IN THE BOARDROOM of Hiscox's London office, Aki Hussain recalls his father – a WWII veteran and textile worker – who instilled in him the transformative power of education. Today, as the group chief executive of the nearly 125-year-old insurance giant, Hussain is writing his own chapter in the company's storied history, wielding financial acumen and strategic foresight to navigate complex market conditions.
Since taking the helm in 2022, Hussain has orchestrated a remarkable financial turnaround. His strategic decision to conserve capital yielded dramatic results – pre-tax profit soared to record $625.9 million (£495.2m) in the 2023 financial year, a 127 per cent rise from $275.6m in 2022, underpinned by a 36 per cent improvement in the underwriting result and a record investment income.
The company has maintained this momentum, reporting a pre-rax profit of $283.5m in the first half of 2024, as against $264.8m in the same period in the previous year.
“We are focused on deploying capital to generate profitable growth and investing in underwriting and technology capabilities to build out our competitive advantages,” Hussain said.
Before joining Hiscox as group chief financial officer in 2016, Hussain, spent over 15 years in investment banking and asset management, including stints at Lloyds Banking Group and Prudential plc. This diverse experience proved invaluable when he succeeded Bronek Masojada as CEO, inheriting leadership of 3,000 employees amid significant challenges.
His baptism of fire came during the COVID-19 pandemic when Hiscox faced intense scrutiny over denied business interruption claims. Rather than deflecting, Hussain met the crisis head-on, balancing financial discipline with a renewed focus on customer service.
Innovation has become his hallmark. In August 2024, Hiscox has gone live with the London insurance market’s first lead underwriting model enhanced by generative AI.
Initially developed as a proof of concept in December 2023 in collaboration with Google Cloud, the new underwriting model enables Hiscox’s sabotage and terrorism line of business to significantly reduce the time taken from the submission of a risk through to the quote stage.
Hiscox is currently exploring additional capabilities as well as potential applications in other lines of business.
In February this yar, the specialist insurer has launched a new Financial Institutions offering, significantly enhancing the range of cover available to businesses. The move is expected to further strengthen Hiscox’s position in the market.
A chartered accountant with a finance degree from the University of Leeds, Hussain, the Yorkshire-born second-generation immigrant of Pakistani descent, champions diversity beyond traditional hiring pools.
“The easiest thing for us, and for the headhunters, to do is just go back to the same names. That’s where you kind of intervene and say: ‘Go to the universities where normally you don’t go. It’s not just the Russell Group or not just Oxbridge. Go beyond. Go to the communities where you don’t normally go because the UK is full of talent. They’re not all based in London.’,” Hussain has said.
The father of five – whose eldest child works in broking while the youngest dreams of becoming Hiscox CEO – is a motor racing enthusiast and finds time for running, cycling, movies and books – science fiction and fantasy in particular –between steering Hiscox towards a sustainable future.
