Managing general agent (MGA) Fiducia no longer has capacity from Hiscox for its marine cargo proposition, Insurance Age can reveal.
According to the MGA’s CEO, Gerry Sheehy, Hiscox used to lead on its cargo offering with Travelers and Axis also providing capacity.
However, when Fiducia sought to renew the arrangement on the same terms Hiscox came back with a reduced offer.
“We were looking to renew with Hiscox and they were happy to but would only renew the UK section of our binding authority
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