Global insurer Hiscox strengthens ties with Scottish broker

Specialist global insurer Hiscox has granted its Scottish broker “delegated authority” to underwrite on its behalf.

Edinburgh-based broker Bruce Stevenson said the arrangement has “pre-agreed parameters” but would allow it to “manage client relationships in a more personal, hands-on way, rather than acting purely as an intermediary”.

Bruce Stevenson, which was founded in 1981 and opened a new Borders base in Galashiels last month, has offices in Edinburgh, Glasgow, Aberdeen and London.

Mark Richards, private clients director for the firm, said it was “an extremely positive development” for the group, reinforcing its own position in the sector.

He added that getting more freedom to do business for Hiscox would “deliver real benefits in terms of tailored and enhanced cover for our existing and potential clients”.

Justin Gott, head of art and private client at Hiscox UK, said: “We have worked with Bruce Stevenson for a number of years and been impressed by both their expertise and their excellence in execution – values that we also aspire to.

“Awarding them delegated authority status was an easy decision and a natural next step for us.”

Bruce Stevenson was a founding member of the UNA Alliance, which represents 12 of the most well-known regional UK insurance brokers.

It provides insurance broking and specialist risk management services for private clients and businesses.

Hiscox is a market leader in the high-net-worth insurance sector, providing policies for wealthier individuals.