialogue with our shareholders
beyond the nancial reporting cycle, predominantly
via our Chief Financial Ofcer and investor relations,
who meet with existing shareholders, potential
investors and research analysts, and participate
in industry conferences and roadshows. During
2020 they conducted over 300 meetings and met
with over 130 investors.
Financial reporting
We report to the market on Company performance
four times per year, which provides shareholders
with a quarter-by-quarter overview of business
performance and trading conditions. These are
published on our corporate website, and available
as an email alert for subscribers.
Annual Report and Accounts
Our Annual Report and Accounts gives
shareholders a more detailed view of the
business. It also includes some additional
corporate governance disclosures beyond
our statutory requirements, where we think
that doing so improves our narrative reporting.
Investor roadshows
Our Chairman and Executive Directors maintain
a programme of investor roadshows to give
investors an opportunity to learn more about
Company strategy, strategic priorities, trading
conditions and other factors affecting our
operations. In 2020, our Chairman and Executive
Directors met with investors representing over
70% of our issued share capital.
Annual General Meeting (AGM)
Our AGM provides another regular investor
touchpoint. At the 2020 AGM all resolutions
were passed, with votes in favour ranging
from 88% to 100%.
Workforce engagement
Our annual employee engagement survey gives all
our employees the opportunity to provide honest
feedback on how they feel about Hiscox. We also
have an employee engagement network, led by
our Employee Liaison and Non Executive Director,
Anne MacDonald. For more, see page 48.
Training and development
All employees have access to internal and
external resources to help drive their own
learning and development, as well as two
formal opportunities each year to discuss
development needs and potential.
Employee networks
Over 1,700 employees are actively engaged in
at least one of our 12 employee networks.
From WeMind (mental health and well-being)
and Pan-African to Women at Hiscox and LGBT+,
each network provides focused discussion,
practical activities and support.
Communication updates
Employees receive regular updates on business
plans and performance through emails and
newsletters, intranet articles, team meetings
and Company-wide ‘connected’ events.
Annual ‘launch’ events and ‘box’ meetings
Business unit leaders hold regular all-staff
meetings to align on strategy and objectives,
share news and celebrate those marking ten
or 20 years at Hiscox with long-service awards.
Partners’ meetings
Hiscox Partner is an honorary title given to
employees who make signicant contributions
to the development and protability of the
Group. Up to 5% of the total workforce are
Hiscox Partners, and have the opportunity
to inuence the direction of our business
through regular formal and informal Partners’
meetings, which Board members also attend.
UK Living Wage
We believe a hard day’s work deserves a fair day’s
pay, which is why we are an accredited UK Living
Wage employer.
Chartered Insurer status
Hiscox UK and Hiscox London Market have
Chartered Insurer status from the Chartered
Insurance Institute, which recognises the
professionalism and expertise of staff, and is
a marker for attracting high-quality business
partners including brokers.
Annual preferred broker summit and
broker academy
For the last ten years we have held an annual
preferred broker summit for our UK brokers, to
share insight and expertise. Our London Market
business also hosted its fourth annual broker
academy to educate and inform in 2020.
Broker satisfaction survey
Each year we measure broker satisfaction
with our products and services. In 2020, this
involved surveying over 1,000 UK, US and
London Market brokers.
Attending key broker events
We participate in key broker events in every
part of our broker-facing business. This includes:
BIBA, a UK insurance and broker conference;
the CIAB, a US marketplace meeting for
commercial property and casualty brokers
and insurers; and, in our big-ticket business,
Monte Carlo, Baden Baden, and RIMS.
Educational seminars
Throughout the year we hold educational events
and roadshows for brokers to improve knowledge
of complex or unusual risks. In 2020, this included
events on cyber, claims trends, professional
indemnity and navigating market conditions.
Broker newsletters and thought leadership
In the UK, our broker newsletter of claims stories,
product updates and events is enjoyed by over
5,000 brokers, while our London Market business
produces regular thought-leadership content. In
2020, this included a ‘MarketTalk’ video series
on topics such as the state of the market, market
modernisation and the future of the London
insurance marketplace.
Brokers
The risks we write through brokers account for
around 85% of our business so it is essential
that we build strong and lasting relationships
with those brokers that share our values.
Employees
We want to build teams that are as diverse as our
customers and create a vibrant work environment
where all employees can thrive.
Shareholders
Our shareholders value our consistent strategy,
successful track record of delivery, strong
underwriting discipline and sound capital
management, and we maintain ongoing
engagement with them.