Hiscox has integrated so deeply with the community during its first ten years in Bermuda that it is hard to imagine a time when it was not part of the island’s fabric.

The global specialist insurer has proved to be a force for good in many avenues, often quietly and with minimum of fanfare.

From its involvement in grassroots community initiatives, to its 60 per cent Bermudian workforce and its ILS offerings that carry the names of resident birds of Bermuda, Hiscox has a distinctly Bermudian feel.

The group is headquartered in Reid Street and is celebrating the 10th anniversary of Hiscox Re in Bermuda.

Tomorrow there will be a special event at Masterworks, attended by Bronek Masojada, group chief executive, and other senior executives. Also due to attend are George Fergusson, the Governor, and Michael Dunkley, the Premier.

Speaking ahead of the event, Jeremy Pinchin, chief executive officer of Hiscox Re and Hiscox Bermuda, said: “It’s been ten successful years for Hiscox Bermuda and Hiscox. We are committed to and great fans of Bermuda.”

Those words are backed up not only by hard numbers, as revealed in the most recent management statement released by Hiscox last week, but also by the less quantifiable, but significant contributions it makes across the community.

The international specialist insurer last Tuesday reported a 10 per cent increase in the group’s gross written premiums during the first quarter, rising to £640.5 million ($924.5 million). A hefty chunk of this was delivered by Hiscox Re, with gross premiums climbing from $240.2 million to $279.2 million, year-on-year.

With excess industry capital continuing to place downward pressure on rates — Hiscox Re reported single-digit reductions on January renewals — there are clear challenges. As a group Hiscox has shown a degree of resilience helped by its diversified business, which includes a solid retail component.

Referring to the group, Mr Pinchin said: “We have big ticket lines, but we also have a vibrant retail brand in the UK, Europe and the US. That provides is with development opportunities. We have a strong retail brand.”

Meanwhile, Hiscox Re has grown business in a number of speciality areas, including cyber-risk and healthcare.

Mr Pinchin said the fundamentals of the industry were challenging at present, and the company’s underwriting strategy had become “more product-focused and more sales-focused, bringing new business”.

A feather in the cap for Hiscox Re, appropriately, is the growth of its ILS arm Kiskadee Investment Management, which includes the special purpose insurer Cardinal Re. Kiskadee was formed three years ago and is on track to have assets under management of $1 billion this year.

That’s the numbers, but as far as Bermuda is concerned Hiscox’s value extends far beyond the company’s balance sheet. And while the value to the community may be unquantifiable, it is no less real.

Since setting up home on the island in 2006 after moving its corporate base from London, Hiscox has played a significant role in helping numerous charities, groups and organisations provide assistance and opportunities to many islanders.

Perhaps the most well-known of these endeavours has been its ongoing support for the Hiscox 11-and-under youth cricket league, a collaboration now in its tenth year, together with its sponsorship of the Bermuda cricket team when they qualified for the World Cup.

The youth cricket support alone positively impacts 200 young players each year. However, Hiscox’s outreach stretches far beyond cricket and includes sponsorship of environmental projects, such as Reef Watch, the Ocean Vet documentary TV series, and its staff clearing litter and discarded items from Coney Island as part of Keep Bermuda Beautiful’s “Adopt an Area” programme.

Last November, Hiscox Bermuda employees prepared and served a Thanksgiving dinner for 200 less fortunate members of the community at the Cathedral Hall, this was done in association with the Eliza DoLittle Society. The company also takes part in Eliza Dolittle’s annual food drive.

Once a week two members of staff volunteer to visit first year students at Northlands Primary School and read to them. This is part of the YouthNet Reading Mentoring Programme. And there are other endeavours and charitable donations that provide assistance to the likes of WindReach, Outward Bound, The Family Centre, Chain Reaction, the Bermuda Sloop Foundation, BSmart Foundation and the Women’s Resource Centre.

Earlier this month the Hiscox Charities Commission, which is the beating heart of the company’s community enrichment endeavours, presented awards to a total of $30,000 to 14 students that will allow them to pursue their dreams in academia, sports and arts. Those awards are part of the company’s 10th anniversary celebrations in Bermuda.

The list goes on. However, the company pursues these commendable acts not to gain kudos, but because it believes they are simply the right thing to do.

Mr Pinchin explained: “It has always been Hiscox’s philosophy to be a good citizen in the community and a good employer.

“We support the community and we are proud to be supporting things that touch people in their day-to-day life.

“We have a charitable team that looks at what we can do. It’s grassroots, it’s not about getting our name out there, it’s about helping local people.”

Whichever way you look at it, the Hiscox story in Bermuda has been one of success.

The company gained regulatory approval in late 2005 to operate in Bermuda. Hiscox Re became active on the island at the beginning of 2006, and was initially headed by Robert Childs, who at the time was Hiscox’s director of underwriting.

Mr Childs is now the group’s chairman and he maintains close ties with Bermuda, not least as chairman of the London-based Bermuda Society.

The company employs 50 people in Bermuda, 60 per cent Bermudian.

It marks its 10th anniversary in Bermuda with tomorrow evening’s celebration, and beyond that intends to also hold a party for its staff.

“We are only as good as the people we employ. We have strong people who are dedicated to making it a successful organisation,” said Mr Pinchin.

Looking ahead he sees the company’s association with the island continuing for many more years.

The granting of Solvency II equivalence to the island earlier this year was a further boost to Bermuda’s attractiveness as a place for insurers and reinsurers. Mr Pinchin praised the efforts of the Bermuda Monetary Authority in achieving the EU standard.

He added: “We are very committed to Bermuda. Having our headquarters in a well-regulated country and one that is the second largest reinsurance centre in the world — we see this as a very sensible place to be.”