Bermuda-based Hiscox Ltd. plans to set up a team to add new business lines to its international property and catastrophe unit.

Subject to approval from the Bermuda Government Hiscox's plans to form a new team based on the Island, Philadelphia and London with Imagine Ltd.'s former chief underwriting officer Bob Forness heading the team. The new business lines will include insuring executives against risks such as job losses and legal claims.

Rob Childs, chief executive officer of Hiscox Insurance Company (Bermuda) Ltd., said he believed four additional people would be joining the company over the coming year.

Speaking on why Hiscox decided to form a new team in Bermuda during a soft market he said: "[In the current market conditions], you can buy a business out or you can employ a team. The kind of business they will be doing is very much contract by contract, business by business, so we can take it as fast as we want. "Joining an established business you don't have huge income targets to meet. We're taking a team on that we hope will grow the business for the future, not just for the next year."

He added: "Bob brings 20 years of broad underwriting knowledge to Hiscox, I look forward to the opportunities that Bob and his team will bring with this extension of our product range and expertise."

Mr. Forness, who will be joining the company on September 1, said: "This team of very experienced speciality risk professionals is excited about joining Hiscox. We look forward to working within Hiscox to meet the needs of our existing and future clients."