Hiscox Insurance: Admitted Carrier Status Explained

Hiscox Insurance is a leading specialist insurer with a history dating back to 1901. The company is part of the Hiscox Group, which has over 3,000 employees in 14 countries and serves customers worldwide. Hiscox Insurance Company Inc. is a Chicago-based insurer admitted or licensed to do business in all 50 states and the District of Columbia. Non-admitted insurance, on the other hand, is provided by a carrier not licensed in the state where it operates. Hiscox Inc., a Delaware corporation, does business in California as a licensed insurance intermediary for both admitted and non-admitted lines.

Hiscox Insurance Company Inc. is licensed to do business in all 50 US states

Hiscox Insurance Company Inc. is a leading specialist insurer with origins dating back to 1901. It is admitted or licensed to do business in all 50 US states and the District of Columbia. This means that, unlike non-admitted insurance, which is provided by a carrier not licensed in the state in which it is doing business, Hiscox Insurance is a licensed carrier in every state.

Hiscox USA is part of the Hiscox Group, which has over 3,000 employees in 14 countries and customers worldwide. The company specializes in creating tailored policies for small businesses, with an emphasis on general liability, professional liability, and property insurance. With over 400,000 small business customers, Hiscox understands the unique risks each business faces and provides coverage that allows businesses to take the right risks to grow.

The company's basic protection includes coverage for claims against your business, specific risks in your field, and general liability plus coverage for property. They also offer protection from cyber-related security risks, short-term liability, and medical malpractice (E&O). In addition, Hiscox provides protection for employees who are injured or become ill on the job and offers umbrella coverage, auto insurance, and directors and officers insurance.

Hiscox Insurance Company Inc. is rated A (Excellent) by A.M. Best, with strong capital reserves. As of December 31, 2019, the company had admitted assets of $778,266,779 and policyholders' surplus of $215,333,986. Their total liabilities were $562,932,793 (inclusive of $236,274,591 of loss reserves) and their paid-up capital stock was $4,242,000.

Hiscox Inc. underwrites surplus lines business on behalf of Lloyd's Syndicates 33 and 3624

Hiscox is a leading specialist insurer with a global presence in 14 countries and a history dating back to 1901. Its US arm, Hiscox USA, includes Hiscox Inc. and Hiscox Insurance Company Inc. The latter is a Chicago-based insurer licensed to operate across the US and has been rated A (Excellent) by A.M. Best.

Hiscox Inc., a Delaware corporation, operates in California as the Hiscox Insurance Agency. It is an approved Lloyd's cover holder and underwrites surplus lines business on behalf of Lloyd's Syndicates 33 and 3624. Lloyd's syndicates are not US-based insurers and are restricted from doing business in the US and its territories. The surplus lines business underwritten by Hiscox Inc. on behalf of Lloyd's Syndicates 33 and 3624 in the US is placed through licensed surplus lines insurance brokers.

Syndicate 33 has been rated A (Excellent) by A.M. Best, while Syndicate 3624 benefits from Lloyd's overall group rating of A (Excellent). As of December 31, 2022, Hiscox Insurance Company Inc. (HICI) had admitted assets of $1,458,861,470 and policyholders' surplus of $380,056,863.

Non-admitted insurance, also known as surplus or excess insurance, is provided by a carrier not licensed in the state where it operates. This type of insurance coverage may be provided through a broker, agency, or representative licensed in the state.

Hiscox provides tailored policies for businesses

Hiscox is America's leading small business insurer, providing tailored policies for over 400,000 small businesses. The company offers a range of insurance products, including professional liability, general liability, cyber security, and medical malpractice.

Hiscox's policies are customizable and designed to meet the specific needs of each business. They offer protection for a wide range of professions, including contractors, tradesmen, consultants, and digital marketers. The company's website features a user-friendly tool that helps business owners find the right insurance for their needs in just 20 seconds by answering a few quick questions.

Hiscox's insurance plans are affordable, with quotes starting from £8.40 per month for small businesses in the UK. The company also offers a simple and stress-free process, with fast quotes, instant coverage, and quick claims handling. Their policies are established, with a history of supporting businesses since 1901.

In addition to insurance, Hiscox provides additional resources to support businesses. This includes the Business Support Hub and the Hiscox Risk Academy, offering guidance and education to help businesses manage risks effectively. The company also offers the Hiscox CyberClear Academy, a free resource to educate employees about cybersecurity and create a 'human firewall' to protect businesses from cyber threats.

Hiscox's commitment to providing tailored policies and comprehensive support has earned them recognition, including the Feefo Platinum Trusted Service Award in 2024 and 2023. With a focus on innovation and service, they help small businesses protect their operations and reputation.

Hiscox is America's leading small business insurer

Hiscox offers a comprehensive range of insurance products designed to meet the unique needs of small businesses. Their policies are customized to cater to specific professions, ensuring that business owners can find the right protection for their ventures. From general liability to professional liability and property insurance, Hiscox's policies are designed to provide peace of mind and financial security in the face of unforeseen events.

One of the key advantages of choosing Hiscox as your small business insurer is their commitment to simplicity and speed. They offer fast quotes, instant coverage, and quick claims processing, ensuring that business owners can focus on their ventures without worrying about lengthy insurance procedures. The approval process is straightforward, and their online service is user-friendly and efficient.

Additionally, Hiscox provides protection for a wide range of professions, covering more than 180 different fields. Whether you're a healthcare professional needing medical malpractice insurance or a business owner seeking protection from cyber-related security risks, Hiscox has the expertise and flexibility to meet your specific requirements. Their policies are designed to be adaptable, ensuring that you only pay for the coverage you need.

Hiscox's reputation as America's leading small business insurer is built on a foundation of customer satisfaction and reliability. Their knowledgeable and friendly customer service team is always ready to assist, making policy changes easy and stress-free. With Hiscox, small business owners can rest assured that they are in good hands, knowing that their insurance provider understands the unique challenges and needs of running a small business.

Hiscox Inc. is a licensed insurance intermediary for admitted and surplus lines business

On the other hand, a "non-admitted" or "surplus lines" carrier is not licensed or approved by the state in which it is doing business. Surplus lines insurance protects against financial risks that are too great or uncommon for a regular insurance company to take on. This type of insurance is generally more expensive and carries additional risk for the policyholder, as there is no guaranty fund to fall back on if the insurer goes bankrupt. However, it is important to note that surplus lines insurers must still be licensed in their home state and are subject to different regulations from admitted carriers.

Hiscox, as a licensed intermediary, can facilitate insurance transactions for both admitted and non-admitted carriers. This means that they are able to connect customers with insurance providers that are licensed in their state (admitted) as well as those that are not (surplus lines). By operating in both markets, Hiscox offers a wider range of options to their customers and can cater to unique or high-risk insurance needs that may not be covered by standard insurance policies.

The role of a licensed insurance intermediary, such as Hiscox Inc., is to act as a broker or agent who connects customers with insurance carriers that match their specific needs. Intermediaries have the expertise to navigate the complex world of insurance and help customers find the right coverage, whether it falls within the scope of admitted or surplus lines business. In the case of surplus lines insurance, intermediaries play a crucial role in ensuring that the insurer meets the eligibility criteria to write policies in a particular state and that all necessary premiums and taxes are paid.

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