London, UK: Leading global specialist insurer, Hiscox, has launched a new Cargo API (application programming interface) based solution, available through broker partners for underwriting small cargo and stock throughput risks.

Responding to demand for an insurance product to cover the smaller cargo risks that typically do not get placed in the London insurance market, Hiscox's Cargo API targets the needs of a wide range of small and medium-sized businesses and their storage and shipment requirements worldwide. Types of risks insured include clothing, lumber, equipment and parts, agri-products, as well as finished and manufactured items. Use of the Cargo API provides a near instant quote and bind for every risk within underwriting appetite, providing certainty and peace of mind for clients.

In addition to developing the risk rating models, policy wordings and software coding for the Cargo API in-house, all risks have 100% Hiscox Syndicate 33 security. As the first broker partner for Hiscox's digital solution, Price Forbes has built out the front end of the API to enable them and their partners to access the product directly.

Offering transit, stock only and stock throughput cover, the limit available for cargo risks through the Cargo API is US$5 million, with a majority of risks expected to be below US$1 million. The Cargo API is also backed by Hiscox's claims team, bringing their expertise to deliver payment of claims in a fast and effective way, helping to deliver certainty for clients during uncertain times.

Commenting on the launch, Aimee Nolan, Line Underwriter, Cargo for Hiscox London Market, says: "We were asked to help respond to a need from companies for a cargo insurance product for smaller sized risks; needs that were not being met by a London insurance market more used to dealing with larger and more complex cargo risks. Our digital solution is available to brokers, to enable them as our coverholders to immediately start pricing and binding smaller cargo risks.

"We see our Cargo digital product as not only an innovative way of meeting client demand with a product that can provide immediate coverage, but also as a means of bringing new premium into the London insurance market that would otherwise be retained locally. This solution complements and balances our portfolio of larger, more complex and catastrophe-exposed cargo risks, while providing an easily repeatable template to develop other digital solutions for other coverholders where Hiscox has the risk appetite."

Huw Davies, Executive Director at Price Forbes, adds: "We were regularly being asked to help find cargo insurance solutions for small to medium sized cargo risks so we turned to Hiscox, to see if they could develop a digital solution given their existing strong reputation in this area for other lines of business. Hiscox's Cargo API is the result and we are delighted to see it launch as it provides an attractive new insurance facility for many cargo owners who may previously have had to look elsewhere for cover or where there was no solution for them."

For further information please contact:

Hiscox

Lucy Hensher, Head of External Communications, 07824 996 370

Notes to editors

About the Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.

The Hiscox Group employs over 3,000 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance products in commercial and personal lines. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com. All press releases